Shaelene’s Tax Tip of the Week – October 19th

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: 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)!

Shaelene’s Tax Tip of the Week – October 12th

Did you know?

Usually if you sell personal-use property at a loss, you can’t claim the loss.

The exception is for “listed” personal property: property which generally increases in value the longer you hold on to it. This includes Canadian cultural property (ie, national treasures), stamps, coins, works of art, jewelry, and rare books, folios, or manuscripts.

These sorts of losses can be carried back three years, or carried forward for seven, and used to reduce the gain on the sale of other listed personal use property.

Have questions?

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

We’ve got you covered!