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

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.

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

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)!

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Tax tip found here.

Shaelene’s Tax Tip of the Week – November 10th

Did you know? You can use childcare expenses to lower your taxable income. ?

Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

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

We’ve got you covered!