MortgageCheck

Tax Deduction Information

Information about how your MortgageCheck subscription may qualify as a business expense.

This is general information, not tax advice

Tax situations vary. Always consult with a qualified accountant or tax professional before claiming any deductions. The information below is based on general CRA guidelines and may not apply to your specific situation.

Software Subscriptions as Business Expenses

The Canada Revenue Agency (CRA) allows businesses to deduct expenses that are incurred to earn income. Software subscriptions used for business purposes generally fall into this category.

According to CRA guidelines, software subscriptions are typically considered current expenses, meaning they can be fully deducted in the year they are incurred. This includes tools such as:

  • Customer Relationship Management (CRM) software
  • Financial analysis and pre-qualification tools
  • Communication and client intake platforms
  • Marketing and lead generation tools

How This May Apply to MortgageCheck

MortgageCheck is a software subscription used for business purposes—specifically, client intake, lead generation, and pre-qualification for mortgage professionals. If you use MortgageCheck exclusively for your mortgage brokerage business, the subscription cost may qualify as a deductible business expense.

Example calculation (for illustration only):

Annual MortgageCheck subscription$1,188/year
If in a 30% marginal tax bracket~$356 potential tax savings
If in a 40% marginal tax bracket~$475 potential tax savings

Actual savings depend on your tax situation, province, and other factors.

Other Common Deductions for Mortgage Brokers

Beyond software subscriptions, self-employed mortgage brokers in Canada can typically deduct a variety of business expenses, including:

Home Office Expenses

If you use part of your home exclusively for business, you may deduct a portion of rent/mortgage interest, utilities, insurance, and maintenance.

Professional Fees

Membership dues for professional associations, licensing fees, and continuing education related to your brokerage.

Marketing & Advertising

Website development, hosting, online advertising, business cards, and promotional materials.

Office Supplies & Equipment

Computers, phones, internet service, office supplies, and other equipment used for business.

Record Keeping Best Practices

To claim business expenses, the CRA requires you to maintain proper records. For your MortgageCheck subscription:

  • Keep all payment receipts (we email these after each payment)
  • Maintain records for at least 6 years (CRA requirement)
  • Document the business purpose of the expense
  • If used partially for personal purposes, only deduct the business portion

Remember: This page provides general information only. Tax laws change and individual circumstances vary. Always consult a qualified tax professional for advice specific to your situation.