Shaelene’s Tax Tip of the Week – May 10th

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!

Shaelene’s Tax Tip of the Week – March 8th

Shaelene’s Tax Tip of the Week – March 8th

Remember to…

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!

Tax Tip Credit Here

Shaelene’s Tax Tip of the Week – February 15th

Did you know?

Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss and you could be eligible for an additional refund.

Have questions?

Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!