Shaelene’s Tax Tip of the Week – October 13th

Books In Line

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)!

Shaelene’s Tax Tip of the Week – September 22nd

Books In Line

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)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – August 25th

Books In Line

Are you self-employed?

Remember to set aside at least 25% for personal income tax. As a general rule, you should always set aside 25% of your income for taxes. You’re taxed only on your net income which is your total income minus all your expenses.
Have questions? Give us a call at 905-571-2665 (BOOK)!