Entries by Maureen

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.

CRA (Canada Revenue Agency) – Requests and Expectations

The written request was dated September 15th with a deadline of October 15th for filing, which he missed. It’s not that he didn’t want to complete the very detailed 4 page form. It didn’t get done because he was overwhelmed every time he started compiling his numbers. Then he went online and googled to see all the problems that developed when others completed and submitted their forms. He was close to a breakdown by the time he arrived at my office.

3 Bookkeeping Apps to Make Life Easier

Last week I attended the 4th Annual IPBC conference. IPBC is the acronym for the Institute of Professional Bookkeepers of Canada. As a Certified Professional Bookkeeper (CPB) it’s imperative that I stay up to date on the ever changing information, rules and guidelines as they impact accounting, software and the law. From this conference there are 3 bookkeeping apps to make life easier that I want to share with you.

Buying a Franchise? – 4 Key Financial Considerations

currently have two customers that are at different stages in buying a Franchise. They have asked me for my opinion on the purchasing and financing of the businesses. One customer is buying a Franchise that has been in operation for almost two years, so they’re purchasing from the Franchisee. The second customer is buying the Franchise from the Franchisor. This involves determining the location, rental agreement, leasehold improvements, purchasing equipment, computers, software, hiring etc., before the doors are even opened. Despite the differences there are numerous issues in common that they need to consider. Buying a Franchise? Then read on to see these 4 key financial considerations.