When claiming meals and entertainment expenses be sure to write down the name of the person you were with, for example, “potential client: Jane Smith”. Getting into this habit will help to audit-proof your return.
#TaxTipOfTheWeek #BookslnLine
Why should you consider buying into a
Registered Retirement Savings Plan (RRSP)?
It is a great way to save on taxes! Remember, this program is a tax deferral program, meaning that when you withdraw the funds at a later date, it is expected that you will be in a lower tax bracket. Once your money is in the plan it can grow and grow (thank you compound interest!) and again, you will only pay tax on the funds as you withdraw them.
Call Books In Line at 905-571-2665 for more details.
Did you know?
If you have childcare expenses – caregivers (i.e. nannies, babysitters), nursery schools, educational institutions that provide childcare services, day camps and sports with a primary goal of childcare, and boarding schools – you can claim them. For more information on the amounts you can claim, click here.