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.
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If you have applied and received CEBA this read is for you!
If you have applied for CEBA loans and have been approved, the deadline for repayment has changed. Originally the deadline for repayment was to be paid on or before December 31, 2022 for a partial loan forgiveness. The government has extended the deadline to December 31, 2023. If you qualified for the new deadline, your financial institution will contact with the new information along with the new deadline for repayment.
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Did you know that Canadian artwork and antiques can be a taxable expense?
Qualifying artwork can be capitalized and depreciated at a tax rate of 20% for tax purposes. To qualify, the artwork must meet the following criteria:
If the artwork has appreciated and is sold, it will result in recapture of CRA up to the amount of the original cost of the artwork and this recapture will be included in the business income. Any amounts over and above the original cost would be considered a capital gain.
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