Introducing the Grocery Rebate: Your Tax Tip of the Week!

Did you know?

The Canadian government created a grocery rebate, as part of Budget 2023, to help eligible Canadians financially. On July 5, 2023, this rebate and the subsequent quarterly GST/HST credit payment will be issued. The Grocery Rebate will be equal to twice the amount of your January 2023 GST/HST credit.

Who can get the payment?
You will receive the Grocery Rebate if you were entitled to receive the GST/HST credit for January 2023. To get the Grocery Rebate, you have to file a tax return for 2021, even if you have no income to report for that year. CRA notes that it is possible you may be entitled to the Grocery Rebate, but not the July GST/HST credit or vice versa.

Please click HERE for more information.

Have questions?

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

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Shaelene’s Tax Tip of the Week – July 12th

Books In Line

Did you know?

Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss and you could be eligible for an additional refund.

Have questions?

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

Shaelene’s Tax Tip of the Week – July 5th

Books In Line

Own and rent your cottage out?

If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year. “Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”

Have questions?

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