claiming 100% of your mileage as a business expense will raise big red flags that could lead to an audit. The CRA and the IRS know that most small business owners use their vehicle for both business and personal purposes, and they expect your claim to match this...
Office supplies Vehicle expenses, if you use your vehicle for business There may even be costs you hadn’t thought of as business expenses. Did you operate your business from home? You might qualify to claim home office expenses. Use your car for deliveries? You may be able to claim a po...
If you use this strategy, you’ll still need to claim the contribution amount on your annual tax return. The CRA will take note of any unused contributions and will list the non-deducted amount on your notice of assessment as available to carry forward to a future year. You can also keep...
Sellers located outside Canada who import goods for sale on Amazon.ca are considered non-resident importers by the Canada Border Services Agency (CBSA). Both the CBSA and the Canada Revenue Agency (CRA) require businesses to interact using business numbers. A non-resident importer must obtain a...
If you don’t have a proof of address document because you are renting from someone else and the utility bills are in their name, you need to complete a CRA01 form which states where you live - your landlord would need to complete sections of it as well....
Can the CRA see my TFSA? Yes. The Canada Revenue Agency automatically receives an annual TFSA record on your behalf from the bank or credit union that issues your tax-free savings account. Do you have to claim TFSAs on your income tax return? No. You typically don’t need to claim any...
I think I understand, so if I get paid for example $20 but my expenses are $30, the $30 I could claim back? . Basically I audit restaurants. :-) Would it be better to open a LLC as opposed to a contractor? I’m mostly out of pocket when doing the work. But you got to eat...
You can still claim business-related expenses even though you earned no income this year. By doing so you will create a non-capital loss which can be applied to offset taxes paid in the past or future tax when you do earn income(up to three years back). Thanks Allan Howard January 29...
insurance claim. He railed against the police’s inefficiency, comparing their practices with those of companies such as his own, where everything (in his view) is designed around customer service. Waiting is experienced differently depending on the type of request, the complainant’s previous ...