Tired of being caught in traffic for two hours a day? Consider working at your home. This choice is all the more attractive as you can deduct certain expenses such as electricity, heating, maintenance, property taxes, insurance and mortgage interest. The breakdown of expenses must be based on the number of square feet used for work purposes.
Deduct your canvassing expenses
Expenses incurred to recruit or retain your clients, such as food and beverage expenses, as well as entertainment expenses such as tickets for a sporting event, may be deducted. At the federal level and, 50% of expenses can be deducted; however, the city adds a second limit of between 1.25% and 2% of your turnover. From the Income tax Consultant Watson you will have the smartest deal.
Do not report the allowance for your car
If your employer pays you an allowance for the use of your car, it is not taxable provided it is "reasonable" and calculated based only on the number of kilometers traveled for the job. By "reasonable", tax authorities generally mean an allowance not exceeding $ 0.53 per kilometer for the first 5,000 kilometers and $ 0.47 for the other kilometers. It is essential to keep a record of actual trips.
Get your GST and QST refunded
If, as an employee, you deduct expenses from your employment income, you can claim the rebate of the GST and QST you paid on these expenses. These include taxes on mandatory contributions to professional orders, maintenance of the vehicle used for work, gasoline and depreciation (which represents a portion of the purchase price of the vehicle). Regarding the tax options you can have the use of Income tax Consultant Watson now.
Selling Your Business: Reduce Your Capital Gain
Did you realize a capital gain on the sale of shares in a small business, farm property or fishing property? Claim the deduction, which can reach $ 750,000 (lifetime limit), or $ 375,000 of taxable capital gain. In the end, it will make $ 90,000 more in your pockets.
Deduct your canvassing expenses
Expenses incurred to recruit or retain your clients, such as food and beverage expenses, as well as entertainment expenses such as tickets for a sporting event, may be deducted. At the federal level and, 50% of expenses can be deducted; however, the city adds a second limit of between 1.25% and 2% of your turnover. From the Income tax Consultant Watson you will have the smartest deal.
Do not report the allowance for your car
If your employer pays you an allowance for the use of your car, it is not taxable provided it is "reasonable" and calculated based only on the number of kilometers traveled for the job. By "reasonable", tax authorities generally mean an allowance not exceeding $ 0.53 per kilometer for the first 5,000 kilometers and $ 0.47 for the other kilometers. It is essential to keep a record of actual trips.
Get your GST and QST refunded
If, as an employee, you deduct expenses from your employment income, you can claim the rebate of the GST and QST you paid on these expenses. These include taxes on mandatory contributions to professional orders, maintenance of the vehicle used for work, gasoline and depreciation (which represents a portion of the purchase price of the vehicle). Regarding the tax options you can have the use of Income tax Consultant Watson now.
Selling Your Business: Reduce Your Capital Gain
Did you realize a capital gain on the sale of shares in a small business, farm property or fishing property? Claim the deduction, which can reach $ 750,000 (lifetime limit), or $ 375,000 of taxable capital gain. In the end, it will make $ 90,000 more in your pockets.
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