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 1st, 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)!

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Shaelene’s Tax Tip of the Week – June 23rd

Did you know?

As is the standard in much of Canadian Law, the CRA uses a “reasonableness” test to determine their decisions as they relate to business income. In fact, “reasonable” and “reasonably” shows up an astounding 1,219 times in our Income Tax Act. If you plan to do something, consider for example whether or not the CRA would think you “reasonably” expected a profit from your undertaking.

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

We’ve got you covered!

Shaelene’s Tax Tip of the Week – May 26th

Did you know?

Claiming auto expenses is beneficial to reducing your taxable business income. Auto expenses include fuel and oil, license and registration, maintenance and repair, insurance, car washes, parking, tolls, interest paid on an auto loan and leasing costs. Be sure not to miss out on these costly expenses by being sure to save every receipt.

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

We’ve got you covered!