The month will run from the 1st-31st of each month.
Business Expenses are any expenses that you have in the operation of your business.
Some expenses are 100% business expenses like office supplies, or repairs of business equipment.
Other expense might only be a combination of both personal and business expenses.
Example: You use your vehicle for both 60% personal use and 40% business use. Your monthly vehicle expenses are $1000.00.
$1000.00 x .40 = $400
$400.00 Would be your total amount for Business Vehicle Expenses.
GST: If you have a GST number you will need to set aside 5% of your gross earnings to forward to the CRA
Income Tax: We will assume a 25% tax rate