Shaelene’s Tax Tip of the Week – January 25th

Books In Line

Hopefully you haven’t, but maybe you’ve had a loss on one of your allowable business investments. An allowable business investment is any investment in a private Canadian corporation that is a small business corporation that:

a) carries out 90% of its business on Canadian soil, and;
b) existed 12 months before the disposition of the investment

While capital losses can only be used to reduce capital gains, you can use 50% of an “allowable business investment loss” to reduce all other types of income.

Do note that the disposition cannot be with a person you are in an arm’s length relationship with, i.e. a family member.

Have questions?

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – January 4th

Books In Line

Did you know?

You may be eligible for the temporary Ontario Staycation Tax Credit for 2022! This credit encouraged Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID‑19 pandemic.

Ontario residents can claim 20% of their eligible 2022 accommodation expenses, for example, for a stay at a hotel, cottage or campground, when filing their personal Income Tax and Benefit Return for 2022. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.

Learn more here!

Have questions?

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

We’ve got you covered!