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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)!
Why is it important to file taxes on time?“If you owe money to the CRA, you will endure a late filing penalty of 5% of your unpaid taxes, plus 1% a month for 12 months from the filing due date. That’s just the first strike. If you fail to file on time again within a three-year period, that penalty goes up to 10% of unpaid taxes plus 2% per month for a maximum of 20 months.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
