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Many people think that they can claim donation tax credit for their time and effort when you do volunteer work for charity. Actually, it is not true. You cannot claim a credit for donation of services.
You can deduct expenses for the business use of work space in your home, but you have to meet one of the following conditions:
The types of automobile expenses you can claim include:
You can deduct expenses you incur to run a motor vehicle you use to earn business income, employment income, or rental income.
If your business sells gift cards or gift certificates, there are certain rules regarding how to account for the taxes.
A gift card or certificate is a monetary-equivalent, (such as vouchers, receipts, tickets) that has a stated value and provides for payment of goods and services in the amount of the stated value.
Business income includes income from any activity you do for profit. For example, income from a service business is business income. However, business income does not include employment income.
A partnership by itself does not pay income tax on its operating results and does not file an annual income tax return. Instead, as a partner, you include your share of the partnership income (or loss) on your income tax return. You do this whether or not you actually received your share in money or…
Average Canadians celebrate their tax freedom day, the day their stop paying the taxman and start paying themselves, on June 10, 2013. This day comes two days later than in last year. Tax Freedom Day varies from province to province, depending on the taxation levels of provincial and local governments. From earliest to latest:
Capital cost allowance (CCA) is the deduction you can claim over a period of several years for the cost of depreciable property, that is, property that wears out or becomes obsolete over time such as building, furniture, or equipment, that you use in your business or professional activities.