December 2010 - The Bulletin Magazine

More documents

Recommendations

Info

WORRIED ABOUT POOR WATER QUALITY? BRING US A WATER SAMPLE FOR A FREE TEST BUILDING THIS YEAR? DON’T FORGET RADIANT FLOOR HEATING! OVER 50 YEARS in BUSINESS HOLIDAY 1. Who narrated the classic 1966 TV special "How the Grinch Stole Christmas"? Choose Your Answer: A: Burl Ives, B: Charlton Heston, C: Boris Karloff, D: Thurl Ravenscroft 2. In the 1965 TV special "A Charlie Brown Christmas", who builds a gray snowman? Choose Your Answer: A: Charlie Brown, B: Linus, C: Pigpen, D: Snoopy 3. What was the name of the magician with the magic hat in the 1969 TV special "Frosty the Snowman"? Choose Your Answer: A: Black Bart, B: Black Peter, C: Professor Finkle, D: Professor Hinkle 4. Which country is the largest exporter of Christmas trees? Choose Your Answer: A: Canada, B: USA, C: Austria, D: Netherlands Answers on page 35 24 The Bulletin | DECEMBER 2010 www.TheBulletinMagazine.com
Tax Tips Business-use-of-home expenses by Ian Hawkins You can deduct expenses for the business use of a work space in your home, as long as you meet one of these conditions: • it is your principal place of business; or • you use the space only to earn your business income, and you use it on a regular and ongoing basis to meet your clients, customers, or patients. You can deduct a part of your maintenance costs such as heating, home insurance, electricity, and cleaning materials. You can also deduct a part of your property taxes, mortgage interest, and capital cost allowance. To calculate the part you can deduct, use a reasonable basis such as the area of the work space divided by the total area of your home. If you use part of your home for both your business and personal living, calculate how many hours in the day you use the rooms for your business, then divide that amount by 24 hours. Multiply the result by the business part of your total home expenses. This will give you the household cost you can deduct. If you run the business for only part of the week or year, reduce your claim accordingly. The capital gain and recapture rules will apply if you deduct capital cost allowance on the business use part of your home and you later sell your home. If you rent your home, you can deduct the part of the rent and any expenses you incur that relate to the workspace. The amount you can deduct for business use of home expenses cannot be more than your net income from the business before you deduct these expenses. In other words, you cannot use these expenses to increase or create a business loss. You can deduct the lesser of the following amounts: • any amount you carry forward from the previous year, plus the business use of home expenses you incur in the current year; or • the amount on line Q of Form T2125, Statement of Business or Professional Activities. In your next fiscal period, you can use any expense you could not deduct in the current year, as long as you meet one of the two previous conditions. You also use the same rules. Ian & Dorothy Hawkins operate Mount Albert Tax Company and will be opening Holland Landing Tax Company in the new year. www.TheBulletinMagazine.com DECEMBER 2010 | The Bulletin 25
Page 1 and 2: www.TheBulletinMagazine.com THE Bul
Page 3 and 4: CONTENTS IN EACH ISSUE 6 WHAT’S O
Page 5 and 6: 905-478-4022 OPEN 7 DAYS A WEEK SPE
Page 7 and 8: Saturday December 11 Holt Free Meth
Page 9 and 10: Peace on Earth, Good-will to all! T
Page 11 and 12: decorating Staging Your Way to Happ
Page 13 and 14: Seasons Greetings from your Local M
Page 15 and 16: Merry Christmas from Harrogate Hill
Page 17 and 18: Candy Canes History of a long-time
Page 19 and 20: Reindeer Flight Mix Everyone knows
Page 21: www.TheBulletinMagazine.com DECEMBE
Page 26 and 27: Environmentally friendly recycling
Page 28 and 29: CIRCLES: Santa Comes to Town by Vic
Page 30 and 31: in the garden Tropical Garden Explo
Page 32 and 33: e.g. athletes EG Peewee A Rep Hocke
Page 34 and 35: December 2010 By Anne Hill hort hap
Page 36 and 37: TIM HORTON’S FIRST NIGHT NEWMARKE
Page 38 and 39: East Gwillimbury Skating 2010/11: E

December 2010 - The Bulletin Magazine

Create successful ePaper yourself

Delete template?

Save as template?