Reducing Canadian Payroll Taxes with a Tax Waiver

reducing taxesIt makes a world of difference to all business owners in surrounding themselves with intelligent and professional associates. Carolyn Bogseth is one of my associates that I certainly respect for her intelligence and genuine desire to help those she meets. Whether they are her clients or someone that would like a general investment question answered she will take the time to assist those who contact her. Below is an excerpt from her recent newsletter outlining how reducing payroll taxes can help you. Read more

2 Great Accounting Software Deals for Businesses

cost savingsI’ve been in the accounting, tax preparation and training business for a number of years. And over those years, I’ve developed some great relationships with customers and vendors. So it has to be big for me to get excited about sharing these 2 great accounting software deals for businesses.

Whether our businesses are operated by a single person or 20 employees, we all have challenges. For the purpose of this blog I’m referring to great software at a good price and handing over the responsibility of payroll to a 3rd party provider.

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QuickBooks 2014 Payroll Update

quickbooks-basic-payrollI’ve received a number of emails lately regarding problems updating QuickBooks 2014 Payroll. Even though customers are registered for QuickBooks payroll, the automatic updates are not recognizing payroll which expires June 30, 2014. At our office some of the computers updated payroll automatically with an expiry of December 31, 2014 while others didn’t. We are all on the same Windows operating system.

When I contacted QuickBooks their only suggestion was to go to their website and manually download the update. No other explanation was supplied. Make sure your QuickBooks file is closed first! Here is the link for the manual update for various versions.

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3 Rs of Child Care – Rules, Receipts and Regulations

Day Care York RegionHere at The Montana Group, we do the bookkeeping for 2 large Child Care facilities located in York Region. Whenever I get an opportunity to discuss challenges of the industry with the Executive Directors, I’m surprised and impressed by the regulations in place to help protect the children. During tax season I regularly inform clients of the rules pertaining to claiming child care expenses and the receipts that are required. The following is a summary of my discussions regarding the 3 Rs of Child Care: Read more

The Montana Group – Offering Bookkeeping Services for Realtors

Newmarket bookkeeping services for realtorsAre you a Real Estate Agent in York Region? In this busy real estate season, do you struggle with filing your own paperwork on time to avoid government penalties? Do you have a solid handle on your financial position? Did you know The Montana Group offers excellent bookkeeping services for Realtors?

In a May 9, 2014 Financial Post article I was surprised to learn that in the first quarter of 2014 the number of people selling real estate reached 108,706 according to the Canadian Real Estate Association. That’s one realtor for every 245 Canadians over the age of 19! The article also mentioned that there were almost as many people selling houses as making them. So what else do I know about Realtors and Numbers? Read more

Canadian EI (Employment Insurance) and Family Members

Canadian EI rules for familyWith the T4s being processed by CRA (Canada Revenue Agency) and PIER (pensionable and insurable earnings review) reports now being mailed, this is the time of year when CRA questions if there is a conflict with EI and Family Members.

Last week a client of mine received a PIER report requesting that he pay the employee’s EI that wasn’t deducted on the earnings shown on the T4, and the employer portion of the EI. When preparing payroll in the summer of 2013 he didn’t deduct EI from his daughter’s earnings, but the T4 showed insurable earnings and no contribution.  His question to me once he received it was “Why do I have to pay EI on my daughter. She’s only 14 and I don’t have to pay it on my wife?”

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QuickBooks Tips and Shortcuts

QuickBooks-Pro-2014

Whether you’re trying to catch up on your 2013 bookkeeping in preparation for 2013 tax returns, or have decided this is the year to do the bookkeeping correctly, I thought sharing these QuickBooks tips & shortcuts might make your life easier. Read more

Living Gluten Free and Your Canadian Tax Dollars

gluten freeAs we prepare for the avalanche of paperwork and questions regarding 2013 Personal Tax Returns, educating the customer is one of our primary goals.  As the trend to living gluten free continues, it is a lifestyle choice for some and a necessity of life for others.  So how do living gluten free and your Canadian tax dollars possibly affect you or someone you know?

According to the Canada Revenue Agency (CRA), persons who suffer from Celiac Disease (gluten intolerance), are entitled to claim the incremental costs associated with the purchase of gluten-free (GF) products as a medical expense.

So what does incremental cost mean? It is the difference between the costs of a GF product compared to a similar non-GF product.  An example would be the purchase of a loaf of bread.  If the price of a GF loaf of bread is $6.79 and a non-GF loaf is $3.59 the incremental cost would be $3.20. ($6.79 – $3.59).

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QuickBooks Check-up Service – Are You Audit Proof?

financial auditAre you doing your own bookkeeping or currently paying someone to do it on your behalf? Have your ever questioned whether everything is done correctly and whether you could survive a Canada Revenue Agency (CRA) audit?  And if it is being done correctly, have you ever wondered if there are possible additional deductions or expenses being missed that could help you reduce your tax liability, whether corporate, personal or HST taxes? Then maybe this is the time to book your QuickBooks Check-up Service.

With more than 25 years combined experience using various QuickBooks versions and editions, plus more than 25 years of preparing personal tax returns, we feel confident that our QuickBooks Check-up Service will help you.  Just like your car maintenance and dental appointments it’s better to do preventative maintenance than emergency service. You can then spend time doing what you do best in your business, and move forward with confidence and peace of mind.

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Payroll – In-House or Service Provider?

PayrollAs payroll calculations and T4 preparation become more specialized each year, clients frequently ask the question; should we do payroll in-house or should we subscribe to a service provider? As owners and bookkeepers try to make sense of the ever changing rules regarding taxable benefits and T4 reporting, there are a number of considerations.

If you want to keep the payroll in-house you can use the Canada Revenue Agency’s (CRA)  payroll deductions online calculator, subscribe to desktop payroll software like QuickBooks or Sage, or use one of the cloud based payroll systems.

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