Author Archives: Shaelene McInnis

Don’t let tax deadlines sneak up on you—being proactive pays off! For your 2024 taxes, the RRSP contribution deadline is March 1, 2025, and the filing deadline is April 30, 2025. Use this time to review your finances, plan contributions, and gather your documents early. Staying ahead of these dates will save you time, stress, and maybe even money!

The new year is a great time to create a fresh, organized system for managing your receipts, invoices, and documents! 👏

Whether you’re using an app or just creating a digital or physical folder, it can make the world of difference come tax time. Consider using tools like QuickBooks (by Intuit) and Dext (formerly ReceiptBank). QuickBooks simplifies bookkeeping, while Dext lets you snap pictures of receipts and invoices, uploading them directly to the cloud. Though they come with a subscription fee, these tools are tax-deductible as accounting fees and can make tax season a breeze by keeping your data accessible and organized for you and your accountant.

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Usually if you sell personal-use property at a loss, you can’t claim the loss. The exception is for “listed” personal property: property which generally increases in value the longer you hold on to it. This includes Canadian cultural property (ie, national treasures), stamps, coins, works of art, jewelry, and rare books, folios, or manuscripts. These sorts of losses can be carried back three years, or carried forward for seven, and used to reduce the gain on the sale of other listed personal use property.

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