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)!

Shaelene’s Tax Tip of the Week – August 18th

Books In Line

Have you given an employee a gift recently?

It isn’t always a taxable benefit. Non-cash gifts for a special occasion have an upper limit of $500, and non-cash gifts for a work anniversary have an upper limit of $500 every five years. Anything in excess, however, is a taxable benefit.

Have questions? Give us a call at 905-571-2665 (BOOK)!

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Shaelene’s Tax Tip of the Week – July 14th

Books In Line

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 (BOOK)!

We’ve got you covered!