Shaelene’s Tax Tip of the Week – October 13th

Books In Line

Own and rent your cottage out?

If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year.

“Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”

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

Shaelene’s Tax Tip of the Week – September 15th

Books In Line
Did you know?
Individuals who received COVID-related benefits and whose 2020 taxable income is $75,000 or less qualify for interest relief. We will not charge interest from May 1, 2021 to April 30, 2022, on any balance owing on the 2020 tax return.Have questions? Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – August 25th

Books In Line

Are you self-employed?

Remember to set aside at least 25% for personal income tax. As a general rule, you should always set aside 25% of your income for taxes. You’re taxed only on your net income which is your total income minus all your expenses.
Have questions? Give us a call at 905-571-2665 (BOOK)!