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As an Accountant what Investments do We Recommend Lisa Patrick

When considering investing, please call the investment company’s client service line and pretend to have a question on an investment they have.  See how long you sit on hold before you actually talk to some one.  Please try this a 3 different times during the day.
 
Also consider giving the investment company a token small investment and then wait for statements to arrive and do the same practice above.

When you do get to talk to them ask them to help you read their investment statements.
 
This should help you decide if you should be investing with that company!
 
We could tell you based on our needs from these investment companies who is prompt, who has a customer service system that actually serves clients.  In the interest of respect to those companies, we would rather have customers make choices based on an informed decision.

Contact us if you are considering an investment that you may have questions about that relate to your tax situation.

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


Are you a Single Parent - What you need to know about Audits! Lisa Patrick

How can the government actually audit single parents for receipts of child care and not even take a second LOOK to see if the children have been claimed as an equivalent to married!
The do not include finding Lost tax credits for something so obvious!!!
 
SO, you single parents remember to claim the equivalent to married credit on the federal, provincial and GST tax schedules.

If you have any questions, contact us and we will help.

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


Child Fitness Tax Credit Lisa Patrick

We are hoping all programs for children examine the layout and modify the receipts they are providing to comply with the governments.  We have basically copied from their website and provided links on the receipts.

Please click on our free product here.
 

If any programs need us to come and present to their program directors for free, contact us …  all for the sake of tax savings….!!
 
Please at the very least – reply that you have received our information.

 


Rental Claims Allowed ... Appeal Won Lisa Patrick

We have been involved in 2 cases now where the tax auditor disallowed rental claims.  We objected to the tax auditors findings in both cases. 
The appeal officer in both cases (two separate appeal officers) Spent little to no time and overruled some or all of the rental claims the first auditor disallowed.  In the most recent case it resluted in a $5595.00 REFUND!!

 


Are you in a wierd tax situation/audit or facing an audit? Lisa Patrick

Let us know of the situation and maybe we might do it for FREE.  Our criteria for handling the tax court case is simple, we may learn from your case which will enable us to help you and help our tax clients at the same time.

Contact us and advise us of your situation and we may be able to help.


We all know we can claim meals and travel...what you don't know! Lisa Patrick

In an audit the most examined claims are travel and meals.  You must ensure you document your intent for business purposes.  Things you need to do to ensure your deduction is safe:

1. Full name or place
2. Reason for the visit ( We suggest attaching paper work copy of meeting if expense over $500)

When documenting, in our experience the first intent of a business purpose must be evident when the purpose is shared between business and personal. 
VERY IMPORTANT: Keep your personal relationship to the person or place out of the details.  It was a business purpose, that is all that should be indicated on the documentation.

In a recent tax court case, the judge was opening perturbed at the fact that the meal receipts indicated: "lunch with my daughter about the website." This description indicated to him the purpose was personal first and business second. 

We suggest that the description of the business luncheon should read: 'Lunch with our website designer - Penny Joe.... Discussion: Graphics Improvements Needed'

Darlene Lafond R.P.A., C.P.C.
 


Does your pharmacist live a distance from you? Lisa Patrick

If you answered yes, and you have to travel 40km oneway or more to pickup prescriptions you can claim this on your personal taxes.

Pharmacists are a provincially licensed medical practitioner in every province in Canada, therefore your trips to visit them is a medical service trip.!!!


 


Lottery Ticket - Marketing Strategy? Lisa Patrick

This happened to me.  I had a professional business meeting with a prospective new business associate.  A week later I opened up my mail at work and inside was a handwritten thank you card for taking the time to talk to him with a lottery quick pick.

I must have told 10 different people that day and now I am blogging about it.  In this case a great networking strategy.. but what if we implemented this for other strategies; like potential new customers.

Lisa Patrick, CEO


Are you saying thank you to your customers/clients? Lisa Patrick

 Remember the day when the business owner use to go that extra mile to thank you; his customer, for your business.  It seems in today’s busy, hectic world a simple thank you has been forgotten.

 

When was the last time you received a handwritten card from someone that you recently gave business too?   Can’t remember? Probably because it has been so long since you seen one.

 

Here is a marketing strategy to increase your business: invest in some nice thank you cards, handwrite  a note with a thank you and mail them.  Wouldn’t you like to get your mail and find a hand written card, I would open it first.  As a customer you feel valued and you were probably shop there again regardless of the price but because you were valued as a client and special.

 

Show them your grateful and they will return your gratefulness with more business.

 

Lisa Patrick, CEO


You hired them as a contractor and the government has decided they are an employee... NOW WHAT?? Lisa Patrick

 This could bankrupt the smallest of companies..
Protect yourself, make informed decisions when you hire someone…
Hope this helps, right from the governments website….

Guide at Canada Revenue specifically lists qualification issues..

RC4110 - Employee or Self Employed? www.cra-arc.gc.ca/E/pub/tg/rc4110/README.html

Some major points for discussion with worker …
1.
                 control of her/his hours and not routine to your scheduling
2.
                 bring her/his tools for the job
3.
                 replacement worker acceptable based on her/his decision
4.
                 risk of loss of income if she / he errors
5.
                 invoice provided with service detailed
6.
                 watch workers compensation., if worker not have and you hired her/him you are accountable for the workers compensation.

If you require information for payroll from the government:

PDOC, payroll tables, TD1 and more: www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/tbls-eng.html


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