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 get an additional refund.
Have questions? Give us a call! 905-571-2665
Why should you consider buying into an RRSP’s (Registered Retirement Savings Plan)?
It is a great way to save on taxes!
Remember, this program is a tax deferral program, meaning that when you withdraw the funds at a later date, it is expected that you will be in a lower tax bracket. Once your money is in the plan, it can grow and grow (thank you compound interest!), and again, you will only pay tax on the funds as you withdraw them.
Have questions? Give us a call! 905-571-2665
Have you had to take any prescription medications (that aren’t vitamins) that you don’t have coverage for? You can write off any prescription medications that you took this tax year, before December 31st. You can also claim medical insurance that you have purchased for an out-of-country trip!
Have questions? Give us a call at 905-571-2665.
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