Tax Tip – Books in Line Professional Services Inc.

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

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

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)!

Shaelene’s Tax Tip of the Week – July 14th

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 1^st, 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 (BOOK)!

We’ve got you covered!