by adminaccountantcpa | Oct 16, 2021 | Tax Deductions, Tips
1. Individuals Individuals who own rental property need to calculate the income or loss from the property for each calendar year. This is then adjusted with the other personal income for the year. If the property is co-owned, then each co-owner must individually...
by adminaccountantcpa | Jan 23, 2020 | Tax Deductions
Did you know that most non-cosmetic dental expenses are tax deductible? Read on to find out what you can claim on your tax return. To do this you will use the Medical Expense Tax Credit (METC) and this will allow you to reduce the tax that you have to pay or have...
by adminaccountantcpa | Dec 6, 2019 | Retirement Saving
Getting right into it. What is an RRSP? A Registered Retirement Saving Plan (RRSP) is a government sanctioned investment plan designed to help a taxpayer save for retirement by making contributions that are tax deductible. This means that you can contribute to an RRSP...
by adminaccountantcpa | Nov 27, 2019 | Small Businesses
Here is a list of must-do accounting tasks for all business owners. Organize your accounting recordsReview bank reconciliationsGo over accounts receivable Go over your financial documentsThink About what you can write off Ask about additional...
by adminaccountantcpa | Oct 7, 2019 | Medical Professionals
It’s common for physicians to employ their family members (kids or spouse) in their practice. The main benefit of this approach is the tax savings because the children or the spouse are taxed at a lower rate as compared to the doctor. Keep in mind that the amounts...
