Commuting costs for self-employed consultants

Q: I am a self-employed consultant and I travel to and from my work via Uber, Lyft or taxi most days. Can I write off the cost of these services as a business expense? If I take my own car, can I write off motor vehicle expenses? A: The answer depends on whether or not [...]

Principal Residence: House vs Cottage

How to choose and why it matters The Principal Residence Exemption allows Canadian taxpayers to avoid paying capital gains tax on the sale of a principal residence. To be considered the Principal Residence, a residential property must be ‘regularly occupied’ by the owner at some point during the year. If someone owns two residences and [...]

Choosing the $400 Work-From-Home deduction vs self-employment business-use-of-home

Covid-19 changed everything, including changes to taxes for the 2020 tax year. Now that Canada Revenue Agency (CRA) is offering a small Work-From-Home (WFH) deduction for salaried people, self-employed Canadians have questions. Specifically, people who have always deducted business-use-of-home (BUH) as part of self-employment and who also have salaried (T4) jobs they did from home [...]

Choosing Your GST-HST Filing Period

What Is A Filing Period? Your GST/HST filing period determines how often you must file a GST/HST return. Unlike income tax returns (which always have an annual filing period with a set year-end and filing deadline), GST/HST registrants usually have several options. For businesses earning annual revenues of $1.5 million or less the default filing [...]

Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

Foreign Property Worth Over $100,000 CAD

 In the last few years you have probably noticed a question on your Canadian income tax return asking if you owned any foreign property: "Did you own or hold specified foreign property where the total cost amount of all such property at any time, in the tax year, was more than $100,000 CAD?" What [...]

Remote Tax Preparation

March 17, 2020 - In response to the current COVID-19 crisis, Personal Tax Advisors will be completing all tax preparation remotely (no in-person appointments) until further notice. Remote Tax Preparation allows you to have the same level of service as an in-person appointment, but with the convenience of not having to come to our location. [...]

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