{"id":91578,"date":"2026-02-03T15:13:36","date_gmt":"2026-02-03T20:13:36","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=91578"},"modified":"2026-02-03T15:13:50","modified_gmt":"2026-02-03T20:13:50","slug":"top-tax-deductions-for-freelancers-side-hustlers-and-self-employed-are-you-missing-out","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/top-tax-deductions-for-freelancers-side-hustlers-and-self-employed-are-you-missing-out\/","title":{"rendered":"Top Tax Deductions for Freelancers, Side-hustlers, and Self-employed: Are You Missing Out?"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Tax deductions, also known as write-offs, allow business owners to reduce the amount of tax they pay.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Money you spend running your business is a business expense and may be claimed on your tax return.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>It\u2019s important to keep all receipts for business expenses you plan on claiming \u2014 you may need them for proof if requested by the CRA. Credit card statements alone don\u2019t count!<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The right business tools can help simplify the whole process and help you keep more of your money.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>Having a side-hustle comes with a big perk: If you&#8217;re a sole proprietor, contractor, freelancer, or side hustler, you can write off business expenses to reduce your taxable income \u2014 and keep more of what you earn for yourself.<\/p>\n\n\n\n<p>Taxes might not be exciting, but paying&nbsp;<em>less<\/em>? That may be something to smile about. As a self-employed professional or freelancer you can deduct expenses from your income to lower your tax bill. Learning about tax deductions can help make sure you don\u2019t miss out on a chance to keep more of your hard-earned money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-things-canadian-businesses-need-to-know-about-tax-deductions\">5 things Canadian businesses need to know about tax deductions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-how-tax-deductions-work-for-self-employed\">1. How tax deductions work for self-employed<\/h3>\n\n\n\n<p>Tax deductions, also called write-offs, are one way business owners of all stripes (freelancers, contractors, solopreneurs) can bring down the amount of tax they pay.<\/p>\n\n\n\n<p>Here\u2019s how deductions work:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Throughout the year, you keep record of your business expenses (more on that later). Come tax time, you claim these expenses on your tax return<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>These deductions will count against your total income and in turn reduce it<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>For example, if your business income for last year was $40,000 and you claim $5,000 in deductions, your taxable income is $35,000. Your savings from those deductions are the total deduction amount ($5,000) multiplied by the tax rate for your income bracket. If your rate is 25 percent, those deductions would save you $1,250 on your taxes for that year.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-common-tax-deductions-for-small-businesses-and-what-doesn-t-count\">2. Common tax deductions for small businesses \u2013 and what doesn\u2019t count<\/h3>\n\n\n\n<p>Some of the money you spend running your business is considered a business expense and you can claim it on your tax return as a deduction.<\/p>\n\n\n\n<p>Here are some common deductions:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Accounting and tax software<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Advertising, web site and marketing fees<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Business supplies<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Home office and home office-related expenses such as utilities, rent or property taxes<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Meals, entertainment and travel<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Transportation, including your car<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Bank charges \u2014 This means the cost of your business bank account can be written off against your income<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>While many types of business expenses qualify as eligible deductions, not everything makes the cut. Personal expenses, for example, cannot be written off against business income. While some business owners might argue that certain costs are business-related, if the connection is questionable, it\u2019s unlikely to qualify.<\/p>\n\n\n\n<p>Here are some expenses many business owners believe can be claimed as tax deductions, but aren\u2019t eligible:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Clothing<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Dry cleaning<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Parking tickets \u2014 even if incurred while at a business meeting<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Gym memberships<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Commuting costs<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-the-importance-of-being-reasonable\">3. The importance of being reasonable<\/h3>\n\n\n\n<p>A common piece of advice provided by accountants and advisors, when it comes to claiming tax deductions, is to&nbsp;be reasonable. If an expense doesn\u2019t pass the smell test, just let it go. The last thing you want is to raise any eyebrows at the CRA and invite questions about your expenses.<\/p>\n\n\n\n<p>Certain expenses are already on the CRA\u2019s radar because they\u2019re often abused. Car expenses are top of this list. For instance, people think that when they drive to an office, they can deduct those kilometres, but that is not business driving \u2013 it\u2019s considered personal.<\/p>\n\n\n\n<p>Other often-scrutinized expenses include personal health and life insurance plans, entertainment and meal expenses, travel and professional fees. It\u2019s also important to note that some expenses are only partially deductible \u2014 meals and entertainment, for instance, are only 50% deductible. If the CRA determines that you\u2019re over-claiming, there could be hefty penalties. It might even trigger an audit down the road.<\/p>\n\n\n\n<p>Want to feel more confident about filing your taxes? Read <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/dont-panic-4-tax-filing-tips-for-freelancers-solopreneurs-and-self-employed\/\" data-dig-id=\"LP-91578-933c674e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Don\u2019t Panic: 4 Tax Filing Tips for Freelancers, Solopreneurs and Self-Employed\" class=\"rbc-link-format\">Don\u2019t Panic: 4 Tax Filing Tips for Freelancers, Solopreneurs and Self-Employed<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-yes-keep-your-receipts\">4. Yes, keep your receipts<\/h3>\n\n\n\n<p>Many new business owners wonder if they actually have to save every receipt for expenses they want to claim. The answer is YES. A credit card statement won\u2019t do \u2014 you need to have a receipt that shows proof of what the expense was.<\/p>\n\n\n\n<p>While you don\u2019t need to submit your receipts with your tax return, you must be able to produce them if the CRA asks for backup of your deduction claims.<\/p>\n\n\n\n<p>Take a look at our <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/the-ultimate-guide-to-organizing-your-side-hustle-5-game-changing-tips\/\" data-dig-id=\"LP-91578-c3b289e9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Ultimate Guide to Organizing Your Side-Hustle\" class=\"rbc-link-format\">Ultimate Guide to Organizing Your Side-Hustle<\/a> for more tips to help minimize your taxes and keep more of your hard-earned money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-keeping-track-of-business-expenses-is-easier-with-the-right-tools\">5. Keeping track of business expenses is easier with the right tools<\/h3>\n\n\n\n<p>Keeping track of your business expenses \u2014 and their corresponding deductions \u2014 can be easier with a few tools to help you out. One is a separate business account. When you&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/business-banking-the-benefits-of-separating-business-from-personal\/\" data-dig-id=\"LP-91578-016be036\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"separate your business expenses from your personal spending\" class=\"rbc-link-format\">separate your business expenses from your personal spending<\/a>, you\u2019re not digging through paperwork come tax time. Another is accounting software thats designed for small businesses. The right tools can free up your time and help you keep more of your money.<\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-ready-to-treat-your-side-hustle-like-the-business-it-s-becoming\">Ready to treat your side hustle like the business it\u2019s becoming?<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Find a business bank account designed to grow along with you.<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/business\/accounts\/index.html\" data-dig-id=\"LP-91578-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"get started-https:\/\/www.rbcroyalbank.com\/business\/accounts\/index.html \">get started<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":80,"featured_media":91592,"parent":57339,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[157],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[33],"rbc_mmm_category":[305,325,389,326,392],"class_list":["post-91578","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-entrepreneur","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-beginner","rbc_mmm_category-business","rbc_mmm_category-get-inspired","rbc_mmm_category-innovation","rbc_mmm_category-right-sized-business-advice","rbc_mmm_category-solo-entrepreneur"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/top-tax-deductions-for-freelancers-side-hustlers-and-self-employed-are-you-missing-out\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:url\" 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