Lunches and dinner parties can be great ways to woo a client to use your business. Many times, a business agreement is discussed or finalized with a handshake over coffee, a delicious dinner or a martini (or beer, whatever your taste is). As a Canadian business owner, you are allowed to deduct 50 per cent […]
Having a home office can create big savings on your income tax. The rules are pretty strict and you have to fill out extra paperwork but it can be worth it in the long run. We’ve shared with you the basics on claiming a tax deduction for your home office and specifics on what you can claim. Today, […]
It’s the little things that can add up and cost you a boat-load of money. When you’re a small business owner, it’s nice to know you can claim a tax deduction for your home office and all the necessities that keep a home office running. You need pens, notebooks, stamps, envelopes, paper clips, business cards and even […]
We are on another countdown! Unincorporated businesses — sole proprietors, partners, self-employed individuals — have until June 15 to submit their income-tax returns. The bad news is, that’s only a month away. The good news is, June 15 falls on a Saturday this year, so you have until Monday, June 17, to file. Your self-employment […]
It’s time for another letter from the Canada Revenue Agency. This one might give you some worry. You’re being audited. Ugh. But let’s not worry too much. If you were truthful and accurate on your income tax return, you should be OK. Your letter will describe why you are being audited, typically offering a specific tax […]
It’s a letter from the Canada Revenue Agency. Don’t panic. It’s probably your Notice of Assessment. Once you’ve filed your T-1 tax return, the CRA reviews your files and sends you a statement. It’s a two-page document that shows your personal information and a summary of your income, deductions, credits and taxes previously paid. It […]
You just filed your taxes. And you’re gleefully waiting for your cheque or the notice that it’s in your bank account via direct deposit. What are you doing with it? Last week, we talked about what most Canadians are doing with their tax returns. Today, we’re going to help you out with a few ideas, if […]
What are you doing with your income-tax return? That is, if you’re getting one. Some of us sad sacks aren’t getting a tasty little treat in the form of a money back from the government. I have many a fond memory of blowing the couple hundred (sometimes a couple thousand) on silly stuff or things […]
Seven days! Wait … that’s only one week. And now you’re freaking out because you’ve left your taxes to the last minute and you still don’t have time. We can’t stress enough how important it is to get your T-1 income tax return into the Canada Revenue Agency by 11:59 p.m. on April 30. If […]
Buying your first home is a momentous occasion in your life. First, you have to save for the down payment. Next, you have to qualify for a mortgage. Then you have to find the place of your dreams, within your budget, and go through all the red tape of closing the deal. It can be […]