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Tax Tip #9 Offset capital losses « 10 Tax Tips
https://accountantmississauga.wordpress.com/2009/04/07/tax-tip-10-tax-relief
Tax Tip #9 Offset capital losses. 10 Failure to recognize allowable business investment losses (ABIL). Under special circumstances, taxpayers who’ve invested in a small business corporation that has become insolvent or otherwise gone bad may be eligible for tax relief in the form of an ABIL. April 7, 2009. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. Address never made public). You are commenting using your Twitter account. ( Log Out. As bot...
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Tax Tip#6 Tax Credits « 10 Tax Tips
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Tax Tip#6 Tax Credits. 6 Failure to pick up provincial/territorial credits. A number of taxpayers also fail to take advantage of provincial and territorial tax credits, such as property and sales tax credits. Even students who are earning minimal income are eligible for these credits but tend to forget about them, says Gena Katz, principal of Ernst and Young in Toronto. April 7, 2009. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. As both a CP...
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2009 January 26 « 10 Tax Tips
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1 Fail to file on time or at all. As promised Here is the first one in the series of the 10 Tax Errors when filing! 1 Fail to file on time or at all. For those who owe tax, missing the April 30 filing deadline can draw severe penalties and interest, including an automatic 5-per-cent charge, plus 1 per cent a month over the next 12 months. January 26, 2009. John McCormack CPA CGA CFP. As both a CPA CGA and CFP, I feel I bring a unique balance to the table with regard to helping my clients minimize their t...
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Tip #4 Filing Medical expenses « 10 Tax Tips
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Tip #4 Filing Medical expenses. March 10, 2009. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. Address never made public). You are commenting using your WordPress.com account. ( Log Out. You are commenting using your Twitter account. ( Log Out. You are commenting using your Facebook account. ( Log Out. You are commenting using your Google account. ( Log Out. Notify me of new comments via email. John McCormack CPA CGA CFP. Tax Tip#10 Tax relief.
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Tax Tip#5 Self Employment Deductions « 10 Tax Tips
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Tax Tip#5 Self Employment Deductions. 5 Failure to take full advantage of self-employed deductions. As Mr Mahon discovered, many self-employed individuals fail to take full advantage of the savings available to them. April 7, 2009. 1 Comment ». All entrepreneurs should be well aware of their expenses and every single detail concerning their businesses. Thanks for sharing this. This site. Might also be helpful. May 28, 2009 Reply. Leave a Reply Cancel reply. Enter your comment here. John McCormack CPA CGA...
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2009 April 07 « 10 Tax Tips
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Tax Tip#10 Tax relief. 10 Failure to recognize allowable business investment losses (ABIL). Under special circumstances, taxpayers who’ve invested in a small business corporation that has become insolvent or otherwise gone bad may be eligible for tax relief in the form of an ABIL. April 7, 2009. Tax Tip #9 Offset capital losses. April 7, 2009. Tax Tip#8 include Sundry Expenses. April 7, 2009. Tax Tip #7 Transfers to Spouse. 7 Unused transfers to spouse. A variety of federal non-refundable tax credits...
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#2 Inefficient filing « 10 Tax Tips
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2 Inefficient filing of donation credits between spouses. Spouses should combine donation credits to get the most bang for their charity buck. That is significant because the federal non-refundable tax credit rises from 16 per cent to the top tax threshold of 29 per cent when donations exceed $200.2. February 3, 2009. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. Address never made public). Notify me of new comments via email. As both a CPA C...
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Tax Tip#8 include Sundry Expenses « 10 Tax Tips
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Tax Tip#8 include Sundry Expenses. 8 Failure to pick up sundry expenses. Many taxpayers also tend to miss writing off certain expenses such as safety deposit box fees, brokerage fees on stock transactions, carrying charges and interest on borrowed money to purchase investments such as equities or mutual funds. April 7, 2009. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. Address never made public). Notify me of new comments via email. As both ...
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2009 March 03 « 10 Tax Tips
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Tip #3 Donation credit. 3 Inefficient filing of donation credits between spouses. Spouses should combine donation credits to get the most bang for their charity buck. That is significant because the federal non-refundable tax credit rises from 16 per cent to the top tax threshold of 29 per cent when donations exceed $200. March 3, 2009. John McCormack CPA CGA CFP. John has over 20 years experience in the accounting and tax field. He has been self employed full-time in public practice since 1999. Get ever...
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10 Tax Tips
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Top 10 Tax-filing errors. Written by Jeff Buckstein Special to The Globe and Mail (Mar’03). You may wonder why I am sharing this story with you from March 2003. It is such a good story and still rings true today. I hope you will find it as enlightening as I did. After hiring an accountant in 1998, Jim Mahon was surprised to learn how he’d failed to take full advantage for several years of all the tax deductions he was entitled to as a self-employed entrepreneur. Learn more www.johnmccormack.ca. John McCo...