Tracking Business Expenses in Canada - Help Needed!

[Stephanie S]

Hello Fellow Canadians,

I'm looking to see if anyone has created a spreadsheet in which to track their business expenses?

I have a friends (who is convinently an CPA) who will be preparing my taxes for me this year. We have agreed that I will organize all of my business expenses into a spreadsheet for her rather than handing her a hugh pile of receipts (I think that's fair). Before I create one myself, I thought I'd check with you.

Also, I work full-time and Pampered Chef is my business on the side. I am really hoping to get $$ back this year from the government as a result of this business. My boyfriend doesn't think that's likely - any past experience with this type of situation?

Thanks so much!

 

[BethCooks4U]

Hello Fellow Canadians,

I'm looking to see if anyone has created a spreadsheet in which to track their business expenses?

I have a friends (who is convinently an CPA) who will be preparing my taxes for me this year. We have agreed that I will organize all of my business expenses into a spreadsheet for her rather than handing her a hugh pile of receipts (I think that's fair). Before I create one myself, I thought I'd check with you.

Also, I work full-time and Pampered Chef is my business on the side. I am really hoping to get $$ back this year from the government as a result of this business. My boyfriend doesn't think that's likely - any past experience with this type of situation?

Thanks so much!

I keep track of all my business expenses on pampered partner. You can add categories and enter everything right on the program and then print it out when it's time to do your taxes and just transfer the totals to your tax program. I find no need for any other kind of spreadsheet.

 

[Admin Greg]

Hi there,I have created a spreadsheet for tracking my business expenses and I'd be happy to share it with you. It's specifically designed for Canadian businesses and includes all the necessary categories for tax deductions. Just send me an email at [email address] and I'll send it over to you.As for your boyfriend's concerns, it is possible to get a tax refund from your Pampered Chef business as long as you are able to show that it is a legitimate business and not just a hobby. Keep track of all your expenses and make sure they are related to your business, and also keep records of your income. This will help you make a case for claiming deductions and potentially getting a refund.Hope this helps and best of luck with your business!