at 671 Belmont Avenue West, Kitchener, N2M 1N8 Canada
•Bill payment •Bank account reconciliation •Monthly report preparation Business services: •Bookkeeping, Accounting, GST/PST/Payroll •Managerial and Financial Statements •Business Plan and Budgeting
Since 1996 Toffson Management has assisted clients with the management of their diverse day-to-day financial and administrative activities. Relieving you of the stress of dealing with the details creates more time for you and your family.
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Did you know...A taxpayer who makes charitable contributions in one tax year that exceeds the allowable maximum may carry the excess amount over to succeeding years, for up to five years from the original contribution year.
HALLOWEEN TIPS: Do you usually overestimate the number of trick-or-treaters headed to your front door every year? If you’re left with a post-Halloween candy bars, candies and other treats, you may want to donate the extra candy to a charitable organization who might be able to use it. You may even be able to deduct the value of the candy!
HALLOWEEN TIPS: Receive a tax receipt for you old Halloween costumes when you donate them to a charity! The fair market value of the old Halloween costumes or what you paid for them are tax-deductible if you itemize, they are in good condition or better, and you get a receipt from the organization. Take a picture to prove the costumes were in good condition and keep the picture and the receipt with your tax records.
BE SMART WITH YOUR TAXES: We understand that some of you prefer to prepare your own business taxes. We recommend that you sit down with us to review your tax preparation before sending it to the CRA. There maybe tax credits that you are unaware of and most often people will make minor mistakes. These minor mistakes may become a problem if/when audited. It's always a good idea to have us check it over.
The mad dash is now on to get your business taxes filed! We can help and we have affordable rates. Contact us today at (519)745-4654.
Taxes, paperwork and calculators...OMy! It's just around the corner! Yes, we simply wanted to remind YOU!
We understand that preparing for your income tax return does not make most people holiday to do list. But now that the holiday season is over, it's time to knuckle down and get your affairs in order. Filing is only 3 months away - the more time you give yourself, the easier it will be...we promise!
Don't miss deductions There are many deductions business owners should be on top of, ranging from accounting and legal fees to home-based business writeoffs and vehicle expenses. Don't forget capital asset deductions. For help on figuring out what you can and cannot deduct, please contact us. We are here to help.
STUDENTS KEEP YOU TRAVEL RECEIPTS Did you know...The federal government offers a non-refundable tax creditfor taxpayers who purchase transit passes generally totaling at least one month’s duration for various modes of transportation (e.g., a local bus, streetcar, subway or commuter train). Students should save their passes and obtain receipts in case they are requested by CRA.
SPECIAL ANNOUCEMENT - the EI Rate has been frozen at $ 1.88 per $100 of insurable earnings for year 2014 – 2017. However, the premiums will continue to go up because the maximum insurable earnings will increase in each of those years. The end result is that employers will pay more EI year over year. Contact us to find out further details.
Good Tax Tips: A non-refundable tax credit can only be used to reduce federal or provincial/territorial taxes payable to zero. They cannot be carried over to future years. However, unclaimed donations can be carried forward up to 5 years, and sometimes unclaimed medical expenses can be claimed in the next year, depending on the timing. Unclaimed tuition, education and textbook amounts can either be transferred to someone else or carried forward.
This year - Do more with your student dollars! We want to help our students prepare with some helpful tax tips. We CAN help you plug in your numbers for a better tax return. Contact us today for some helpful advice.
Deduct MY mortgage?!!!....Yes, it is possible to create the opportunity to deduct your mortgage interest by carrying on a business from your home. You don’t have to give up your day job, but selling some type of product or service on a part-time basis and using your home as your principal place of business, will allow you to claim a deduction for part of your mortgage interest.