Are you self-employed and only asking your accountant to substantially write down your income to pay less tax? While this helps the short-term tax bill this can hurt you long term. We chat with Adam Brown, Chartered Professional Accountant of Vanguard Accounting who shares his expert advice. We talk about how write offs lower tax but can limit mortgage approval amounts, trigger CRA audits, lower RSP contribution limits and kill long term goals.
Questions regarding your tax write-offs? Feel free to connect directly with Adam or contact me for your personal introduction!