at 33234 Meadowlands Avenue, Abbotsford, V2S 6V1 Canada
Bookkeeping and Canadian tax returns prepared accurately and at a reasonable cost.
Bookkeeping and personal tax return preparation
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If you or your child are diagnosed with a disability, including Type 1/2 Diabetes, ADD and others, that markedly restricts the daily activities of life, you may qualify for additional deductions and child tax benefits. None of us like to label ourselves or our children as disabled, however the reality is the cost of care can be much higher. Also...if you have a disabled parent that you support, there can be transferable credits. Call us if you think you might qualify!
I've had some requests for prices. It's hard to quote a price without knowing what's involved. A very clever man I once knew said it was like asking how much carpet would cost for your house without ever letting them see your house. I can tell you that my prices are reasonable, affordable, below the big national tax preparer firms price :) If you need a quote, please contact me with details: tax return? bookkeeping? and I'll be happy to speak to you about it. Thanks
There's still time to get your personal tax returns in by April 30th! Appointments are still available :) If you owe money, interest starts being charged on May 1st, so don't put off filing. Small business returns aren't due until June 15th, but payment is still due April 30th. So make a payment if you think you'll owe. If it's too much, it will be refunded, if it's not enough, it will lessen the interest charged. Call us if you need an appointment!
Single parents: If you have custody of your children, you can claim the amount for an eligible dependant for one of them on your tax return. The amount you can claim may be reduced if your child is earning income. You can also claim the child amount for that child, and any other children born in 1997 or later, regardless of their income. Child Support and Alimony: If your ex is paying child support, it is not taxable to you. Nor can they claim a deduction for it. However, periodic spousal support payments are taxable to the recipient and deductible to the payer as long as they are made pursuant to a court order or written separation agreement. Deadbeat Parents: If you fall behind with your child support obligations, you may find that the amount owing is withheld from your income tax refund.
Tax season is in full swing! The banks and trust companies have to have all the information slips out at the end of March, so if you're waiting for that last RRSP slip it should be showing up soon! Speaking of RRSP slips, the contributions you make in the first 60 days of 2015 MUST be reported on the 2014 tax year and can not be held until next year.
The most common question this tax season has been regarding medical expenses...what can you deduct? Lots of people think they don't have enough medical to make a difference, but when you start adding it up you might be surprised! Here's what you should be keeping track of: 1. Premiums for extended health care...Blue Cross, etc. Maybe it's deducted from your paycheque, maybe you pay it yourself. Either way, it's part of your medical expenses. 2. Premiums for travel medical insurance and mileage for medical care over 40 kms from home. 3. Dental, optical (glasses?contacts?), prescription costs not covered by extended health. If your plan covered part of it, they would send you a statement saying what you submitted and what they paid. Keep those statements. 4.Chiro, massage, acupuncture, optical exams...most have user fees. 5. For seniors, the cost of care in assisted living. For more deductible expenses and information, please feel free to ask!
When are you considered common-law? If you are currently living in a conjugal relationship, AND at least one of the following situations applies: You have been living in a conjugal relationship, and this current relationship has lasted at least 12 continuous months; or you live with the parent of your child by birth or adoption; or you live with someone who has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support.
A common mistake is thinking that as a small business you have until June 15th to file and pay your taxes. As a small business owner your filing deadline is June 15; however, any income taxes owing are due April 30 to avoid any interest or penalties. No, it doesn't make a lot of sense, but that's the law!
Today's word is - INTAXICATION: Euphoria at getting a tax refund, which lasts until you realize it was your money to start with.
Are you in an Apprenticeship Program? Don't forget to claim your BC Training Tax Credits. If you are registered in an eligible program with the ITA, you can receive up to $4000 -- $1000 per year/level, and $2000 the year you complete your program in refundable credits!
If you're buying RRSP's this year, the deadline is March 2, 2015 for deductions on your 2014 tax return. The average rate of return for a working individual is anywhere from 26 - 37%. That means, for every $1000 you buy, you would increase your refund (or reduce your debt) by $260 - $370.
The CRA will start accepting e-filed tax returns on February 9th, 2015. For most filers, this is too early to have received all the info you might need to properly prepare your return. Employers need to have your T4 out by the end of February, and some investment forms aren't out until mid March! Don't get caught with unreported income...better to wait and be sure you have all your information. The CRA is actively imposing penalties if you forget to report income.
For anyone receiving the UCCB payments, note the following. Parents will receive more from the Universal Child Care Benefit in the new year. The benefit for children under age 6 jumps from $100 to $160, while a new benefit of $60 per month will be created for children aged 6 to 17. While the enhanced benefit comes into effect on Jan. 1, payments will begin in July with a lump-sum deposit.
Want to know if you can write off your employee Christmas party? If you throw a party for your employees, as long as all the employees are included, you can write off 100% of the costs. But if you invite only targeted employees, for instance managers, or shareholders, then only 50% of the costs can be written off. Moral of the story? Invite everyone!
We do small business bookkeeping! Do you have a shoebox system for your receipts? Would you like to be more organized? Hiring a contract bookkeeper eliminates the need for a computer, desk, office, etc. on the premises of your business. In addition, you can avoid the costs of paying for a full-time employee, including payroll taxes and benefits, when all you really need is someone part-time. Receive high-quality professional services, from Mainland Tax & Bookkeeping, serving the Fraser Valley. Whether your business is large or small, we can provide the solutions you need to get the job done right. Our company is here to assist by providing a wide range of services at affordable prices. Call or send us a message if you'd like to talk about your business bookkeeping needs!
Beware of fraudulent communications Important notice The CRA has recently become aware of a new scam involving email money transfers. Canadians are reminded that the CRA will only send payments by direct deposit or by cheque, never by email money transfer. Occasionally, taxpayers may receive, either by telephone, mail, or email, a communication that claims to be from the Canada Revenue Agency (CRA) but is NOT. In all these cases, the communication requests personal information, such as a social insurance, credit card, bank account, and passport numbers, from the taxpayer. These fraudulent communications are also referred to as scams or phishing. Invariably, the communication argues that this personal information is needed so that the taxpayer can receive a refund or benefit payment. Another common scam refers the person to a Web site resembling the CRA's Web site where the person is asked to verify their identity by entering personal information. Taxpayers should not respond to such fraudulent communications. To better equip taxpayers to identify those communications that do not come from the CRA, the following general guidelines are provided. The CRA does not do the following: The CRA will not request personal information of any kind from a taxpayer by email. The CRA will not divulge taxpayer information to another person unless formal authorization is provided by the taxpayer. The CRA will not leave any personal information on an answering machine. When in doubt, ask yourself the following: Am I expecting additional money from the CRA? Does this sound too good to be true? Is the requester asking for information I would not include with my tax return? Is the requester asking for information I know the CRA already has on file for me? How did the requester get my email address? Am I confident I know who is asking for the information?
Are you an employee or a self-employed independent contractor? The question of whether a person is in a business relationship (self-employed independent contractor) or in an employee-employer relationship is not one that is always easy to answer. There have been many court cases on this subject. In simple terms, if you make your own schedule, provide your own equipment or tools, and can lose money if you make an error, you can probably be classified as a self employed contractor. If you are audited as a self employed person, and found that you should have been classified an employee, you will still have to declare all your income, but probably won't be able to claim all your expenses. Ouch!