Dan Bales-Kogan CPA, CA
18 King Street East, Suite 1400 M5C 1C4 Toronto, ON, Canada

Most conversations between accountants and perspective clients typically start like this: Can I write this and that off? If I do this will it lower my taxes? What can I do to not pay taxes? The conversation is much better when it starts out in a fashion similar to this: A - I have to spend money on these things to make money, can I deduct these costs? B - I'm considering spending money on the following things to increase my income, what are the business, cash and tax implicat...ions, and which do you think is better? C - are there ways to minimize my taxes based on what I do now? The role of an accountant is to try to minimize your taxes while leaving the most wealth in your pocket, taking into account your specific situation. What works for one person doesn't work for every person. Tax is a percentage.

To all my clients - a heartfelt thank for having and continuing to entrust me with all of your accounting and taxation needs! Wishing you and yours the best of health, happiness and wealth in 2021!

Merry Christmas and happy holidays to everyone!!

Did you work from home in 2020 due to Covid? If so, the CRA has released new guidance on the ability to claim home office expenses on your 2020 tax return. Full details can be found here: http://www.danbk.ca/2020-home-office-claim-t1/

Happy Thanksgiving to you, your family and friends