Shaelene’s Tax Tip of the Week – July 14th

Books In Line

Are you interested in an upcoming election?

Remember: you can get tax credits for making donations to your preferred party and candidate. These credits include: 75% of your first $300, 50% of anything between $401 and $750, and 33.33% of the amount between $751 and $1,275.

So, if you donate the full $1275, you’ll receive a tax credit of $650.

Note: As of January 1st, 2017, this tip no longer applies to corporations. Corporations do however have up to 20 years to claim all unused contributions

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – June 30th

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Have you had to take any prescription medications (that aren’t vitamins) that you don’t have coverage for?

You can write off any prescription medications that you took this tax year, before December 31st.  You can also claim medical insurance that you have purchased for an out-of-country trip!

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – June 23rd

Books In Line
Did you know?

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 1,219 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.

Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!