Tax Credit Archives - Books in Line Professional Services Inc.

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

30 Aug 2023
Shaelene McInnis
Business
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Did you know?

Know the difference between a “tax credit” and a “tax deduction.” A deduction is an expense or exemption which reduces your total taxable income. A tax credit is what reduces whatever you’re on the hook for income tax wise.

Have questions?

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

Shaelene’s Tax Tip of the Week – February 1st

01 Feb 2023
Shaelene McInnis
Tax Return, Tax Tips
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Did you know?

If you are over 71 and can no longer contribute to your RRSP, you can still make a spousal contribution (and receive the tax deduction) if your spouse is younger than age 71 and you have RRSP contribution room carried forward.

Have questions?

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

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

04 Jan 2023
Shaelene McInnis
Tax Return, Tax Tips
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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!