Debt to income ratio is the amount of total debt you have (car loans, mortgages, credit cards, etc) divided by your total income. Lenders look at this closely to hep minimize risk when originating mortgage loans. Take care.
Deductions you can claim. Where your home is also your place of business, you can claim deductions if you carry out income-producing work at home and incur expenses in using your home for that purpose.You can claim a deduction for the following: If the telephone is used for both business and private calls, you can claim a deduction for business calls. 2  decline in value (depreciation) of office plant and equipment, such as desks, chairs, computers.
Many small business owners have home offices, but having a home office isnât enough to be able to deduct business-use-of-home expenses from their income tax. The Canada Revenue Agency has strict guidelines about who can and canât claim this deduction. To deduct business-use-of-home expenses, you have to either be:1  Using your home as your principal place of business; or. 2  Using the space only to earn business income and using it on a regular and ongoing basis to meet your clients, customers or patients.urboTax Home & Business helps you calculate your business-use-of-home expenses. When you enter your total home expenses for the tax year and the total area of your home and work space, TurboTax will calculate the allowable portion of your expenses.