| Did you know? If you’re incorporated, you have six months to file following the end of your fiscal year. |
| Have questions? Give us a call at 905-571-2665 (BOOK)! |
| Know the difference between a “tax credit” and a “tax deduction?” A deduction is an expense or exemption which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise. |
| Have questions? Send us an email at [email protected]! |
| Did you know? If you provide a per-kilometre allowance for your employees, or receive one from your employer, remember that there is a reasonable allowance rate. In 2018, the rate is 55 cents per kilometre for the first 5,000 km driven, and 49 cents thereafter. If the allowance is above those rates, it’s considered “unreasonably high,” a taxable benefit, and added to employment income. Be careful: even if the rate is below these rates, it’s considered “unreasonably low” and is still added to employment income. That said, the CRA is open to negotiation – if you can justify why a particular rate needs to be used that is too high or low, you may be able to persuade them to not include it in employment income. |
| Have questions? Send us an email at [email protected]! |