Looking for a great mileage app? We recommend MileIQ, MileBug, aCar, or Trip Miles. If you prefer a hard-copy log, we carry them at our office. To pick up a logbook or to discuss how to track your mileage, feel free to call the office at 905-571-2665 (BOOK)!
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, ie, a family member.
Have questions? Give us a call at 905-571-2665.
Know the difference between “tax credit” and “tax deduction.” A deduction is an expense or exception which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.