{"id":86593,"date":"2021-06-21T10:26:12","date_gmt":"2021-06-21T14:26:12","guid":{"rendered":"https:\/\/formationconstruction.com\/uncategorized\/unmissable-in-april\/"},"modified":"2022-10-31T13:01:12","modified_gmt":"2022-10-31T17:01:12","slug":"unmissable-in-april","status":"publish","type":"post","link":"https:\/\/formationconstruction.com\/en\/articles\/unmissable-in-april\/","title":{"rendered":"Unmissable in April!"},"content":{"rendered":"

Entrepreneurs\u00a0 : It’s high time to think about your 2016 tax return!<\/strong><\/h1>\n

The deadline for submitting is April 30, 2017\u00a0 ; and since it is a Sunday, your statement will be considered ”\u00a0 received on time\u00a0 \u00bbIf received or bearing the postmarked date\u00a0 from the 1st\u00a0 May 2017.<\/p>\n

If you have a balance owing for 2016, you must also pay it\u00a0later\u00a0 April 30, 2017.<\/u><\/p>\n

Do you know what expenses you can\u00a0 deduct from your return\u00a0 ?<\/em><\/p>\n

The list of eligible expenses is long, however, for each expense, make sure you can justify it in the event of an audit by a tax official.<\/p>\n


\nBUSINESS FEES:<\/strong><\/h2>\n

The costs of your office:<\/u><\/h3>\n

If your office is in a house or apartment that you rent and live in, you can deduct the portion of your rent and maintenance costs that correspond to the use of the space for your\u00a0 office.<\/p>\n

Expenses\u00a0 related to your workspace are also deductible\u00a0 such as the costs of electricity, heat, maintenance, property taxes and home insurance premiums associated with maintaining your office.<\/p>\n

However, you\u00a0 you can not\u00a0 deduct mortgage interest, nor claim federal building capital cost allowance.<\/p>\n

Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns206-236\/229\/cmmssn\/hm-eng.html<\/a><\/p>\n

 <\/p>\n

Telecommunications costs\u00a0 :<\/u><\/h3>\n

You can\u00a0 include in your expenses the costs of using an Internet line, a telephone line or a cell phone connected to your professional activity.<\/p>\n

<\/u>Training costs\u00a0 : <\/u><\/h3>\n

Most training is tax deductible (seminars, exhibitions, evening classes, purchase of documentation) when these costs are to maintain, update or enhance professional skills.<\/p>\n

The fees:<\/u><\/h3>\n

You can deduct the fees paid to outside firms for advice, services and consultations (tax preparer, accountant, graphic designer, lawyer\u2026).<\/p>\n

Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/entreprises\/taxes\/tpstvhtvq\/ctirti\/depensesadmissibles\/default.aspx<\/a><\/p>\n


\nTRAVELLING EXPENSES :<\/strong><\/h2>\n

You can claim an amount for expenses paid for 2016 for expenses related to the use of your business vehicle such as gasoline, insurance premiums, parking and tolls.\u00a0 If you use the\u00a0public transport, taxi, train or even the plane you can also deduct these trips from your taxes.<\/p>\n

You can claim the cost of public transit passes for yourself, your spouse or common-law partner, as well as your children or those of your spouse or common-law partner. done, under the age of\u00a0 from 19\u00a0 years\u00a0 the\u00a0 31\u00a0 December\u00a0 2016.<\/p>\n

Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns360-390\/364\/lgblty-eng.html<\/a><\/p>\n


\nREPRESENTATION FEES\u00a0 :<\/strong><\/h2>\n

All the\u00a0 charges such as business meals, gifts to customers (theater tickets, shows, sports), accommodation (hotels) and public transport costs\u00a0 are eligible.<\/p>\n

In general, the deductibility of entertainment expenses is limited to 50%. All related expenses such as taxes, tips and entrance fees are subject to this limit, with the exception of the expense of transportation to get to an entertainment activity, which remains fully deductible.<\/p>\n

Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/citoyen\/declaration\/produire\/particularitestravaut\/depenses-frais-repas-representation.aspx<\/a><\/p>\n


\nRRSP FEES (Registered retirement savings plan)\u00a0 :<\/strong><\/h2>\n

The\u00a0 deductible contributions to an RRSP\u00a0 can be used to get a tax credit.<\/p>\n

Any income accrued in the plan is usually tax-free during the period the funds remain in the plan. However, you generally have to pay tax when you receive money from the plan.<\/p>\n

Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/rrsp-reer\/rrsps-eng.html<\/a><\/p>\n


\nREAL ESTATE COSTS\u00a0 :<\/strong><\/h2>\n

Purchase\u00a0 :<\/u><\/h3>\n

You can request an amount of 5\u00a0 000\u00a0 $ for the purchase of a\u00a0 qualifying home you acquired in\u00a0 2016 if the\u00a0 of them\u00a0 following conditions apply\u00a0 :<\/p>\n