Did you know?
Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.
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Did you know?
Know the difference between a “tax credit” and a “tax deduction.” A deduction is an expense or exemption which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.
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Did you know that Canadian artwork and antiques can be a taxable expense?
Qualifying artwork can be capitalized and depreciated at a tax rate of 20% for tax purposes. To qualify, the artwork must meet the following criteria:
If the artwork has appreciated and is sold, it will result in recapture of CRA up to the amount of the original cost of the artwork and this recapture will be included in the business income. Any amounts over and above the original cost would be considered a capital gain.
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