Tax Deductions for Garages, Sheds and More
If you are using a shelter or portion of an accessory structure for storage or work related to a business, then it will most likely be a tax deduction for you. Here are some common questions we get related to how purchasing a shed, garage, carport or even greenhouse by December 31st of this tax year of 2019, can save you money come tax time.
Can I deduct the cost of a shed or garage I purchased in this tax year for storing items related to my job?
Yes, that would be considered a deduction. You would need to consider whether it is used 100% for your job, or if there is any personal use and adjust the cost according to the percentage of business use.
Can I claim a new garage on my taxes?
Yes, absolutely, if you have designated space inside the garage for your business. You can add the square footage of the garage to the total square footage of the home, then take the deduction for the dedicated business space.
I have a home woodworking business on the side and use about 90% of the space in our 2 car garage for my business. How would I go about getting the deductions for this space on my taxes?
Yes, absolutely, if you have designated space inside the garage for your business you can claim it. You can add the square footage of the garage to the total square footage of the home, then take the deduction for the dedicated business space.
Need More Tax Advice on 2019 Small Business Deductions?
Visit this article on: Essential Tax Deductions for Small Business 2019 to learn more about how you can write-off garages, shelters, carports and more. It is always best to talk to Revenue Canada, Turbo Tax support or a certified tax accountant for details on how to best take advantage of your tax deductions.