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Have you considered these tax strategies?? Lisa Patrick

When you are looking for a strategy regarding your personal and corporate income taxes these are some things you may want to consider:

1.      Have your company buy you your RRSPs?   Money taken and deducted on your personal income would mean no tax consequence to you personally.

2.      Have your company pay your children’s tuition for college or university or trade school?   Tax on the Money can be avoided to the children in the event they do not attend the educational program for that year.

3.      Have your company pay you rent to use your personal items and less wages?   This will avoid CPP premium cost.

4.      Have you considered talking to your tax accountant before your company year end?

It is never too late to explore a possibility but take advantage of them this year!

 Call your accountant or contact us to learn more about income tax deductions and corporate tax strategies.

Darlene Lafond R.P.A.


Up to 10 years to change your tax return Lisa Patrick
You have up to 10 years under fairness to taxpayers to file a change to your tax return.  The government may only change your tax return for up to 3 years unless they find an illegal action.
 
Preparing a letter detailing what you need changed is simple.  Prepare the financial information with the new information and if possible include details on what you had initially claimed.
 
The government does provide a form called T1adj that may be downloaded from their website. http://www.cra.gc.ca

If you have any questions or are afraid to contact them directly, contact us and let us help you.

Darlene Lafond R.P.A.


Beware Tax Notice from The Government Lisa Patrick
Whether you read or refer to your tax accountant, do take a second look at the letter even if it looks like a form letter. The sooner you respond to the government requests, the easier it is to deal with them. If, the person you talk to does not treat you the way you expect to be treated – ask for another representative or a supervisor. If this does not provide you what you need, ensure you write a letter Winnipeg Tax Centre 66 stapon Road Winnipeg, Manitoba R3C 3M2 Register it if you like… You do have rights. They cannot treat you unfairly. Darlene Lafond, R.P.A.

Is your home your office? Lisa Patrick

Whether you’re a contractor occasionally working at home or an entrepreneur you need a room of your own to work in.  Don’t give in to the temptation to work on the sofa in front of the television.  Instead, have your own working space. This should be a permanent desk in a spare room with all the equipment that you need.

Having a defined separation when possible in your home as your work space will ensure that you won’t drift in out of work and ensure your entire focus is on your work. Make this space comfortable to work in, a space uncluttered, organized and make your home office your own – personalize your space.

When you work from home you will need to be sure that you are accurately accounting for all your office in home space so that you can utilize that tax advantages to working from home.

Utilize C2online's Office in Home Calculator to assist you to ensure that you take full advantage of your home, garage and yard space so you get the biggest tax savings possible.

Lisa Patrick


Home Depot was just a small business once! Lisa Patrick

I came across this article by Fran Tarkenton, on his website, www.onemorecustomer.com   I found the article very interesting and I wanted to share my thoughts on his article and share the link with you.

We all start small, some in the garages of our homes, some are the local corner store, and others have an idea and are fortunate enough to have the right person come along and like it.

As entrepreneurs we should never give up.  It seems that all the small businesses I come across all have the same complaint, "Not enough time and money."  After all, when we start we have a 9 to 5 job that actually pays our bills but leaves us little time to work on our business and no funds to achieve the success we inspire for as quickly as we like.

I found Frans story about Bernie Marcus; Home Depot inspiring.  Click here to read more.


Tips for speaking in front of an Audience Lisa Patrick

I remember the first time I spoke in front of a group of people, I was scarred to death.  I had been a stay home mom for the last 4 years and I was more comfortable speaking to 4 year olds' than a whole room of business professionals...SO this is what I did..

Checked out the room:

 I provided myself a comfortable cushion by:

Standing at the podium to get a real  feel for the room!

Used the microphone, turned the projector on and off – made sure that everything is working and you know how to work them.  There is nothing worse than having a room full of people and your fumbling with the equipment and distracted.  By the way that day I came 45 minutes early and nothing worked it took us an hour at the hotel to get their system to work.  I bought my own equipment after that!

I made sure my notes were in order!

Time to speak:

Don’t stand in one spot behind the podium the entire time – walk about a 3 foot area if your equipment allows you to.  That podium acts like a Barrier between you and your audience.

Oh and for god’s sake don’t lean on it!

DON’T READ YOUR SPEECH!!

After the speech always try to have some kind of handout about your key points.  Advise the audience at the beginning of the speech you have a handout.  This will stop your audience from frantically writing and will just listen to what you have to say.

I still get the butterflies every time I speak and my heart races like crazy, but a few minutes and it all goes away cause I know I have something worth saying and they are listening.


Does your bookkeeper have...? Lisa Patrick

Ensuring that your bookkeeper is qualified to complete the tasks required by your accountant to file the year end is very important. 

ASK YOURSELF how much time and money is spent trying to decide what they need in order to complete your bookkeeping for year end?

Finding a bookkeeper that is able to communicate to you what they need is also part of their job description.  Do they have all the communication tools and checklists to ensure that when they receive the bookkeeping from you that they have all the paperwork necessary to complete all their tasks.  Remember every time they call and request paperwork from you that should have been communicated to you initially when you provided them your box, costs you money. 

Ask yourself, if they don't know what they need or how to communicate to you; how good of a job are they doing?  It is not just about the data entry it's about truly understanding what you the client requires and communicating those needs to you.

Lisa Patrick
CEO


Who do you trust to ensure your are compliant? Lisa Patrick
Business owners that are trusting some one to do their bookkeeping and all the reporting to the government agencies….are you sure?

You are right, you have to do want you are good at and leave the stuff in your business that is better completed by those that know but…
How do you know the person you are trusting to know actually knows AND IS DOING IT?
 
Confirm the reporting to the government is done – INSIST at the very least to receive the “yearly” copy of  the notice from the government that says “ASSESSMENT” and the “year”.
GST ASSESSMENT

Income Tax ASSESSMENT

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


Are you dealing with Estate and Clearance certificate delays? Lisa Patrick
My research indicates that Northern Alberta needs more staff in the Edmonton office.&nbsp; The staff are exceptional in Edmonton but they do not have enough warm bodies.<br />
&nbsp;<br />
I have initiated a request into the Canada Revenue Agency to research the processing time out of Northern Alberta.<br />
<p> </p>
<p>Did the request yesterday, received a prompt call this am&hellip;. They have a team looking at it.</p>
Let&rsquo;s give them some real good examples of the waiting periods exceeding 6, 8, 12, months.<br />
&nbsp;<br />
Please email me or contact Canada Revenue Agency via completing the compliant form via online from the agency.&nbsp; Do not worry about giving client names on the complaint form, just lodge your name and your desire to provide the information &ndash; take 5 minutes to help make a change!!<br />
<br />
<p> RC193 - Service-Related Complaints &lt;<span style="text-decoration: underline;"><a href="http://www.cra-arc.gc.ca/E/pbg/tf/rc193/README.html">http://www.cra-arc.gc.ca/E/pbg/tf/rc193/README.html</a></span>&gt;</p>
<p>Darlene Lafond R.P.A., C.P.C. </p>

Do you Ignore Government Mail? Lisa Patrick
If you get any mail from the government, please bring it to your tax professional right away.  Some mail is date sensitive.  It could cost you money if the mail is not attended in 90 days in most cases.

Even if the government states you do not qualify for something, assume the government made a mistake and see your tax professional.  If you have no professional, please sent it to me by email and I will tell you - no charge if you need to see someone!
 
I just rushed a notice of objection through today that was one day from expiring and I believe the government has made a mistake that will get my client back $1625.00!

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

 
Do not ignore your government mail!

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