The final countdown

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Well dare I say it, spring is here.  Or is it?With only 3 weeks remaining in the personal tax season, we strongly recommend getting in touch with us to get your tax return completed before it is too late. The streets in Kensington are getting busier, people are getting out and the smiles are plentiful.  What would feel even better is having your taxes out of the way for another year.With the upcoming Canadian election, you’ve heard many promises or lack thereof.   Most of them involve taxes and tax credits.  There might even be a few you never even knew existed.  It’s a good time to ensure you are getting the most of all credits and deductions available.  Awareness is key. A good accountant can help you capture everything available on your annual tax return.A common situation we see on personal tax returns and tax planning is the treatment of a rental property.  There are many deductions available against rental property income.  Examples of expenses that can be deducted towards rental income include:·         Advestising·         Property taxes·         Interest·         Management and administrative fees·         Utilities·         Travel·         Insurance·         Even certain motor vehicle expensesThese must be all related to generating income and within reason.Even more importantly is to plan for the eventual sale of the property.  Since the rental property is no longer your principal residence it is subject to gain/loss when you sell the property.  To ensure you minimize the tax implications it is important to ensure the property is dealt with in the most tax advantageous method.
Get out and enjoy the spring weather while it lasts.