If you run your business from your home, be aware of the expenses you can write off. Keep track of the proportional amount you use for expenses like internet, hydro, rent, or even your mortgage interest that you accumulate during your business hours.
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| Have you given your employee a gift recently? It isn’t always a taxable benefit. Non-cash gifts for a special occasion have an upper limit of $500, and non-cash gifts for a work anniversary have an upper limit of $500 every five years. Anything in excess, however, is a taxable benefit. Have questions? Give us a call! 905-571-2665 |
Be aware of “superficial” loss, which happens when you dispose of capital property at a loss but then purchase it back less than 30 days later. This includes any property that creates any capital gain or loss such as an investment. The end result is not being able to claim the loss as a capital loss on your income tax.
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