Shaelene’s Tax Tip of the Week – March 16th

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If you have applied and received CEBA this read is for you!

If you have applied for CEBA loans and have been approved, the deadline for repayment has changed. Originally the deadline for repayment was to be paid on or before December 31, 2022 for a partial loan forgiveness. The government has extended the deadline to December 31, 2023. If you qualified for the new deadline, your financial institution will contact with the new information along with the new deadline for repayment.

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

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

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

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

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Shaelene’s Tax Tip of the Week – March 2nd

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Did you know that Canadian artwork and antiques can be a taxable expense?

Qualifying artwork can be capitalized and depreciated at a tax rate of 20% for tax purposes. To qualify, the artwork must meet the following criteria:

  • the artwork must cost $200 or more
  • is not held for resale and is exhibited in a place of business where it will be seen by clients
  • is acquired for the purpose of gaining or producing income from an arm’s length individual
  • was created by an individual who was at the time a Canadian

If the artwork has appreciated and is sold, it will result in recapture of CRA up to the amount of the original cost of the artwork and this recapture will be included in the business income. Any amounts over and above the original cost would be considered a capital gain.

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

We’ve got you covered!