Shaelene’s Tax Tip of the Week – September 11th

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.

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

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, ie, a family member.

Have questions? Give us a call at 905-571-2665.

Shaelene’s Tax Tip of the Week – August 28

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.

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