The deadline to file your taxes is by midnight on April 30th. As many as 10 million returns are filed in the final week, about 40% of all the returns the Canada Revenue Agency receives each year. Are you one of these late filers? If you haven’t started yet, consider using StudioTax. It’s free tax…
-
-
1917
Readers
8101
Followers
821 Fans -
Category Archives: Taxes
Business-Use-Of-Home Expenses
If your home is your principal place of business, you can claim Business-Use-Of-Home expenses on page 3 of the T2125 form. The expenses allowed to be claimed include: Heat Home Insurance Electricity Maintenance (i.e. cleaning materials) Mortgage Interest (interest only, not mortgage payment) Property Taxes Water (if applicable to your business) The amount you can…
Capital Cost Allowance (CCA)
Yesterday we discussed claiming business expenses. With those expenses, you can claim the full amount in the year the expense happened. While also part of the expenses used to calculate net income (or loss), some items are subject to Capital Cost Allowance rules. Capital Cost Allowance is a set of rates stating the amount you…
Claiming Business Income And Expenses
Yesterday we discussed starting a home business as a sole proprietorship. Today we’ll go through how to claim your income and expenses come tax time. All business income and expenses are claimed on a T2125 form. You enter your income into “Part 1 – Business Income”. Since you just enter one number for the entire…
Claiming Medical Expenses
There are a few rules to claiming medical expenses, but with a little planning there are ways to maximize your claim. Of your total medical expenses, you have to subtract 3% of your net income (line 236 of your tax return) or $1,962, whichever is less. So if your net income is $40,000, you cannot…
Tax Refunds Are A Bad Thing
While many people get excited about large tax refunds, all it really means is that you lent the government money throughout the year, interest free. Say you are paid bi-weekly and every year you were expecting a tax refund of $5,200. Maybe this is due to set RRSP contributions, plus a stay at home spouse and a couple children….
Investing Your Charitable Donations Credit
I was asked a question about my charitable donations post from last week. The question was, instead of the $200 in my example, what if he donated say $1,000 a year… would he be better off getting the credit each year and investing it? For starters, lets break down the tax credit he would receive, each…
