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Free Seminar – Handle the bookkeeping for Home Reno Tax Credit Lisa Patrick

A survey, conducted by Ipsos Reid, found that three in four Canadians (76 per cent) who are planning to renovate will pay for most or all of it with cash or savings, compared with 70 per cent in 2008, signaling a shift in the way Canadians view home improvement financing. Fewer renovators, 24 per cent, plan to use a credit card to finance their renovation this year, compared with 32 per cent in 2008. This may have something to do with the home renovation tax credit.

The home renovation tax credit would give up to $1,350 in tax relief on home improvement projects. Eligible expenses would have to total at least $1,000, but not more than $10,000, and the work would have to be done between Jan. 27, 2009, and Feb. 1, 2010.

It’s a 15%  credit which can be claimed on an amount which is more than $1000 and under $10,000. The maximum credit that you can obtain is $1350. You need to account for your expenses and let us help you with that.

Our free seminar on February 3 in Morinville – 6:30 PM registration at the Morinville Rendez Vous Centre 9913 – 104 Street .. Please contact us to RSVP.


Choose Power of Attorney instead of A Will – A Will? Lisa Patrick

Ask your choosen power of attorney if they will help your family finish your estate if you have no Will?

Call your bank, land titles, Canada revenue agency, any holders of your belongings and ask if they will help your family finish your estate if you have no Will?

A power of attorney does not work when you die!!!

Get a Will… Make it easier on your beneficiaries.

Do not do your Will like a form.  Think about your belongings and your legacy.  Make lists…
Your belongings do not have to have a dollar value to result in distribution on death problems..
Sometimes it is that knife collection that has a very nominal value that has your beneficiaries fighting.
Observe your beneficiaries interests & desires… remember to list things as are communicated.
 

Darlene Lafond R.P.A., C.P.C.
www.executorsvault.com


$ Gone When Someone Dies .. How to avoid This! Lisa Patrick

Many tax saving dollars are lost due to completing the final and estate return without consideration to illness as cause of death!  You may qualify for the disability tax credit !

This certificate T2201 provided by the government (www.cra.gc.ca <http://www.cra.gc.ca/> ) once completed by a medical practitioner, may result in up to 10 years tax refunds of approximately $2500 each.  YES, we have seen the cheques!
This credit may also be transferred to an individual that cared and supported the taxpayer with the illness.

Darlene Lafond R.P.A., C.P.C


GST – A Lower % when you File? Lisa Patrick

When you are a GST registrant in the service industry you can apply for an election to be able to file a Quick Method return at a lower percent.

The Application is GST74 and the guide is RC4058(e) both you can find on
the CRA website www.cra.gc.ca/gsthstpub

Joan Rupert C.P.C.
CFO


We Invite You! Lisa Patrick


Out of Town Travel and What CRA Court Says Lisa Patrick

Reasonable Expectation of Profit.

An audit we recently represented at Tax Court of Canada focused on the claim of business meetings with the government scrutinizing the vehicle trip log and some out of town travel.

The judge chose to disallow some deductions even though the client had provided all the receipts.

The final conclusion may have been more favorable if the kilometer logs & travel itinerary of the meetings actually would have had the following information present:

  1. actual street address of meeting location
  2. job description or job title and complete name of all attending meeting
  3. brief summary of discussion must have specific details not just promotional meeting.

Simplified Ledger – Easy to Use: No Accounting Knowledge Needed Lisa Patrick

Our excel worksheet “Simplified Ledger” has successfully assisted companies with representing their bookkeeping with Canada Revenue Agency.  When utilizing the coding and action correctly, the functions available with an excel worksheet assists the CRA auditor in promptly filtering the accounts facing scrutiny and then they are on their merry way.

This worksheet was created to provide that true baby step, user friendly introduction to bookkeeping; using the plus and minus method of input rather than a debit and credit.  Works like a cheque book!
We represent that 90% to 100% of bookkeeping entries may be accomplished by the plus and minus method.  We do further represent that  no company should complete their bookkeeping year end with out the assistance of a qualified tax professional…If you don’t have one you may contact our master tax accountants.

Lisa Patrick
CEO


Safeguards against Employee’s Stealing Information Lisa Patrick

PERSONAL INFORMATION PRIVACY ACT (PIPA) / PERSONAL INFORMATION PROTECTION AND ELECTRONIC DOCUMENTS ACT (PIPEDA)
With the threat of identity fraud, small business owners NEED to check themselves on how they maintain their clients & employees information. Assigning a Privacy Officer is a start please refer to the list below:

REASONABLE SAFEGUARDS TO CONSIDER:

  1. Security practices explored to determine what is reasonable policy to your business
  2. Pre-employment checks
  3. Lock cabinet with key security
  4. Shredder for all info to garbage
  5. Establish practice, routine, custom to safeguard the information. Implement consequence when breached.
  6. Identify the staff needing training on security protocol. Confirm importance understood
  7. Appoint a Privacy Officer; an employee with a job description to ensure information is protected, etc.
  8. Personnel forms signed on the company’s protocol on ensuring private info on employee & clients are safe. Ensure it indicates the company policy does not allow the removal of information from business location.

If you need to contact the Privacy Commission see below

Contact: 1 888 878 4044 / Email:generalinfo@oipc.ab.ca / www.oipc.ab.ca/pages/PIPA


Buy Land With Your Children’s Money – How? Lisa Patrick

Income earned rule will attribute to contributor to investment advantages: HOW?

By keeping any of your children’s own money properly separate from others, you may one day use their proceeds to buy land in trust for them.  This would ensure any profit earned as a result of the sale or any rental income,  would attribute back to the child or children.
And Yes; consider having your children partner their income in the purchase and share the profits.  Ensure you can clearly identify their income from others.

Contact us for more information.


Home Space in your Business? Lisa Patrick

What ? Claim space in your Home? The preparation of a detailed mapping of your home space and time using your home space for business is important to justify your claiming your company is reimbursing you personally for the company’s use.  Our office in home calculates worksheet (FORM # SF 198) has successfully passed scrutiny by Canada Revenue Agency Auditors.

When completed accurately, the representation of this form provides all the verification you need to a CRA audit to ensure you do not pay personal income tax on the claim of your home space in your business.

Go to SF198 at mbctools.com to get the form.

Lisa Patrick


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