Shaelene’s Tax Tip of the Week – July 5th

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Own and rent your cottage out?

If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year. “Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”

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Give us a call at 905-571-2665 (BOOK)!
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Shaelene’s Tax Tip of the Week – June 14th

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Did you know?

Claiming auto expenses is beneficial to reducing your taxable business income. Auto expenses include fuel and oil, license and registration, maintenance and repair, insurance, car washes, parking, tolls, interest paid on an auto loan and leasing costs. Be sure not to miss out on these costly expenses by being sure to save every receipt.

Have questions?

Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – June 7th

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Why should you consider buying into an RRSPs (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 at 905-571-2665 (BOOK)!

We’ve got you covered!