You’re going it alone in a sole proprietorship. That’s great. It means you’ve taken charge of your career and become an entrepreneur. When it comes to taxes, though, you might be surprised to find out what the balance reads after you’re done calculating your income and deductions via business expenses. It can sometimes be a […]
Those crazy Americans. Did you know they get to use the interest they pay on their mortgage as a tax deduction? Just like any tax deduction, there are rules and strict applications but our U.S. friends do get to claim their mortgage interest on their tax return. That isn’t so in Canada. Unless you run […]
You gotta spend money to make money, right? As a business owner, you sometimes have to acquire property that loses its value over time. You might need computers or smartphones for to get started, or you might add a building for office space as your business grows. Under Canadian tax law, you are not permitted […]
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 […]
