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

Are you interested in an upcoming election?

Remember: you can get tax credits for making donations to your preferred party and candidate. These credits include:
75% of your first $300, 50% of anything between $401 and $750, and 33.33% of the amount between $751 and $1,275.

So, if you donate the full $1275, you’ll receive a tax credit of $650. 

Note: As of January 1st, 2017, this tip no longer applies to corporations. Corporations do however have up to 20 years to claim all unused contributions

Have questions? Give us a call at 905-571-2665.

Shaelene’s Tax Tip of the Week – September 4th

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, ie, a family member.

Have questions? Give us a call at 905-571-2665.