Shaelene’s Tax Tip of the Week – June 7th

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Why should you consider buying into an RRSPs (Registered Retirement Savings Plan)?

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.

Have questions?

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – May 17th

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Did you know?

While traditionally all tax owing must be paid by April 30th if you’re self-employed, you and your spouse (married or common-law) have until June 15th every year to file your tax returns. As long as your return is filed by that date, you will never be charged the late filing penalty of 5%.

Have questions?

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

We’ve got you covered!

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

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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!