Shaelene’s Tax Tip of the Week – January 25th

Books In Line

Hopefully you haven’t, but maybe you’ve had a loss on one of your allowable business investments. An allowable business investment is any investment in a private Canadian corporation that is a small business corporation that:

a) carries out 90% of its business on Canadian soil, and;
b) existed 12 months before the disposition of the investment

While capital losses can only be used to reduce capital gains, you can use 50% of an “allowable business investment loss” to reduce all other types of income.

Do note that the disposition cannot be with a person you are in an arm’s length relationship with, i.e. a family member.

Have questions?

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – January 11th

Books In Line

Did you know?

Whether you run your own business or only speak to Shaelene about your personal taxes, consider setting yourself up with Quickbooks Online and Receiptbank.

Quickbooks is simple, easy, online bookkeeping. Receiptbank allows you to take pictures of all your receipts and invoices so you can upload them to the cloud where we can instantly see them in real time. While it does cost a monthly subscription fee, you can write it off as an accounting fee – these are reasonable accounting fees that you pay so that you can prepare and file your income tax. It helps your accountants tremendously when all of your data is organized in a simple web interface and will keep you organized too!

Have questions?

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

We’ve got you covered!