Don’t rent a luxury vehicle like a Porsche when a practical Toyota Corolla will do just fine to get you from the airport to your business meetings and hotel. If you go over the reasonable cost of such expenses, then the CRA can deny your tax claim, and you will be stuck with the ...
How to claim flat rate expenses A Flat Rate Expense is a tax relief that is available to certain people in a broad range of occupations. The intention of Flat Rate Expenses is to help with costs associated with work, for instance, uniforms, tools and equipment. There is a set amount allo...
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...
Do I repeat the same address I gave as my office address in this section or should I claim myself as my own registered agency for now since I am using my RA’s address as my office address? I don’t want to delay my application by fumbling this part. Any help would be great!
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...
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...
Tax season open - What can I claim as a deduction to reduce my tax? Donations to minors How much tax do I get charged on a R10000.00 salary? Who pays and how much tax will be due on gifts given to family? Will there be a donations tax?
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...
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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...