As a self-employed person the due date for your personal income tax return (as well as your spouse’s return) is on or before June 15th. However, if you owe money it is actually due on April 30th! My tax tip? Forget all about the June 15th due date and always treat your bookkeeping and taxes as though everything should be completed and ready to be paid by April 30th.
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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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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)!
We’ve got you covered!
