Maje Accounting CPA Ltd

Lease vs. Buy Your Business Vehicle-

🚗 Leasing
✅ Deduct monthly lease payments (CRA max $1,100/month + tax)
✅ Easier cash flow – smaller upfront cost
✅ Good if you upgrade vehicles every few years
⚠️ Lease payments aren’t building equity – at the end, you don’t own the car

🚙 Buying/Financing
✅ Claim Capital Cost Allowance (CCA) – 30% declining balance for most vehicles
✅ Deduct interest on a car loan (up to CRA limits)
✅ You own the vehicle – no km limits
⚠️ Bigger upfront cost and slower tax write-offs

💡 Quick Tip:

If you change cars often or want predictable payments → LEASE.

If you plan to keep the car long-term it would make sense to BUY.

📞 Every situation is different book a consultation with Maje Accounting CPA!

🔗 www.majeaccountingcpa.ca

Simplify your Construction Business Finances with Expert Bookkeeping !

majeaccountingcpa.ca

Benefits of Incorporating in Canada

🔹 Operate Nationwide: Incorporate federally to use the same business name across all provinces and territories. Expand seamlessly without name conflicts! 🇨🇦

🔹 Enjoy lower corporate tax rates. Keep more of your hard-earned profits! 💰

🔹 Limited Liability: Shield your personal assets. Shareholders aren't personally liable for the corporation's debts. Peace of mind guaranteed! 💼

🔹 Easier Access to Capital: Borrow at lower interest rates and raise funds by selling shares.

Contact us today for additional information !


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💼 Ready to claim home office expenses? Here's how:

1. Eligibility Check: Ensure your home workspace meets CRA criteria.

2. Detailed Method: Use actual expenses incurred. Itemize and prorate based on workspace size and work time.

3. T2200 Form: Obtain from your employer to validate work-from-home status.

4. Claiming Process: Include eligible expenses on your tax return.

For more details, contact us today !

⏰ The RRSP Contribution deadline is approaching fast: February 29th. Here are some benefits of contributing to an RRSP:

1️⃣ Tax Deduction: RRSP contributions are 100% deductible against taxable income

2️⃣ Tax-Deferred Growth: Watch your investments grow tax-free until withdrawal!

3️⃣ Retirement Savings: Build a nest egg for a worry-free retirement!

🏠💰 Renters Tax Credit Alert!

Starting in 2023, low- and moderate-income renters in BC can claim up to $400 in tax credits! Individuals and families earning $60,000 or less qualify. Even if your income is higher, you might still get a reduced credit.

✅ No separate application needed - claim it on your T1 Income Tax and Benefit Return.

📝 Check eligibility and how to claim: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit

Don't miss out on this opportunity!

Maje Accounting CPA Ltd Maje Accounting offers bookkeeping and tax services to make running a business easier in: Vancouver,

Welcome to Maje Accounting CPA , we are excited to offer personalized accounting solutions for individuals and small businesses .

Contact us today for a free consultation .

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