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

Books In Line

⬇️    Did you know?   ⬇️

Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products.

The CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, the CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

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

We’ve got you covered!

Your February 2nd Tax Tip of the Week – from Shaelene! ?

Books In Line

⬇️    Did you know?   ⬇️

The deadline for filing your income tax return is June 15th if you’re self-employed. However, you must still pay taxes owing by April 30th. If your taxes owing is more than $3,000 in the current or previous two years, you will be required to pay quarterly installments. There could be interest and penalties incurred by the CRA if you miss meeting your income tax filing and payment deadlines.

To avoid being hit by a huge tax bill or missing deadlines, it may be wise to make it a habit of estimating taxes owing based on your income throughout the year and making monthly or quarterly tax payments to the CRA by setting them up as an online vendor via online banking.

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

Your Tax Tip of the Week – from Shaelene! ?

Books In Line

Don’t get creative without talking to your tax advisor. Even if the idea sounds good, you need to find out if it works for your business and what you need to do in order to properly claim a specific deduction or execute an income or cost-saving plan.

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

We’ve got you covered! #BooksInLine