Shaelene’s Tax Tip of the Week – March 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!

How to find your uncashed CRA cheques!

Did you know?

Everyday the CRA adds half a million dollars to it’s pile of uncashed cheques? ?

Read more here: http://bit.ly/3kh5iGj

“Approximately five million Canadians (and counting) have failed to claim one or more uncashed cheques from the Canada Revenue Agency.”

Are you one of them?

Here’s how to check:

To access the online tool, visit CRA’s website and look for the agency’s “My Account” service. Once logged in, click on the “Uncashed Cheques” link at the bottom of the “Related Services” column on the “Overview” page.Any unpaid amounts that have sat dormant for over six months will be listed on that page, as well as the necessary forms to claim your money.

For more information visit: https://www.canada.ca/…/services/uncashed-cheque.html, or give us a call at 905-571-2665 (BOOK). #BooksInLine#uncashedcheques#CRA#durhambookkeeping