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deduction Personal Tax

Write Off Your Childcare Expenses!

Managing childcare expenses is not only essential for budgeting but also for maximizing your tax returns. Many Canadian parents are unaware of the potential tax savings available through childcare expense claims. This comprehensive guide will help you navigate the rules and benefits surrounding childcare expenses to make the most of Read more…

By Caitlin Lawrence, 12 monthsJune 5, 2024 ago
deduction Personal Tax

Canada’s New Capital Gains Tax Rules

Steve Levack is here explaining Capital Gains Changes in Canada. Recent changes to Canada’s tax laws could significantly impact your investments. Understanding these changes is crucial for making informed financial decisions. What are Capital Gains? Capital gains are the profits you earn from selling assets such as stocks, real estate, Read more…

By Caitlin Lawrence, 1 yearMay 23, 2024 ago
Business Tax deduction Personal Tax

The Basics of the Canadian Tax System

Taxes are a part of everyday life in Canada. Understanding how the system works helps you manage your money better. Let’s go over the basics of the Canadian tax system and explain how it impacts you. Progressive Taxation Canada’s tax system is progressive. This means that if you earn more, Read more…

By Caitlin Lawrence, 1 yearApril 23, 2024 ago
deduction Personal Tax

5 Often Overlooked Tax Deductions

Everybody wants to save money, especially at tax time. Despite our best efforts, a lot of potential savings slip through the cracks. Sometimes, it’s just because we don’t know what we can or can’t write off to make the most of our tax return. Keeping track of all the possible Read more…

By Caitlin Lawrence, 1 yearMarch 10, 2024 ago
Business Tax deduction

Business Travel Expenses and Record Keeping

Navigating Business Travel Expenses Navigating the complexities of business travel expenses can be a daunting task for Canadian businesses. This guide provides insights into what constitutes a deductible travel expense, how to track these expenses accurately, and the necessary documentation to substantiate claims to the Canada Revenue Agency (CRA). Deductible Read more…

By Caitlin Lawrence, 1 yearMarch 4, 2024 ago
Business Tax deduction

Making Sense of Capital Cost Allowance

Understanding the CCA’s Framework The CCA framework is designed to accommodate the practical reality that capital assets used in the business, such as machinery, vehicles, and equipment, depreciate over time. The Canada Revenue Agency (CRA) acknowledges this by allowing businesses to deduct this depreciation from their taxable income, thereby reducing Read more…

By Caitlin Lawrence, 1 yearFebruary 19, 2024 ago
deduction

Tracking and Deducting Business-related Vehicle Use

Navigating the complexities of vehicle expenses for business purposes can be as challenging as a rush-hour commute. This guide aims to simplify the process, providing clear strategies for Canadian business owners in Sarnia and beyond. Distinguishing Between Personal and Business Use Understanding the distinction between personal and business use of Read more…

By Caitlin Lawrence, 1 yearFebruary 5, 2024 ago
Business Tax deduction

Mileage Deductions

For anyone who pays taxes, tax deductions feel like a gift from the heavens… a way to reclaim some of that hard-earned income. Making your way through the world of tax deductions can feel complex. So let’s go over something simple; one of the most effective ways to maximize returns Read more…

By Caitlin Lawrence, 1 yearJanuary 22, 2024 ago
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