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

Books In Line
Did you know?
If you’re self-employed and use your car to earn business income, you may be able to claim vehicle related expenses like gas, insurance, licensing and registration fees, maintenance and repairs, leasing costs and interest on money borrowed to purchase a car.  ?If the car is also your personal vehicle, you may only write off the portion used for business  purposes. To calculate this, you must keep a logbook detailing all your business trips, including  the mileage, date and purpose of the trip. Make sure to document all other expenses and keep receipts organized in one place so you’re prepared if you get audited.

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

Shaelene’s Tax Tip of the Week – October 27th

Books In Line

Did you know?

You should keep your tax return documents, even after you file: “The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.”

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

We’ve got you covered!