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Feb 18, 2020

#TaxTipsTuesday Episode 11 – Northern Residents Tax Deduction

Special tax credit for people permanently living in a northern prescribed zone in provinces in Canada. Additional Travel Benefits deduction for employees receiving travel benefits from their employer in a Northern Zone.

Here is the CRA link for searching to see if your town is in a Prescribed Zone that is eligible for the Northern Residents Deduction:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-255-northern-residents-deductions/line-255-places-located-prescribed-zones.html

Feb 11, 2020

#TaxTipsTuesday Episode 10 – Do I need to charge Sales Tax on Rental Income in BC?

Discussion of PST, MRDT, GST on Short term rental income in British Columbia, when is PST in BC taxable on rental income, when is GST in BC taxable on rental income, AirBNB Rental income sales taxes, VRBO rental income sales taxes, long term rental sales tax in BC, sales tax on rental units in Canada

Feb 4, 2020

#TaxTipsTuesday Episode 9 – What can I write off from my Rental Income?

Episode 9 #TaxTipsTuesday – What can I write off from my Rental Income?

Allowable rental expenses from rental income in Canada, Real Estate income and rental expenses CRA, AirBNB rental taxable income, VRBO rental taxable income, rental income tax write offs

Should I deduct CCA from my rental income?

It’s not recommended. Claiming CCA now will cause a recapture of CCA if the home is sold for a profit (as it almost always is in real estate) therefore triggering taxes payable on the sale. Renos can be used to add to the Adjusted Cost Base of a property, which can be beneficial when selling a rental income property other than a principal residence. Even in that case, we would still not recommend that CCA be taken now as it would increase the taxes payable in the future.

What percentage can I deduct rental expenses from a rental suite in my home?

When accounting for a rental suite in your home, use the square footage of the rental suite to pro-rate the expenses deductible such as Mortgage Interest, Utilities and Property Tax that are for the entire home. A 2nd home or condo would have it’s own expenses that would be 100% deductible as rental expenses to write off against the rental income.

Jan 28, 2020

#TaxTipsTuesday Episode 8 – Medical Expenses

CRA Tax Deductible Medical Expenses on Canadian Personal Tax returns, Medical Plan Premiums on T4 Slips, In-Vitro Fertilization Medical Expenses, Searchable List of Medical Practitioners allowed as Medical Expenses by CRA, Prescription Glasses and Contacts

Jan 21, 2020

#TaxTipsTuesday Episode 7 – Business Travel: How Much is Too Much?

Episode 7 #TaxTipsTuesday – Business Travel: How Much is Too Much?
Conferences, Exhibitor Booth, Flights, Hotels, Mileage for Business Travel, Business Travel Write Offs, Business Travel Expenses