Shaelene’s Tax Tip of the Week – March 24th

Have childcare expenses?

  You can claim amounts paid to daycare centres, caregivers, day camps, and boarding schools. The amount you can claim is up to 2/3 of your earned income or the actual amount you paid for childcare – whichever is lower. The maximum claim per year is $8,000 per child under 7, and $5,000 per other eligible child.

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

Shaelene’s Tax Tip of the Week – March 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!