Tax Planning for Small Business – Abdullah CPA
There are a few things for Tax Planning for Small Business Canada that every business owner ought to be doing. Tasks that will ensure that they can file accurate taxes, which is the best way to avoid penalties and audits. Here are the main ones: You should also take a look at and be sure […]
Moving Expenses Tax Credit in Canada
The CRA, in filing your income taxes, allows for a deduction for moving expenses tax credit canada in some cases. You can claim a deduction eligible moving expenses on line 219 of your tax return forms. Not all moving expenses are deductible. To avoid a negative audit outcome, make sure you know what you can […]
“What expenses are deductible in Canada?”
A question that business owners ask themselves is “What expenses are deductible?”. There is often a desire to have a list of business expense categories that they can refer to and be safe in knowing that what they are claiming as an expense is legitimate. The risk, of course, of getting it wrong is a tax […]
Tax planning for Canadian medical students and residents
As you progress through medical school and residency, one key area that often gets overlooked is financial planning. A key component of financial planning is ensuring that you appropriately file your tax return incorporating several tax saving strategies. The following are some of the strategies to consider: Interest on student loan: Current and former students […]
Most Common Tax Write Offs and Deductions for Small Business
As a business owner, you care about two things and two things only, that’s increasing revenue and decreasing expenses. My name is Abdullah, and in this blog we’re going to discuss the four largest expenses that you can deduct on your tax return. 1. Office Expenses Let’s start with home office expenses. This could be the […]
2023 Automobile Deductions Limits & Expense Benefit Rates
1. AUTOMOBILE RATES On December 16, 2022, the Department of Finance announced the automobile expense deduction limits and prescribed rates on automobile operating expense benefits for the 2023 calendar year. These limits and rates will be in effect from January 1, 2023 to December 31, 2023. a. Max. capital cost of passenger vehicles for CCA […]