Entries by Maureen

3 Canada Revenue Agency (CRA) Initiatives That Could Affect YOU!

Last month I was at a two-day intensive tax course.  While not considered exciting by most, I can say there was a lot of interesting information being shared by the presenters and the attendees. The CRA has been busy trying to collect the data and the tax dollars of those that are either trying to avoid the required reporting and remitting, or are ignorant of their responsibilities.

QuickBooks Online (QBO) – Installment Billing

I have a number of clients using QBO that have agreements or contracts where they offer their services over an extended period of time.  Even though the agreement might be for a year they don’t want to invoice and charge HST for the full year if they’re not being paid. This is where installment billing can be applied.

Cash Flow – Do You Understand What It Is?

It’s Thursday evening and you have to meet the payroll deadline for tomorrow, but there isn’t enough cash (money in the bank) to pay your employees or sub-contractors.  Your sales are good, new customers are coming all the time and you keep an eye on your expenses. So, Why Don’t You Have Any Cash? You […]

QuickBooks Online (QBO) Shortcuts and Learning

QuickBooks Online (QBO) is accounting software accessible by being completely online! It eliminates the need to have a centralized “accounting computer” and enables users to access it from anywhere they have internet access, at any time.

5 Tax Changes for 2016 That May Affect Your Tax Return

The Canada Revenue Agency (CRA) has many new services and changes in-store for us this coming tax season.

Here are 5 of the changes that might affect your 2016 personal tax return:

5 Questions to Consider Before Donating Time or Money

That time of year is quickly approaching; when we are inundated more frequently with pleas and requests for donations. While giving in and of itself can be rewarding, there are so many questions that can and should be asked. Is the organization reputable, when will I receive my tax receipt, where does the donation actually go?

Is there a way to know which questions you should be asking and who you should give your time or money to?

Here are the 5 questions I consider before donating my time or money

Principle Residence Exemption – Reporting of Sale to CRA

Last week Finance Minister Bill Morneau announced a number of changes in an effort to limit foreign money into Canadian real estate and ensure borrowers can afford the mortgages they want to take on. One of these includes reporting the sale of residences to the CRA and including any capital gains.

The 3 most discussed changes are:

Effective October 17, 2016 there is a stress test used for approving high-ratio mortgages, that will be applied to all new insured mortgages
Effective November 30, 2016 new restrictions will be imposed in providing insurance for low-ratio mortgages
The launch of consultations regarding lender risk sharing

Is There Any Such Thing as The Perfect Customer?

Whether we read about this in business related articles or work with business coaches, we as entrepreneurs are encouraged to describe and strive for working with our idea of a Perfect Customer. I can only approach these thoughts and experiences from a service industry, but I do see where a number of “wishes” would also be appreciated in the retail and public sector.

Goal Setting – 3 Intention Words for 2016

I was recently consulting with an associate and asked her if she made New Year’s resolutions. Her response was no that she didn’t actually make resolutions but usually came up with 2 or 3 keys words that spoke to her about how she wanted the next year to unfold. During that conversation I thought about my own challenges of keeping New Year’s resolutions and wondered if it was time for a different approach. Once I let go of my pre-conceived thoughts on “resolutions” I easily came up with 3 key intention words which I hope will guide me towards achieving my goals in 2016. Here they are:

QuickBooks® – Education not Training

If you’re in a position that you rely on someone to do the bookkeeping for you it’s still your responsibility to ensure it’s done correctly. Canada Revenue Agency (CRA) isn’t going to look to your part-time bookkeeper, spouse or anyone else if you owe them money. It’s your responsibility and the buck stops with you.