Shaelene’s Tax Tip of the Week – August 30th

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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. A tax credit is what reduces whatever you’re on the hook for income tax wise.

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Give us a call at 905-571-2665 (BOOK)!We’ve got you covered!

Shaelene’s Tax Tip of the Week – August 23rd

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Did you know?

From dental checkups and laser eye surgery to orthopedic shoes and private insurance premiums, the CRA allows you to claim a variety of medical expenses as non-refundable tax credits. Make sure to keep all your receipts, prescriptions, and other supporting documentation in case the CRA requests to see them later.

Have questions?

Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!

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Shaelene’s Tax Tip of the Week – August 9th

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Do you plan on selling your principal residence?

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale.  If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!