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)!
We’ve got you covered!

Shaelene’s Tax Tip of the Week – July 12th

Books In Line

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!

Shaelene’s Tax Tip of the Week – July 5th

Books In Line

Own and rent your cottage out?

If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year. “Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”

Have questions?

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