postheadericon Live Blog

C2 Online Blog 2

rss

Expect expert advice.


Calculate Your Home Renovation Tax Credit Lisa Patrick

How much can I spend so I receive that benefit?

Maximum allowed: $10,000
Minimum spend: $1,001
 

How much do I get Back?

Calculation:
$10,000 – $1,000 = $9,000

$9,000 X 15% = $1,350 Refund

 

 

 

 

ASK YOURSELF… HOW MUCH THE ALBERTA PROVINCIAL GOVERNMENT IS GIVING US…. NOTHING!!!!
 

AND ASK, HOW MUCH IS THE FEDERAL GOVERNMENT GIVING BACK PER TAXPAYER $1350
-

$428(GST paid direct to government by sales for renos)
= $921.60 cost to federal government.

 

 

Darlene Lafond R.P.A., C.P.C.
Master Tax Accountant


5 Bookkeeping Tips Lisa Patrick
  1. Keep your records up to date.  It is much easier to remember what an expense was when it’s fresh in your mind as opposed to 6 months ago.
  2. Keep all your records in one place. File by the month or by the type of expense.
  3. Purchase the tools to keep an accurate record of your income and expenses.
  4. Keep your personal and business expense receipts separate.  Set up a bank account for your business that way all your record keeping will be straightforward and you can account for your expenses.
  5.  Keep a record of your time spent keeping your books.  This way you can make an informed decision if it worth it for you to take care of your bookkeeping or hire someone to do it for you.

 


CMS Website by WebmontonMedia.