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.
2 Comments
Mr. Chris Dodd
2/27/2021 11:27:33 am
Darrell, I sold all my stock in 2019. I was unable to receive any stock shipments in 2020. I had no business income in 2020. I did receive Federal and Provincial assistance only in 2020. Can I still declare some of my expenses for 2020 despite no business income for that year? Waiting for all income statements before I forward tax return to you. Thxs Chris Dodd - International Denture Supplies
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Darrell Penner
3/1/2021 10:09:21 am
Chris...short answer is yes, as long as the business is still active, ie not shut down
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Mélanie Brochu-MacaulayPublic Accountant. Archives
January 2021
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