Can You Deduct Travel Expenses in Canada?

Are you a realtor, real estate agent OR a small business owner planning to go on a trip? Want to know if your travel expenses can be deducted? Whether you are eligible to deduct a trip, you need to answer the primary question - did you incur these travel expenses for earning a business income?
In today's video, I’ll share how realtors may deduct their travel and other expenses when they are on a work trip. I will also explain this further using real-life examples.
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
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DISCLAIMER:
Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the advice you personalized for you.
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[@MariaH-bu5or]

What about airfare incurred for an annual CCPC shareholders meeting outside Canada?

[@TheBaaaj]

Thank you for the information. Can you share info on Travel expenses if you have rental property (not under corporation) outside of the province you are living in within Canada.

[@RealEstateTaxTips]

Great question. Reasonable amount of travel expenses can be claimed, however, you should keep in mind any personal portion cannot be deductible. Personal portion such as kids traveling cost, kids meals, etc.
Be sure to speak to a professional accountant to understand the potential risks involved. As always, we're here to help if you ever need some help.

[@keyannabee]

Love your channel! Thank you!

[@RealEstateTaxTips]

Glad it is helpful!

[@diskdrive123]

Being self-employed, I work remotely with as a contractor for a company on the West coast. If I travel for purpose of being local to them for 2-3 months, how does that hash out?
I can claim travel cost to and from, but would the house rental for 2-3 months counted as travel cost or just rent?

[@RealEstateTaxTips]

Sounds like you are operating as a business on your own. Travelling cost incurred to see your clients are tax deductible, provided that you can establish the cause and effect relationship between incurring the traveling expenses and earning the income.
House rental also sounds like it is something that you can claim...provided that you are only doing it to incur your business income...
Be sure to speak to a professional accountant before filing your return. As always, you're welcome to reach out to our office if you ever need additional help.

[@yeonsuchoi1721]

thank you!

[@markw3267]

Can you deduct travel insurance if you are a travel content creator?

[@RealEstateTaxTips]

If you are a travel content creator and genuinely having a business of making money from your travel content, then you may be able to deduct travel insurance on trip that you are creating content out of and that you are benefiting from it.
Just because you're a content creator - does not necessarily mean that you can deduct the expense. CRA would want to know if you are operating it as a business or a hobby. Many people are operating this as if it is a hobby, in which case, no deduction is available

[@markw3267]

@@RealEstateTaxTips thank you for that.

[@cardflopper3307]

the space station story is very shocking How sleazy can you be to set up a $42,000,000 trip to space for yourself and attempt to claim it as an "marketing" expense.. so greedy

[@RealEstateTaxTips]

disallowed by CRA though.

[@michaelmorris2623]

If you sell a house in both you and your spouse's name. Do you both have to pay capital gains tax?

[@RealEstateTaxTips]

Hi Michael,
I have done many videos on capital gains tax.. you can watch them here.
th-cam.com/video/ZPx9zZc34yQ/w-d-xo.html
th-cam.com/video/T42Q6KBoBTI/w-d-xo.html
However, for a personalized consultation, kindly speak to your real estate tax account as each individuals situation is unique and sensitive.
Feel free to contact our office at 416-548-4228 or email us at [e-mail]