Shaelene’s Tax Tip of the Week – March 13th

Books In Line

Did you know?

Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products.

CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

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

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Tax tip found here.

Shaelene’s Tax Tip of the Week – April 19th

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Own and rent a cottage out?

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)!

Tax tip found at: canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return

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Shaelene’s Tax Tip of the Week – May 12th

Books In Line
Why should you consider buying into an RRSP (Registered Retirement Savings Plan)?

 It is a great way to save on taxes! Remember, this program is a tax deferral program, meaning that when you withdraw the funds at a later date, it is expected that you will be in a lower tax bracket. Once your money is in the plan it can grow and grow (thank you compound interest!) and again, you will only pay tax on the funds as you withdraw them. 

Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!