When you are your own boss it might seem like you are always working even if you may have more flexibility to take time off…so it is not surprising that the line between personal or business expenses may fall into the grey zone. The general rule of thumb is the golden question: did you use what you purchase to earn income? If you can answer yes reasonably, then it is likely a business expense.
Standard Returns – these types of returns include T4s, RRSP slips, some medical expenses and perhaps other income slips. The prices typically range from $60 to $80 depending on the work involved with processing the return. We also welcome people with investment portfolios beyond RRSP slips.
The apple of your eye could earn you an important tax deduction. In order to qualify for the deduction, you paid another person to look after your child to earn income from your business or employment or attend school. The child must live with you in order to claim the expenses and the child must be under 16 unless the child has an impairment in physical or mental function.
Do you run your business from your home? Are you familiar with the different expenses you can use to lower your tax bill? Here are some examples.