Find Tax Deductions in Your Finance Docs

Loan-related expenses aren’t like most business expenses. Interest and other fees may be amortized over the life of the loan and wrapped into monthly payments. Up-front administrative or documentation fees may be buried in the fine print. The paperwork can be onerous and complicated. It’s easy to miss potential deductions. Here’s what you need to know.

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Learn to Use CRA’s Online Services

No matter who prepares your tax return, it’s up to you to make sure it’s accurate and filed on time. When you’re counting on someone else for help, how do you verify that your account is up to date?

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Tax Rx: 3 Tips for Deducting Medical Expenses

It’s important to understand how medical expenses affect your taxes and financial planning. The reason, of course, is that health care costs can add up in a hurry. When you know the rules, you can make the most of any opportunity to reduce your tax obligation. As you review your medical expenses, here are three questions to consider.

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4 Things You Should Know About Filing Taxes Online

More Canadians than ever file their income tax returns online. It’s easy and if you’re due a refund, you’re going to get it two to four weeks sooner than you would filing by mail. Still, each year we get questions about the process. Here are four things you should know about filing electronically.

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And Another Thing About That Company Car Expense Claim

I get a lot of questions about “company cars.” The big issue has nothing to do with what type of expenses you can write off or whether it’s best to lease or own a vehicle. The No. 1 reason claims are denied is for failure to properly log business-related travel.

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Deducting the Use of Your Car for Business

One of the great myths of being self-employed is that if you lease a service vehicle you can write off 100% of the payment and related expenses as business. Others will tell you that the type of vehicle affects your claim. In fact, a tax auditor doesn’t care what you drive or how you finance it. Here’s what he does want to see.

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Stick to the Schedule: Paying Tax in Installments

Saving money to pay income taxes requires discipline, especially when there are other bills to pay. Here’s how to develop a plan that keeps you square with the taxman without punching a hole in your cash flow.

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