When you use a vehicle for business purposes, you can deduct some or all the expenses from your business income.
The percentage you claim will depend on what percentage of the vehicle use is used to earn income. For example, if you drive the vehicle 50% of the time to run a personal errand and 50% to earn business income, you can claim 50% of the expenses.
The Federal Budget was released earlier this year. While no changes were made to tax rates, there were several introductions and increases to credits and deductions, with a focus on residential property, that may have an impact on your end-of-year taxes.
In 2021, the federal budget announced that there would be a consultation regarding reporting requirements for certain transactions. This is because the government recognized a lack of “timely, comprehensive and relevant information on aggressive tax strategies” as a major challenge faced by the CRA and tax authorities worldwide.
With the COVID-19 pandemic easing up, an increasing number of organizations are moving away from online events and reintroducing in-person conventions.
This is good news if you are self-employed. That’s because the self-employed can deduct expenses for attending up to two conventions per year from their business income when it comes to filing their taxes.
Last year’s Federal Budget announced a big tax change that could provide businesses with substantial tax breaks. This change allows businesses to immediately expense up to $1.5 million dollars in newly acquired assets each year.
The Canadian 2022 Federal Budget was released back in the spring. No changes were made to the tax rates, however, tax changes were announced for corporations and businesses.
In this blog, we take a look at some of the Budget highlights:
In the 2022 Federal budget, the government proposed a new tax-free savings plan called the First Home Savings Account (FHSA). This account will take the benefits of a TFSA and combine them with the benefits of an RRSP to help Canadians save for their first home.
In 2021, the government introduced a Small Business Air Quality Improvement Tax Credit. This is a temporary credit designed to help businesses upgrade their air systems in response to the COVID-19 pandemic.
We've proudly served Newmarket and the surrounding region for over 20+ years. We pride ourselves on delivering value to all our clients, and providing up-to-date expertise and knowledge.
