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Purchasing Equipment ? Buying A Business – What you NEED to know! Lisa Patrick

When purchasing a business or large ticket items (especially when they offer a guarantee), PLEASE investigate whether the company you are buying from is registered at Canada Revenue Agency GST.

IF THEY ARE NOT that may tell you that the management of their own Business is questionable. It may even indicate that they could be in trouble with the government. So once you validate their GST number, ensure their paperwork uses that business name with that GST number for any sales agreements.

How do I confirm GST #?
To confirm their GST number and the Business name is registered with GST Tax department please:
Phone 1 800 959 5525 ask to speak to someone
OR
You may go on line at the below link and follow their step by step instructions

GST/HST Registry
OR
We offer an 1/2 Hr FREE consultation – NO obligation by phone or visit us in our office.  We encourage searching before you leap where ever you can for info to help make your business decisions.

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


Revenue Canada Free! Lisa Patrick

We have compiled a list of sessions at the bottom of this email, that Canada Revenue Agency offer that are free.
Their contact number of 1800 959 5525 is valuable regarding questions.

Always remember when you are talking to them, they are supposed to know more about taxes and business requirements for our tax government than us.  They wrote the book.  If you do not understand the answer – ask to speak to their supervisor.  You do not even need to give your name when you call them.
Biggest thing….. GST registration or not?   If you are buying a lot of equipment to start your business you may want to register so you can get the GST dollars back. (see our post Purchasing Equipment! …)
Edmonton
·        GST/HST New Registrant Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-gst-eng.html>
·        Small business information seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-smll-eng.html>
·        Tax Information Sessions <http://www.cra-arc.gc.ca/vnts/ab/dm-nf-eng.html>
·        New Employer’s Information Session <http://www.cra-arc.gc.ca/vnts/ab/dm-nw-eng.html>
·        Taxable Benefit Information Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-tbis-eng.html>
·        SR&ED Public Information Sessions <http://www.cra-arc.gc.ca/txcrdt/sred-rsde/cntcts/srdpr-eng.html>

Alberta – Events <http://www.cra-arc.gc.ca/vnts/ab/menu-eng.html>

Edmonton, AB – Small business information seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-smll-eng.html>

Edmonton, AB – New Employer’s Information Session <http://www.cra-arc.gc.ca/vnts/ab/dm-nw-eng.html>

Edmonton, AB -Taxable Benefit Information Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-tbis-eng.html>

Lisa Patrick
CEO


Brown Bag Lunch Seminars FREE Lisa Patrick

We are interested in presenting some of our bookkeeping tools to employer’s and employee’s for free over a lunch hour.  Our Simplified Ledger – Employee Expenses, In home office calculator just to name a couple.

If you know of someone who could benefit from these tools or a company that has employee’s that could benefit from these tools.. please contact us.

Lisa Patrick
CEO


Las Vegas – To Buy or Not to Buy? Lisa Patrick

We have had several inquires in the past month about purchasing property in Las Vegas.  What you need to know!

When looking in Las Vegas buyer beware of the really pretty condo that is selling for $60,000.00  Ask the right questions:

  1. Are the other condo owners living there?  Why ask this? We found that most of the condo’s are purchased but the owners don’t live in them but rather have purchased them because they have guaranteed rent that has been subsidized from the State.
     
  2. Make sure all  the toilets flush.  Really, some of the condo’s previous owners have put concrete down the toilet.
     
  3. Make sure the place has not been stripped of all the copper.
     
  4. Ask the other tenants or owners how the Condo Association/HOA is?  Are they managed properly? Are they happy with the HOA ? How fast is the HOA attending to the needs of the complex/community and tenants?  Is there a representative or a board in your Community?
     
  5. Make sure your realitor understands all your needs and all that is required for paperwork when purchasing a property when you reside in another country?

These are just some of the things you need to know.

Lisa Patrick
CEO


Prosperity Ventures & C2 Free Seminar Lisa Patrick


Don’t be part of the statistic about Wills especially if you own a business. Lisa Patrick

Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.

Why?

  1. I don’t have enough money to worry about it.
  2. I am single.
  3. I don’t have any children.
  4. I don’t like to think about my death.
  5. Writing a will is time consuming, expensive and complicated.
  6. I am too busy building my business or working trying to make a living.
  7. I don’t want to deal with a lawyer.
  8. I don’t have money to get a Will drawn up.

Why have a Will here are several good reasons why:

  1. Avoid, or at least reduce, estate taxes.
  2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
  3. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate.
  4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
  5. If you have children, preserve your assets by setting up a trust fund.
  6. You are single and have no dependents.  Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
  7. You own a business – YOU NEED a succession plan for your business.

Lisa Patrick
CEO


Money Back from Revenue Canada – Missed Medical Refunds Lisa Patrick

If you answer Yes to any of these questions:

  1. Does it take more than average length of time for you to walk?
  2. Do you have hearing problems?
  3. Do you have problems seeing?
  4. Do you have problems eating?
  5. Do you have problems breathing?
  6. Any medical impairment that effects your daily life?

Than you need to read more.

Do not overlook a tax credit that can save you over $2500 a year.
You can get the government to adjust up to 10 years….
I have seen government refund cheques, yes for thousands of dollars –        TAX FREE AND LEGAL!!!

RC4064 – Medical and Disability-Related Information – Includes Form T2201 – 2008 <http://www.cra-arc.gc.ca/E/pub/tg/rc4064/README.html>

T2201 – Disability Tax Credit Certificate <http://www.cra-arc.gc.ca/E/pbg/tf/t2201/README.html>

Contact us to see if you qualify or ask your professional.
Darlene Lafond R.P.A., C.P.C.
Master Tax Specialist


Free Publicity for your Company – How do I get it? Lisa Patrick

I recently was conducting research and trying to find ways to get free publicity for our products.  I always wondered how companies seem to be always in my radar via TV, web, or in print.  Thinking that these companies spend an enormous amount of money on advertising.  I was surprised to find that some don’t spend a single cent.

I wanted to share what I found:

Position yourself as an expert / utilize someone in your company as an expert.  Media rely on those who are experts in their field.  No different than our judicial system.  When they need relevant information regarding a topic in court then refer to an expert.  That expert is credible.  The media does the same to account for accuracy.

How do you know if you are an expert?  Being an expert simply means that you have a background in a specific area and can lend your expertise.

Find a story in the news that you could comment on. that would make you eligible as an expert.  If you don’t know a current event – Google!

Then once you have found an article, be the Edmonton Journal or nationally – The Globe and Mail, find the reporter covering that story you want to comment on and contact them.

I would make sure you do your research about the reporter.  You may want to comment about them- possibly an achievement they have recently been recognized for or achieved.  If there is no achievement possibly find a greatly written article that they recently have written about.  Show the reporter that you have taken the time not to just sell your expertise but have an interest in them and who they are.

Then talk to them about your expertise /position on a story that you have chosen.  Make sure they are aware of your point of view on the subject and your credentials that defines you as an expert to have an opinion on the subject.  After, the reported is you make a good point will most likely verify your story and you may receive publicity from your expertise.

Lisa Patrick
CEO
 


Testimonial to a good Accountant – Why you need an accountant to handle Estate Lisa Patrick

estate, I know my handling of my dads estate would have been completely different had I not had an accountant that asked me questions…. Gave me lists.

I started helping my dad with his tax stuff soon after he got sick.  He and I just used the routine method he had always taken to file his taxes.  When he died, I assumed the routine would be the same but I would have to do it with out him this year.

Well, what a shocker…  when I visited my dad’s tax office after his death…. The need for the “will” to even have them talk to me….surprised me; as I had been their at that same office several years prior to his death

Upon providing the office the Will, I was referred to a tax accountant.  ….   It was about proving to the government that I had authority to act on his estate after his death. The power of attorney was not good after he died.

The 22 questions that the tax accountant asked me, helped me realize that the final personal return for my father required some i dotting and t crossing..
We discovered that his walking impairment of the last two years resulted in him getting additional money back from those two years prior to his death…. Close to $2500 per year.
It was not that there was an error on the prior years, it was the question about disabilities in daily life,  that was explained in better detail directed me to contact my dad’s doctor.

Anyway, it is my experience that the final paper work is not just about papers, it is finding out that you basically take on a new household when you become an executor.  It was important that the tax accountant knew what I might not know.   Knew I might assume things but this tax accountant knew it was her job… to ask me…very specific questions…

The items my father had willed to his underage grandchildren, had to be set up specific to ensure we did not need to keep the estate open for the years they were under age.  She knew what to do to get the thing finalized…

So when visiting the tax person you believe will be handling the final things…. go to that meeting believing you should been shown something you do not know as they are the tax people… they should know something you do not know….feel confident in the questions that they ask of you … if they ask very little they may not be the right person for you.


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.


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