If you are a tradesperson, you may want to learn more about special tax deductions that you may qualify for. Here are some important things to consider:
• Tradespersons may be eligible to deduce the cost of their work related tools, up to $500.
• Tradespersons may be eligible to claim certain expenses that they paid in order to receive employment. This is only the case if the employment contracts require the tradesperson to pay for their own costs out of pocket, without giving an allowance for them.
• GST/HST expenses may be deducted, as long as you did not include them in your overall income.
• All tradespersons should keep the receipts and other documents in order to prove their claims.
• Each year, individual income tax must be filed by April 30. Business taxes are a bit different. The deadline for business taxes is June 15. It is important to look for any possible credits and deductions that can help to lower your tax liability.
Canada Revenue Agency – Online Tools to Help You
By using the tools offered by the Canada Revenue Agency, you will be able to file your tax returns, track any refunds, and change information on your account. You can also use their tools to get your money via direct deposit. That means that you don’t have to wait for a check to come in the mail. If you want to learn more about these tools, visit www.cra.gc.ca/getready.