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)!

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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!