Shaelene’s Tax Tip of the Week – April 29th

As is the standard in much of Canadian Law, the CRA uses a “reasonableness” test to determine their decisions as they relate to business income. In fact, “reasonable” and “reasonably” shows up an astounding 1219 times in our Income Tax Act. If you plan to do something, consider for example whether or not the CRA would think you “reasonably” expected a profit from your undertaking.

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Shaelene’s Tax Tip of the Week – January 8th

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