Tax Deductions For The Fitness Entrepreneur
Posted On: 03/03/23 - 0

Tax deductions for the fitness entrepreneur

You help people make the most of their health. When it’s time to file your taxes, we want you to make the most of your tax deductions for the fitness entrepreneur, especially those specific to your industry. Taking all your available deductions keeps more spending money in your pocket, so you can invest more into your growing business.

When tax time comes around, pump up your return by taking advantage of industry related deductions offered by the CRA. Not only are we passionate about the state of your physical health, but also your fiscal health.

Fitness Equipment Expenses

We all know that fitness equipment is expensive. In a very competitive industry it’s critical to your business success that you take your clients through exciting workouts that continually challenge and interest them.

The good news is that you can deduct any equipment costs for your business on your tax return.

Rental Of A Work Related Studio

Renting space for your business would be considered an expense to do business.

What About Home Based Gym Expenses?

Another deduction is the expense of setting up a home based gym if that same gym, space and equipment is also used by clients. You would have to be able t support this claim in the event of an audit as part of your workout and coaching sessions.

Education Expenses

You can deduct educational expenses for courses and your certifications. The CRA also allows for expenses if you attend a fitness conference to learn more about the latest and greatest equipment, techniques and trends, etc. You can also deduct books purchased that are written on the subject. This would also be considered an educational expense.

Travel Expenses

If you travel to learn more about your fitness industry business, you can deduct your travel costs (this also includes hotels, flights and meals). Your travel expenses also would include driving to meet with clients if you work with them at another gym. Be sure to keep an official log book regarding your km’s in the event of a CRA audit. It does happen from time to time.

Entertainment Expenses

For an expense to be eligible, the entertainment activity must be business related. As an example, if you take a client out to dinner, the meal qualifies as a business expense. For tax purposes, you can only deduct 50% of the cost of the meal since you also were at the dinner.

Marketing Expenses

Another deduction is the money you spend on marketing your fitness business. Common marketing expenses would include:

  1. Online advertising
  2. Video production
  3. Google ads
  4. Magazine and digital ads
  5. Attending or participating in a tradeshow/expo
  6. Marketing materials such as business cards, flyers and newsletters
  7. Website fees, including your SEO optimization, web hosting and domain registration

Professional Fees

Accounting, bookkeeping, legal and any other related fee for your business operations are also tax deductible.

When hiring our firm, we ensure that you get to keep more of the money you earn as a fitness industry entrepreneur. What we ask is that you keep your receipts and data to support your claims for deductions at tax time.

To simplify your life, call us, let us take the stresses away of bookkeeping and accounting. We are a firm that is passionate about both your physical and fiscal health.

12203-107 Avenue.
Edmonton, Alberta.
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780.482.7297