Shaelene’s Tax Tip of the Week – November 17th

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Did you know?
If you’re self-employed and use your car to earn business income, you may be able to claim vehicle related expenses like gas, insurance, licensing and registration fees, maintenance and repairs, leasing costs and interest on money borrowed to purchase a car.  ?If the car is also your personal vehicle, you may only write off the portion used for business  purposes. To calculate this, you must keep a logbook detailing all your business trips, including  the mileage, date and purpose of the trip. Make sure to document all other expenses and keep receipts organized in one place so you’re prepared if you get audited.

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

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

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Did you know? You can use childcare expenses to lower your taxable income. ?

Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – November 3rd

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Did you know?
Many executors who are family members fulfill the role out of a sense of duty.  If you don’t mention Executor compensation it will be governed by the rules of the province where the deceased resides.  Executor fees are treated as taxable income, whereas gifts by a will are not.

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

We’ve got you covered!