Entries by Maureen

Career Focus – Contacting Service Canada, One Way or Another

Career Focus provides funding for employers and organizations to design and deliver a range of activities that enable youth to make more informed career decisions and develop new skills. It’s basically a grant for hiring youth between the ages of 15 and 30 (inclusive). Businesses and unemployed youth are struggling enough without the additional burden of convoluted application forms and no one to answer their questions. Hopefully this information will help.

CRA Taxes – Know Your Rights

These are what I consider the nice and more than reasonable requests. What bothers me and my customers is the ongoing request for information and documentation where it might concern schedules i.e., rental properties or employment expenses. I agree that if the expense is claimed there had better be documentation to support it, however, I take issue with the person at the CRA that is continually asking for more information from what the original demand outlined. The communication can drag on for months.

Tenant & Landlord Rent Receipts – What you Need to Know

Be proactive when meeting with a prospective landlord. Ask the question – Will you be supplying me with a rent receipt? And get that in writing. If you’re paying month to month, get a rent receipt each month. Some landlords insist on post-dated cheques. If that’s the case then ask for a rent receipt covering the post-dated cheques. It’s better to know where you stand with your landlord at the beginning than being refused receipts one or two years later when the CRA is requesting copies and you lived at a number of addresses since then.

Lying to Revenue Canada about Foreign Property or Investments?

The penalty for failing to file a T1135 return is $25 per day for up to 100 days (minimum $100 and maximum $2,500) for each year. When failing to file is done knowingly or under circumstances amounting to gross negligence, the penalty is $500 per month for up to 24 months (maximum $12,000), less any penalties levied. There are additional longer term penalties that you can look up if applicable.

3 Questions to Ask a Prospective or Current Bookkeeping Provider

This is the time of year when many small and medium size business owners decide they need to get a better handle on their bookkeeping. Perhaps you want to get your 2014 bookkeeping up to date and you don’t want to do it yourself, or you want to start 2015 with a professional taking care of your bookkeeping needs so you can focus on your business. As you move forward into the New Year, here are 3 questions to ask a prospective or current bookkeeping provider:

3 Problematic Responses to Probing Bookkeeping Questions

All bank, charge card, loans and lines of credit accounts registered in the corporate name need to be reconciled. And, all assets need to be set-up as such in the Balance Sheet. Copies of the assets should be supplied for back-up when your corporate tax return is prepared. You also need details of the loans to and from the Shareholder(s). One of the problems when starting a business is accessing all the information that is required to ensure that it is successful and adheres to all the laws and rules.

Tax Audit from Hell? – Part 2

The auditor was not satisfied until he received a copy of the individual cheques deposited, front and back, along with the reason for my clients receiving the monies. If there weren’t cheques deposited, he wanted the details of the cash deposited, from the bank. We’re talking how many $10s, $20s, $50s etc. that were deposited. He was relentless.

Are you Prepared for an Audit from Hell? – Part ONE

Remember, there is a compelling reason why your bookkeeper or accountant tells you to save all your paperwork. We’ve been exposed to audits before and can anticipate what is required, but I and a number of accountants I’ve spoken to regarding this experience, have not seen an audit delved into this deeply – especially with a client that has never been late with filing and paying payroll liabilities, HST or corporate taxes.

5 Tips & Tricks for QuickBooks Online (QBO)

In the past month I’ve spent numerous hours training new and transitioning clients in QuickBooks desktop and QBO. While some are new to either version, I’ve found those transitioning from the desktop version to the online version experiencing a bit of a culture shock. To ease the transitioning hiccups, here are 5 tips and tricks for QBO to make the entering and retrieving of information go a little smoother.

Time to Move from QuickBooks Desktop to QuickBooks Online (QBO)?

QBO really started to have a presence in Canada about a year ago. It’s been a viable alternative to the desktop version for a number of years in the United States. When it first came out in Canada, I had some real issues with the processing of information and locating or editing it when posted. Payroll wasn’t available at that time either. All of those issues now seem to now be resolved.