Shaelene’s Tax Tip of the Week – June 29th

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)!

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Tax tip found here.

Shaelene’s Tax Tip of the Week – June 15th

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!

Tax tip found here.

Shaelene’s Tax Tip of the Week – June 8th

Books In Line

Are you retired and still working?

Stop paying for CPP: “If you’re 65 or older, and plan to continue working, you can choose not to contribute to CPP by completing Form CPT30 Election to stop contributing to the Canadian Pension Plan, or Revocation of a Prior Election.”

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

We’ve got you covered!

Tax tip found here.