Did you know?
You should keep your tax return documents, even after you file: “The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
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.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
“If you’re 65 or older, and plan to continue working, you can choose not to contribute to CPP by completing Form CPT30 Election to stop contributing to the Canadian Pension Plan, or Revocation of a Prior Election.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
