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.
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Tax tip found at canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return
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Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss and you could be eligible for an additional refund.
Have questions?
Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!
Did you know?
In 2021, CPP contributions increased to 5.45% from 5.25% for employers and employees, and self-employed individuals increased from 10.5% to 10.9%. The goal is to have one-third of your average salary available upon retirement each year, whereas before it was one quarter.Have questions? Give us a call at 905-571-2665 (BOOK)!
