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

Books In Line

Do you plan on selling your principal residence?

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale.  If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
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Introducing the Grocery Rebate: Your Tax Tip of the Week!

Did you know?

The Canadian government created a grocery rebate, as part of Budget 2023, to help eligible Canadians financially. On July 5, 2023, this rebate and the subsequent quarterly GST/HST credit payment will be issued. The Grocery Rebate will be equal to twice the amount of your January 2023 GST/HST credit.

Who can get the payment?
You will receive the Grocery Rebate if you were entitled to receive the GST/HST credit for January 2023. To get the Grocery Rebate, you have to file a tax return for 2021, even if you have no income to report for that year. CRA notes that it is possible you may be entitled to the Grocery Rebate, but not the July GST/HST credit or vice versa.

Please click HERE for more information.

Have questions?

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – June 21st

Books In Line

Did you know?

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.

Have questions?

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

We’ve got you covered!