Shaelene’s Tax Tip of the Week – March 13th

Books In Line

Did you know?

Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products.

CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

Have questions?
Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Tax tip found here.

Shaelene’s Tax Tip of the Week – March 6th

Books In Line

Did you know?

You are required to register for a GST/HST number once your gross income reaches $30,000 in a 12-month period. Once this is achieved, you will need to start charging and collecting GST/HST from your clients and customers, depending on which province the business or person you’re charging has their tax base.

Have questions?

Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Tax tip found here.

Shaelene’s Tax Tip of the Week – February 28th

Books In Line

Did you know?

Many freelance and self-employed individuals operate from offices at home, but not all realize that you can deduct expenses related to your home office. These can include insurance, mortgage interest payments, repairs, utilities, and other home-related expenses.

Have questions?

Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!

Tax tip found here.