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

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.”

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

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)!
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Shaelene’s Tax Tip of the Week – August 12th

Did you know?If you have childcare expenses – caregivers (nannies, babysitters), nursery schools, educational institutions that provide childcare services, day camps and sports with a primary goal of childcare, and boarding schools – you can claim them. For more information on the amounts you can claim, click here!
 
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