Shaelene’s Tax Tip of the Week – May 10th

Books In Line

Are you or do you know a contractor?

Did you know that you should never pay sub-contractors in cash if you cannot provide them with a receipt? This is otherwise known as an under-the-table transaction. This goes the same for the person purchasing the contract.

The risk simply isn’t worth it. This may seem like an obvious tip, but you would be surprised just how many people are unaware of the tax implications of these sorts of decisions. You cannot ever qualify for a deduction for an expense you have incurred if you cannot provide a receipt. If the contract costs $20,000 in expenses, the person who paid it will be on the hook for all $20,000.

Have questions?

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

Shaelene’s Tax Tip of the Week – April 26th

Books In Line

Have medical expenses?

From dental checkups and laser eye surgery to orthopaedic 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)!

Tax tip found at canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return

We’ve got you covered!