COVID was tough for a lot of us. Everyone found a different way through it, with many people turning to their pensions, their RRSPs, COVID benefits, or even starting new businesses. That is great! But did you set money aside for the taxes payable on all of that? Many don't, and the bill can be big.
Are you optimizing your taxes this year? Make sure you get every credit you are entitled to. It could be way more than you think! And make sure you file even if you do not have any income. Some of these credits can help you!
Are you planning to claim your CERB on your taxes? What about your business' books? Just going to do those with your bank statements? Or maybe you didn't earn much income last year, so you don't plan to file? These are all common myths and mistakes that people make -- learn how to avoid these and more!
Capital or current expense? Are you sure? Follow this quick test to get an idea of how you should be claiming your property-related expenses.
