Did you know?
If you or your child was a student in 2019, you can claim the amount of interest paid by December 31st on their student loans as long as they were received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or the Apprentice Loans Act. While only the student can claim this credit, the interest can be paid by anybody on their behalf.
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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.
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Whether you run your own business or only speak to Shaelene about your personal taxes, consider setting yourself up with Quickbooks Online and Receiptbank. Quickbooks is simple, easy, online bookkeeping. Receiptbank allows you to take pictures of all your receipts and invoices so you can upload them to the cloud where we can instantly see them in real time. While it does cost a monthly subscription fee, you can write it off as an accounting fee – these are reasonable accounting fees that you pay so that you can prepare and file your income tax. It helps your accountants tremendously when all of your data is organized in a simple web interface.
Have questions? Give us a call! 905-571-2665
