If you earn income for more than one year that doesn’t have tax withheld, or perhaps not enough tax withheld, then you may have to make tax instalments.
Generally, this happens if you have business income, rental property income, or investment income on your personal tax return. You must make instalments if your taxes owing is greater than $3,000.
The federal government recently proposed an accelerated deduction on eligible capital purchases for Canadian Controlled Private Corporations (CCPC’s). This accelerated deduction will be available for the years 2021 through 2023. When this measure is passed, it will allow for the immediate expenditure of new asset additions with a cost of up to $1.5 million each year. The rules apply to most depreciable property purchased after April 19, 2021, but excludes certain assets, such as buildings and intangible assets.
Phone: 780-532-4641
Fax: 780-532-4947
Toll Free: 1-800-422-6093
Email: office@fulcrumgroup.ca
#102, 9919 – 99 Avenue
Grande Prairie, AB
T8V 0R6
