Well it wasn’t quite a personal race car, but this Globe and Mail article (which declares “self-employment is one of the last great tax shelters”) examines the case of Keven Neilson, who tried to deduct money spent on sponsoring his own racecar.
The issues in a nutshell:
1. Were the costs personal or business in nature?
2. If [...]
Yowsa, Lifetime Capital Gains exemption bumped!
The federal budget came out over two weeks ago but I didn’t find out until this weekend that the personal lifetime capital gains exemption for small business corporations was raised from $500,000 to $750,000.
This means that when a small business owner sells a qualified small business, the first 750,000 is tax free and capital gains [...]
Some end-of-year RRSP tips
It’s getting down to the end of the year. Hopefully you’ve been regularly contributing to your RRSP all year (as a self-employed person, you’re even more acutely aware that you’ll need to provide for yourself in retirement).
Ideally, you should be contributing your maximum allowable RRSP contribution limit every year to maximize your deductions from income.
Here [...]