Posts Tagged ‘deductions’

Vehicle expenses – simplified logbook for deductions? Think again!

Posted on: June 6th, 2014 by Real Estate Accountants 2 Comments

Doing a logbook for all your motor vehicle expenses is hard work. You have to consistently record the trips you make related to your real estate business, such as driving to and from Home Hardware to buy paint supplies or from your business to meet a customer. In 2010, the Canada Revenue Agency introduced a […]

Top 10 tips for prepping your personal tax returns – pt 2

Posted on: April 12th, 2011 by Dube & Cuttini No Comments

6. Claim CCA or the principal residence exemption Generally, we like to claim the capital cost allowance (CCA)— the tax equivalent to depreciation—on our properties. This decreases our current year taxes even if we will incur “recapture” when we ultimately sell the property. After all, a dollar today is worth more than a dollar tomorrow. However, if […]

Top 10 tips for prepping your personal tax returns – pt 1

Posted on: April 11th, 2011 by Dube & Cuttini No Comments

1. Get organized. Use a checklist to find all deductions which may be available to you. We have publicly available checklists at www.dubeaccountants.com, including checklists for rental properties, automobile expenses, business activities, home office expenses and, of course, general personal taxes. 2. Maximize interest deductions. Maximizing your interest deductions can take a large bite out of taxes […]