| Did you know? If you’re incorporated, you have six months to file following the end of your fiscal year. |
| Have questions? Give us a call at 905-571-2665 (BOOK)! |
| Know the difference between a “tax credit” and a “tax deduction?” A deduction is an expense or exemption which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise. |
| Have questions? Send us an email at [email protected]! |
| 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? Send us an email at [email protected]! |