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How to Do Bookkeeping Without A Computer Lisa Patrick

Personal taxes for the year (if facing Personal filing deadline in next 30 days)
Do it with the Personal tax slips you have
Use your personal government tax slips or employer t4 slips
You may adjust your personal tax return later once you complete the information from your Company.

Simplest way to do bookkeeping with out a computer.
Use an add machine for totaling of receipts.

Provide Bank Statements for the business so the matching of:
totals for money that went in.
and the
totals for the money that went out
can be compared to your receipt total information as shown in
www.c2online.ca  compare <
http://www.c2online.ca/Store/tabid/80/ctl/ProductDetails/mid/595/ProductID/57/Default.aspx>
 
Prepare each account (category)  total to each Business year end
(fiscal period example
First year:         March 9, 2009 to February 28, 2010
2nd year:            March 1, 2010 to February 28, 2011)
Or cut off date of company when closing
If you desire dissolving corporation or company, contact a registry office for the proper protocol.
 
Group receipts in each category as shown in
Canada Revenue Agency handout:
Business & Professional guide T4002E <
http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html>
Go to section after page 30
Page 2of 5 Part 4
Income
Other costs may be where you would put any money you transferred to or from your personal account
 
Expenses
Page 2of 5 Part 5
Motor Vehicle Expenses
Page 5of 5 Chart A
Claim the expenses you believe to be business use 100% as one total
Claim the expenses you believe to be business use not 100% as another total…
 
If you are uncertain on the percentage of business use
For example:  
Motor Vehicle
log the kilometer the vehicle travelled for the whole period
and then
provide the log of kilometers you used it for business.
 
Home space used for business office, storage and meetings.
Measure the space of the whole home up and down for square footage available
Measure the space of the whole home up and down for square footage used for business..
Some considerations to a room used some of the time for business and personal, you may need to complete a more complicated home space calculations.
We do have a form that is available at our website www.c2online.ca <http://www.c2online.ca/>   for $4.95 or compare <http://www.c2online.ca/Store/tabid/80/ctl/ProductDetails/mid/595/ProductID/57/Default.aspx> for $7.95.
You need Microsoft excel.


Travel Tax Credit ?? Lisa Patrick

The federal government issued a home renovation tax credit, let's lobby for a travel tax credit!! Stimulate the travel within Canada by Canadians!

How? Implement a travel tax credit for money spent on flying or driving, hotels, campsites, etc. for personal travel. 

Criteria? It has to have two trips to qualify, first $250.00 does not qualify, maximum $10, 000.00

Where on the T1 General Tax Return?  It would not take much to modify the Schedule 12.

Interested?? Contact us.


Lobbying to get Alberta Provincial Government to implement HRTC 2010 Lisa Patrick

Does any one want to start the ball rolling to get the provincial governments to implement the home renovation tax credit for 2010…??

The federal government has dropped it but why not get that schedule 12 to our provincial tax schedules!!!

Contact us


Claiming Interest Expense on Your Taxes - What to do? Lisa Patrick

You must keep the initial loan documents and any renewals in order to claim them as expenses on your income tax.  According to CRA, the bill of sale or paper work showing purchase, any document used to distribute the proceeds like a cheque or money order, any interest statement that reflects the annual interest paid must be kept as well.

The Documents must reflect the name of the person or company claiming the interest expense.  Note: If not - try getting a sub agreement indicating the initial named person did borrow the funds for you or your business.

Keep all the documents including the annual interest statement for 7 years after the loan is paid off.  Please store the documents safe from fire, flood, etc.



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