End of year tax reminders

Couple of Tips

The Home Renovation Tax Credit-Remember the feds are basically giving anyone who completes home renovations a 13.5% tax credit on the first $10,000 in expenses as long as they are completed by the end of January 2010. Virtually any true renovation expense is eligible, so long as the the expense is incurred before February 1, 2010.

Purchasing Business Assets- If you are thinking about purchasing office equipment or furniture as a small business owner, if you do it prior to the year end, you will be eligible to take advantage of the depreciation one year earlier.

This is the time to buy Computer equipment as you will be eligible to get a full 100% write-off for both Federal and Quebec purposes. This 100% deduction program actually expires at the end of January 2010, but why not write off the full expense now and reduce your 2009 taxes instead of waiting a full additional year.

If you want more information on this topic, please email danwhite@danwhite.ca

Dan White