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Real Estate and Taxes with Lakshay
2024 Tax Deductions
not to be missed
• By Lakshay Gandhi CPA, CGA
• 647-987-4025
• support@accountingops.ca
Agenda
Upcoming tax
deadlines
1
Commonly
claimed business
expenses
2
Commonly
missed tax
deductions
3
Ineligible tax
write offs
4
Recordkeeping
tools and how to
avoid audit
5
Tax
deadlines -
First day of tax filing Feb 24, 2024
Tax Deadline - April 30, 2024 – Individuals
Tax Deadline - June 17, 2024 – Self-employed
June 17, 2024 - HST deadline for personal taxes
Corporate taxes
Corporate taxes - 6 months after the
year end
HST – 3 months after the year end
T4s And T4A slips need to be issued
before Feb 29, 2024
Common
business
expenses
• Telephone and utilities
(% used for business)
• Business licenses and
dues
• Capital costs (desks,
chairs, computers etc)
• Charitable donations
(75% of the receipt)
• Delivery and shipping
charges
• Salaries and wages
• Home and auto
insurance
• Interest on business
loans
• Motor vehicle expenses
• Office expenses
• Professional fees
• Rent
• Startup costs
Missed
deductions
1. Deposit forgone for pre-construction
• Capital or business loss?
2. Commission rebates – client cash back
3. Union/Professional dues and licensing Examination fees
• Nurses, for example, may claim the cost of yearly licensing
fees on schedule 11 as a tuition amount.
• Insurance premiums related to your profession
4. Moving expenses
• least 40 km closer to your new place of employment
Missed
deductions
contd..
5. Student loan interest
a student line of credit to fund your studies,
6. Overnight camps and summer day camps
expenses (childcare)
7. Employment expenses
• form T2200 – work from home office
Ineligible expenses
Your own labor expenses
Any costs reimbursed by your insurance company
Portions of any bills that used for personal matters
Interest on personal loans
Costs associated with secondary office location (only primary office location expenses can be
deducted)
Recordkeeping
for expenses
Keep a reliable paper trail – create
an email dedicated to tracking
receipts – 6 year minimum in a case
of an audit
Don’t rely on estimates when
submitting expenses
CRA wants receipts - bank and visa
statements are not a backup
Beware of
CRA
Cash gifts won’t cut it: you can get a
receipt and tie it to a specific deal
“Mickey Mouse” Deductions: An auditor
who sees you’re happy to deduct a dinner
with your spouse on Valentine’s Day, will
typically be quite interested to see what else
you may be willing to attempt to deduct.
Tip:
Register
for CRA
accounts
• Copy of recent tax return
required needed to register
CRA My account
• Keep track of our
outstanding dues for your
business
CRA my Business
account
Thanks for
listening
• Lakshay Gandhi CPA, CGA
• 647-987-4025
• Support@accountingops.ca
• Subscribe to my YouTube
channel – Real estate and
Taxes with Lakshay

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2024 Canadian Tax Deductions not to be missed

  • 1. Subscribe to my YouTube Channel: Real Estate and Taxes with Lakshay
  • 2. 2024 Tax Deductions not to be missed • By Lakshay Gandhi CPA, CGA • 647-987-4025 • support@accountingops.ca
  • 3. Agenda Upcoming tax deadlines 1 Commonly claimed business expenses 2 Commonly missed tax deductions 3 Ineligible tax write offs 4 Recordkeeping tools and how to avoid audit 5
  • 4. Tax deadlines - First day of tax filing Feb 24, 2024 Tax Deadline - April 30, 2024 – Individuals Tax Deadline - June 17, 2024 – Self-employed June 17, 2024 - HST deadline for personal taxes Corporate taxes Corporate taxes - 6 months after the year end HST – 3 months after the year end T4s And T4A slips need to be issued before Feb 29, 2024
  • 5. Common business expenses • Telephone and utilities (% used for business) • Business licenses and dues • Capital costs (desks, chairs, computers etc) • Charitable donations (75% of the receipt) • Delivery and shipping charges • Salaries and wages • Home and auto insurance • Interest on business loans • Motor vehicle expenses • Office expenses • Professional fees • Rent • Startup costs
  • 6. Missed deductions 1. Deposit forgone for pre-construction • Capital or business loss? 2. Commission rebates – client cash back 3. Union/Professional dues and licensing Examination fees • Nurses, for example, may claim the cost of yearly licensing fees on schedule 11 as a tuition amount. • Insurance premiums related to your profession 4. Moving expenses • least 40 km closer to your new place of employment
  • 7. Missed deductions contd.. 5. Student loan interest a student line of credit to fund your studies, 6. Overnight camps and summer day camps expenses (childcare) 7. Employment expenses • form T2200 – work from home office
  • 8. Ineligible expenses Your own labor expenses Any costs reimbursed by your insurance company Portions of any bills that used for personal matters Interest on personal loans Costs associated with secondary office location (only primary office location expenses can be deducted)
  • 9. Recordkeeping for expenses Keep a reliable paper trail – create an email dedicated to tracking receipts – 6 year minimum in a case of an audit Don’t rely on estimates when submitting expenses CRA wants receipts - bank and visa statements are not a backup
  • 10. Beware of CRA Cash gifts won’t cut it: you can get a receipt and tie it to a specific deal “Mickey Mouse” Deductions: An auditor who sees you’re happy to deduct a dinner with your spouse on Valentine’s Day, will typically be quite interested to see what else you may be willing to attempt to deduct.
  • 11. Tip: Register for CRA accounts • Copy of recent tax return required needed to register CRA My account • Keep track of our outstanding dues for your business CRA my Business account
  • 12. Thanks for listening • Lakshay Gandhi CPA, CGA • 647-987-4025 • Support@accountingops.ca • Subscribe to my YouTube channel – Real estate and Taxes with Lakshay

Editor's Notes

  1. REMINDER: For your 2023 taxes, the CRA has increased the interest rate on overdue taxes to 10% which may have a significant impact on your financial situation.