Listen to Your Accountant

  • Two Ways You May Be Able To Deduct Your Animal Expenses From Your Taxes

    10 June 2015

    If you have a lot of animals -- and a lot of animal-related expenses -- you might be wondering whether you can deduct them from your expenses. An ordinary pet, such as a family dog, probably cannot be deducted in any way, but Canada does provide two major ways that animal keeping expenses can be used to reduce net income.  Livestock: Farming Income Any animal that is raised or purchased for the express purpose of making money, such as through farming, can have its expenses deducted as a farming-related expense.