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Tax and finance related information that could save you $$$

Canada's Enhanced Tax Deductions: Empowering Individuals and Businesses"

In a recent move to boost the financial well-being of Canadians, the government of Canada has introduced enhanced tax regulations that promise tangible benefits for individuals and businesses alike. Let's delve into one key aspect of these changes: the increased deductions for eligible business expenses.

Example: Streamlined Business Expense Deductions

Under the new regulations, businesses, especially those owned by self-employed individuals, will experience a more favourable environment for claiming deductions. For instance, if a self-employed professional, aged 40, operates a consulting business, they can now enjoy increased deductions for home office expenses, travel-related costs, and technology investments crucial to their work.

This means that our professional can now deduct a higher percentage of their home office expenses, such as rent and utilities, making it more cost-effective to run their business from home. Additionally, expenses related to business travel, including accommodations and meals, are now eligible for more substantial deductions. The updated regulations also encourage investments in technology, allowing for increased deductions on essential equipment and software purchases.

Source and Link: Government of Canada - Tax Policy Changes

These changes are designed to simplify the tax landscape for businesses and self-employed individuals, fostering a more supportive environment for economic growth.

Secure Your Financial Future with a FHSA Account

As the year comes to a close, it's the perfect time to consider opening a Tax-Free Savings Account (FHSA) to maximize your financial potential. FHSA accounts provide a tax-efficient way for everyone, regardless of their financial situation, to grow their money.

Where to Open Your FHSA Account:

Take the first step towards financial empowerment by opening a FHSA account. It's a straightforward process - you can visit your nearest bank or conveniently set up an account through platforms like Wealthsimple. The accessibility ensures that securing your financial future is just a few steps away.

The Benefit of Acting Now:

One key advantage of opening an FHSA account before the year-end is the additional contribution room it provides. Even if you don't plan to contribute immediately, securing this extra room now ensures you have flexibility in the future. This strategic move allows you to make the most of your FHSA and take advantage of potential tax-free growth.

So, why wait? Seize the opportunity to enhance your financial well-being. Open your FHSA account before December 31st and set the stage for a tax-efficient and prosperous financial journey in the coming year. Your future self will thank you.

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Christmas Lunch

Tax Tips: Boost Your Bottom Line with Deductible Lunches

Did you know that not all meals are created equal when it comes to tax deductions? While personal meals can only be claimed at 50%, here's a tax-savvy tip for you: transform a lunch with colleagues into a deductible feast!

Lunch with Colleagues = 100% Deductible 

Turn your casual lunch into a productive office meeting, and voila – you've just unlocked a 100% deductible expense. Unlike personal meals, business discussions over lunch with colleagues can be considered essential for your company's operations, making the entire tab eligible for deduction.

Make Every Bite Count: Additional Tips

1. Document, document, document: Keep records of who attended, the topics discussed, and how it relates to your business.

2. Go beyond the restaurant: Business-related meals outside the office, even if not at a restaurant, can also qualify for deductions.

So, the next time you're catching up with colleagues over lunch, remember: not only are you building team camaraderie, but you're also feeding your business deductions. Bon appétit and happy deducting!

MAKE MONEY TAX FREE TIP: OPEN A FHSA ACCOUNT

“Tax Insights: Unwrap a gift for your future! Opening a TFSA before Dec 31 means tax-free growth on your savings. 🚀 Maximize your benefits, fellow tax enthusiasts, and set yourself up for financial success! “

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