by Susan Ivanovics | Dec 31, 2020 | Personal tax tips
If you worked from home in 2020 as a result of COVID-19 you may eligible for additional tax deductions. The Canada Revenue Agency is Introducing a short, simplified Home Office Expense tax deduction for those who had to work from home due to COVID-19. To qualify you...
by Susan Ivanovics | Dec 16, 2020 | Personal tax tips
Taxpayers may expect to receive a deduction for every dollar they spent in medical expenses. In reality, the amount eligible to claim is actually based on your income. The medical expense credit is designed to assist Canadians who spend a significant amount in medical...
by Susan Ivanovics | Nov 30, 2020 | Uncategorised
If you’re thinking about giving a gift card to employees for the holidays or as part of an incentive program, you may want to think again. The CRA treats gift cards like cash. Even a $1 Tim Hortons gift card is taxable according to the CRA. CRA’s policy The...
by Susan Ivanovics | Oct 30, 2020 | Uncategorised
As 2020 nears the end and another fiscal year begins, it’s important for small business owners to get their accounting in order. To keep it simple, I’ve rounded up my top 5 suggestions that small business owners should focus on. 1. Keep good accounting...
by Susan Ivanovics | Oct 29, 2020 | Uncategorised
The end of the month can sneak up very quickly on small business owners. With a long list of to-dos, organized accounting records can find themselves at the bottom of the list. However, It is SO important to keep good records for tax time. Spending those few hours at...