Going Green Can Help You Save On Your TaxesBrian Jang ON July 13, 2017
Protecting the environment is on everybody’s mind these days. The message of preserving Mother Earth is starting to hit home, and more and more Canadians are doing their part to lessen the environmental burden and reduce our carbon footprint.
Recycling at home and at work, purchasing eco-friendly products, and saving energy are all important steps to take that can pay off in the future. But did you know that going green can also put some green in your pockets?
How does going green save money?
As a business, being more environmentally conscious can be rewarding in more ways than one. The Government of Canada offers many programs, rebates, and tax incentives that may encourage you to create a more eco-friendly environment, from recycling to green operational changes. Here are some of the ways going green can help you save on your taxes.
Thinking about swapping that gas-guzzling SUV out for an electric car? Well, you couldn’t have picked a better time. You’ll not only be saving the environment and some serious cash on fuel but also get a pretty decent rebate. For those of you who are in the market to purchase an electric car, you could be receiving a rebate as high as $5,000.
The rebates don’t end there. If you are planning a home remodeling project, you could cash in by making your place more energy-efficient. How’s that for an eco-friendly incentive?
Cut back on paper
One of the benefits of going green is helping to cut back on our reliance of paper. Believe it or not, Canada only recycles 25% of the 6 million tons of paper it uses each year. Obviously, reducing the amount of paper waste in your office can have a major impact on the environment.
One way to do this is by filing your taxes online. Sure, it might not seem like much now. But over time, all those paper tax forms sure can add up. Plus, you’ll have the added benefit of receiving your refund faster.
Get a charitable tax credit
Another great tax saving option is to donate to an eco-friendly charity. The amount of money you get back varies from province to province, but you could possibly claim back as much as 40%. Just make sure that the organization you plan to donate to is registered; otherwise, you won’t qualify for the tax deduction.
Pitching in doesn’t take much. With a little effort and some stick-to-itiveness, you will not only help the environment but also ease your tax burden.
If you want to learn more on how going green can help you save on your taxes, contact BCJ Group, Chartered Professional Accountants today!
- What You Need to About Your Taxes When Selling Your Home
- What Are the Different Types of Corporations in Canada?
- Allowable Business Expenses for Canadian Businesses
- How to Prepare for RRSP Season
- Everything You Need to Know About New Business Start-Up Costs in Canada