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…
Running a business is inherently challenging, with plenty of responsibilities and expenses constantly vying for attention. However, a savvy business owner knows that many of these expenses can be turned into opportunities for tax deductions, ultimately enhancing the company’s financial health. In Sarnia-Lambton, understanding what qualifies as a deductible business Read more…
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…
As we near the cut-off for depositing to your RRSP for the 2020 tax season, let’s talk about what an RRSP actually is and how you can use it to maximize your savings. What is an RRSP? An RRSP something many people overcomplicate, but really it’s just a bank account Read more…