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.
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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)!
| Shaelene’s Tax Tip of the Week – November 18th Be aware of “superficial” loss, which happens when you dispose of capital property at a loss but then purchase it back less than 30 days later. This includes any property that creates any capital gain or loss such as an investment. The end result is not being able to claim the loss as a capital loss on your income tax. |
| Have questions? Give us a call at 905-571-2665 (BOOK)! |
