Being self-employed has its perks: you’re your own boss, you set your own hours, and you get to turn your passion into a livelihood. But along with the freedom comes the responsibility of navigating the sometimes-tricky world of taxes. As a self-employed individual in Québec, understanding which expenses you can deduct can make a significant difference come tax time. Here’s a rundown of some key deductions to keep in mind to maximize your tax returns and streamline your self-employed journey.

First and foremost, if you work from home, a portion of your housing expenses can be claimed as a deduction. This includes rent, utilities, property taxes, and even home insurance. By calculating the square footage of your dedicated work area and determining the percentage of your home it occupies, you can then apply that percentage to these eligible expenses to reduce your taxable income. It’s a direct way to benefit from working from home.

Another often-overlooked deduction relates to vehicle expenses. If your work requires you to be mobile, whether it’s traveling to meet clients or transport goods, you can deduct a portion of your vehicle-related costs. This includes gas, maintenance, parking fees, and even public transportation fares. Keep detailed records of your work-related travels, as these can quickly add up to substantial savings.