Know a senior or someone with a disability that needs to renovate their home due to accessibility issues? They may be eligible for the Home Accessibility Tax Credit, which is 15% of up to $10,000 per year towards accessibility-related expenses which go towards helping them feel comfortable again in their own home.
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If you run your business from your home, be aware of the expenses you can write off. Keep track of the proportional amount you use for expenses like internet, hydro, rent, or even your mortgage interest that you accumulate during your business hours.
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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 get an additional refund.
Have questions? Give us a call! 905-571-2665
