Have you protected your business? You qualify for a tax deduction if you have General Business Liability Insurance, Business Property Insurance, or Business Interruption Insurance. You cannot, however, claim life insurance unless you’ve used it as collateral for a business loan.
Have questions? Give us a call at 905-571-2665.
Did you know?
As a self-employed professional you can deduct the cost of any business-related courses you take. This includes computer courses, any business courses, or any other course or class that can be used to improve your bottom line.
Why should you consider buying into a
Registered Retirement Savings Plan (RRSP)?
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.
Call Books In Line at 905-571-2665 for more details.
