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Check out our Tax Tips with The Mad Accountant
TTT: Mortgage Expenses
How much room do you have in your monthly budget? Do you think you could handle a 50% increase in your mortgage payment? You know, if that $1,600 monthly expense turned into $2,400? This is a reality that many people will be facing this year as their mortgages come up for renewal. Are you ready?
TTT: Home Office & Automobile Expenses
There are lots of things you can deduct from your taxes, and your Home & Automobile expenses are some of the big ones, especially if you are self-employed! However, the CRA looks at these very closely and audits them often. So make sure you do it right, otherwise you could be in for a nasty surprise!
TTT: RRSP Over Contributions
RRSP, RESP, TFSA, FHSA... The acronyms add up. And so do the contributions! Each account has different limits and different rules about what happens if you add more money than you're supposed to. The penalties often add up quickly, so it's very important to stay on top of them!