IB TAX
302 Waverley Street West K2P 0W3 Ottawa, ON, Canada
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General Information
Locality: Ottawa, Ontario
Phone: +1 613-800-9838
Address: 302 Waverley Street West K2P 0W3 Ottawa, ON, Canada
Website: www.ibtax.ca
Likes: 203
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Read this article if you are not sure if you should incorporate your business or not....
You owe the CRA large amount of money and most of it due to interest and penalties? Then you should read this article.
We have moved to a new location to serve you better.
Good article about how to minimize the risk of being audited by CRA.
IB TAX TIP OF THE DAY ... Claiming motor vehicle expenses against your rental income. If you own one or multiple rental units and you wonder if you can deduct motor vehicle expenses on your statement of rental income, you should read the following guidelines are provided by Canada Revenue Agency:... If you own one rental property, you can deduct reasonable motor vehicle expenses if ALL of the following conditions are met: - you receive income from only one rental property that is in the general area where you live; - you personally do part, or all, of the necessary repairs and maintenance on the property; and - you have motor vehicle expenses to transport tools and materials to the rental property. Motor vehicle expenses incurred to collect rents are not deductible, but are considered personal expenses. If you own more than one rental property, then the above motor vehicle expenses are deductible as well as motor vehicle expenses incurred to do any of the following: - collect rents; - supervise repairs; and - generally manage the properties. When you own more than one rental property, the above expenses are deductible even if your rental properties are located outside the general area where you live. However, the rental properties must be located in at least 2 different sites away from your principal residence. For all motor vehicle expenses, you must keep receipts, and you must keep a log of your total mileage driven, and the mileage driven re your rental properties. www.ibtax.ca
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