Do you have a homebased business? Are you aware of the eligible expenses at your disposal to reduce your taxes owing? To start, a portion of your property taxes, your mortgage interest, maintenance, electricity, heating, internet and phone expenses can be used to lower your profit and therefore your tax owing if you use a home office. We generally discourage people to depreciate their primary residence for tax purposes because it could generate a sizeable taxable gain when you sell your house.
Many of our clients come to us excited to gush over the details of their new business and ask us a great question – how should I keep track of my receipts? Out of all the questions that one could ask when getting into business, this is most likely the most important element in preserving the very survival of your business. With so many apps on the market, it can make it hard for a person to decide what to do. That is why we put together this list together for you!
With deadlines looming near for T4 submissions due the last day of February, we felt it was a good time to review a few changes that have transpired during the most unique year most of us have experienced.