This year's tax deadline is fast approaching... Are you ready for your tax bill? If you weren't setting money aside throughout the year, you could be in for a nasty surprise. A business that grosses $100k in revenue each year could owe over $20k come tax time!
Taxes can be very complicated, and this year definitely did not help with that. Between CERB, CRB, RRSPs, home offices, and all the other stuff we normally wonder about, it can be easy to get lost. This week I answer the top 10 tax questions for the year!
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.
Trudeau has proposed a little more for Canadians! With new changes to CRB, you could be entitled to more than you were before. From extended EI to CRB for Corporations, almost everyone gets some help.
Attention, seniors! It's tax season. Are you getting all the credits you are entitled to? Most of the seniors I have met are, but just in case, you should read this guide to learn what you might be missing out on.
