Writing off rent on home-based business?

Question

I wish to start a home based business that will entail me using a portion of my apartment as an office/studio. If I have a one-bedroom apartment, can I still write off a percentage of my rent, even though I do not have a dedicated room used solely for business? Or do I need to live and sleep in the living room, and set my bedroom aside as a work space? I live in Vancouver, BC, if it makes a difference.

Answer 1

Yes.  But it is even less of your rent.

As you figured out, you can deduct the percentage of the rent equivalent to the percentage of space dedicated soley to business.  Then in your case, where the space is used for personal and business use, you then calculate the percentage of time you use it for business.  

So if you use 50 % of your space for 40 hours of a 168 hour week (23.8%) you can claim 11.9%.