To Depreciate or Not, That is the Question!
To claim or not to claim depreciation on your varying classes of capital assets depends on a few factors. Either way, it is important to understand the possible implications of claiming CCA, and to choose in an informed way!
Can I Write Off My House?
Some of the most common questions that we get from self-employed clients are around what expenses can be claimed for using your home in the business. You can definitely claim a proportionate amount of expenses related to the house, but you will want to be sure to make the calculation easy for CRA to understand.
Work From Home Due to COVID? Be Sure to Claim the Deduction!
COVID-19 has resulted in a lot more people working from home, at least some of the time in 2020. The rules have been updated to reflect this 2020 reality, and include a new simplified calculation and the possibility of claiming it without the Declaration from your employer.
Mileage/Travel Write-Offs for Rental Properties
It’s not unusual for owners of rental properties to rack up a lot of mileage dealing with their rentals. We get asked frequently about whether or not you can claim mileage or travel expenses against your rental income.
Announcing the Launch of the Taxwerx Referral Program!
Refer a new client and Earn Cash Back! This year we are launching our Taxwerx Referral Program, which will see both sides of a referral end up with cash in their pockets. They'll receive 10% off, and you'll get 10% of your bill refunded!
We Are Made For This
Taxwerx has always been focused on providing our clients with a secure, fully digital interaction for getting your taxes prepared by experienced professionals. Now, with COVID-19 in full swing, our business model has the added benefit of keeping you safe.
Client Case Study: From Owing $3,700 To Getting $2,100 Back!
Sometimes, our worst nightmares do occur...the CRA comes knocking! Luckily, Tim P. came to us for help and ended up with a much better outcome than he imagined!
Client Case Study: We Found $750!
When a new client came to us in 2017, we noticed a discrepancy in his previous return. Upon reviewing, we found that a credit had in fact been missed!
Beware Of The EI Tax Trap!
Employment Insurance (EI) benefits are a great thing. EI provides money when you are between jobs, laid off, on parental leave, etc. While this safety net is really helpful for your cash flow, at tax time EI may come back to bite you...
What Happens To Your Taxes When You Have Kids?
Kids have a big impact on your taxes. Childcare, recreation costs, medical expenses, and more all play into filing your tax return. Learn more about what can affect your family's Canadian income tax return.
RRSP vs TFSA
Adulting includes making decisions about your long-term financial future and planning for things like retirement (no matter how far off they may seem). To make it all even more complex, the government and financial institutions have done a great job of using acronyms that you have to learn and understand.