The 2021 tax filing season is on the horizon and kicks off on February 22, 2021.
There are many ways for small businesses to legally reduce their income taxes in Canada. This guide offers some of the top strategies to lower your taxes and keep more money in your business. ARTICLE TABLE OF CONTENTS Always Collect Receipts Manage RRSP and… Continue Reading “Small Business Tax Strategies – Reduce Income Tax (2020)”
When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation and food are usually top of mind. While all those expenses certainly matter, something else you should keep a watchful eye on is income tax. It’s the single biggest expense… Continue Reading “2020 Personal Income Tax Changes You Need To Know”
I have found the biggest mistake young families make is not planning prior to the arrival of their children. The fact is, the better you prepare for your financial future before baby is born, the better you’ll be prepared for the unexpected. New parents do not completely… Continue Reading “3 Money Tips to Follow Before Baby Comes”
Medical expenses can be claimed on your tax return through the Medical Expense Tax Credit (METC). The Medical Expense Tax Credit is a non-refundable tax credit (cannot bring your taxes owed above 0) which is calculated by taking the lesser of 3% of your… Continue Reading “What medical expenses can I claim on my taxes in Canada?”