It is always better to get a rent receipt from your landlord for income tax purposes when claiming rent credits with the CRA. Your landlord is obligated to issue you one if you ask them.
Author Archives: Tavis King
Your best bet is to contact an accountant. Show them your reassessment and give them authorization to deal with CRA on your behalf. They will be able to speak the same language as CRA and find out why you have … Read More
I’m considering buying a used vehicle for my business. Is it better to purchase through a loan or lease it?
That really depends on the cost of the vehicle and your personal preference. I always tell clients to do what they prefer in this scenario and don’t let the tax man make the decision for you, as the tax difference … Read More
A self employed person is able to claim a percentage of their house expenses for hydro, water, insurance, mortgage interest and other household expenses based on their usage of said home for an “office in home”. Tavis King
The first piece of advice I give to new small businesses is to make sure you stay onside with all government remittances by that I mean keep up to date on all payroll remittances, gst, rst and corporate taxes. Tavis … Read More
Bookkeeping is the entry of day to day revenue and expenses while accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. For a small business bookkeeping is the process of tracking where funds … Read More