Canada Revenue Agency
www.cra.gc.ca
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Calculating business-use-of-home expenses
To see how to calculate your business-use-of-home expenses, read the following example:
| Heat | 1,200.00 | |||||
| Electricity | 1,000.00 | |||||
| Insurance | 650.00 | |||||
| Maintenance | 350.00 | |||||
| Mortgage interest | 8,000.00 | |||||
| Property taxes | 1,800.00 | |||||
| Other expenses (specify) | Water | 300.00 | ||||
| Subtotal | 13,300.00 | |||||
| Minus: Personal use part | 162 ÷ 180 × $13,300 | 11,970.00 | ||||
| Subtotal | 1,330.00 | |||||
| Plus: Capital cost allowance (business part only) | 0.00 | |||||
| Amount carried forward from previous year | 150.00 | |||||
| Subtotal | 1,480.00 | 1 | ||||
| Minus: Net income (loss) after adjustments (from line Q in Part 6 on page 2) (if negative, enter "0") |
7,100.00 | 2 | ||||
| Business-use-of-home expenses available to carry forward (line 1 minus line 2) (if negative, enter "0") |
0.00 | |||||
| Allowable Claim (the lesser of amount 1 or 2 above) (enter your share of this amount on line 9945 in Part 6 |
1,480.00 | 3 | ||||
Forms and publications
- Guide T4002, Business and Professional Income
- Form T2125, Statement of Business or Professional Activities
