News

Wednesday, March 06, 2019

Did you hear about the Cannibal Tax Accountant?

She charges an arm and a leg!

 

Tax season can be stressful for the best of us. We have gathered a few tips on things to prep and keep in mind this year when getting organized:

-Step One is to choose a software, or make an appointment if you’re not comfortable doing taxes on you own. Many online options are available at low cost, or to find a tax clinic near you, go to Canada.ca/taxes-help. 

-Get your documents organized: T4, T5, receipts… gather everything together so you have everything handy when you are ready to file. If you scan your documents into the computer, this can be even faster so it just means a quick search rather than digging through files.

-Open an account with CRA online. This makes it easy to access things like your Notice of Assessment, and RRSP contribution room.

-Keep up to date on tax credits. Changes happen every year with credits being added, taken away, or can be indexed to inflation. Take a look at the CRA website for any updates.

-Remember to report business activities even if you earned nothing. The loss will offset other income you might have and will save you tax.

-Keep note of any credits that can be carried over or transferred, like tuition credits.

-Check for accuracy and ensure all the information you’ve entered is complete. Check for any lines on your return that look different than last years to make sure your numbers are right, and that you can explain the differences.

You have ten years to adjust for errors or omissions in tax filings! Remember to keep all receipts.

Posted by Margaret Koniuck at 10:30 PM 0 Comments

Wednesday, January 02, 2019

Make the Most of 2019

The New Year is a great time to get organized. Organize your closet, organize your life. Clean up the spice cupboard, set some goals. Being organized helps put your ideas into action, in your personal life and at work.

No time to organize? Start outsourcing work online, get your groceries delivered, or invest in a cleaning person to help you out, and take advantage of the extra time to yourself!

Learn to play an instrument, go outside for a walk, get more sleep, learn a new language, or visit the museum. Set some goals by looking back on the last year, is there anything you would want to improve upon or do more of? Set small, manageable goals that can be met throughout the year. Maybe fitness and education are important to you – take some time to think of how you want to tackle your objectives. Try some different workout classes or online seminars and see what works for you and piques your interest before making any big commitments. Set a plan to see your goals through, whether it is a weekly Wednesday night study session, or signing up for a run club to get ready that 10K. Make sure your ideas are financially viable, and set a time limit.

The New Year is great time to look back on your budgeting and re-assess to see what is and isn’t working for you while you factor in your new goals for the year. Budgeting apps are a good way to get started and get a clearer idea of your spending.  While you’re at – download our new app! With it there is no need to send in receipts, just snap a photo of them and you’re all set. Simply send us an email and we will have you set up right away.

Posted by Margaret Koniuck at 10:09 PM 0 Comments

Monday, November 19, 2018

Welcome to Financial Literacy Month!

Financial literacy month is a great time to take a closer look at your finances to see how to spend and save wisely. There are many aps out there to help you take a closer look at where your spending is going, and where you could fit in some savings. We all know every little bit helps coming up to the Christmas season!
 
Here are some of our top tips:
 
Set up a budget with clear savings goals. Once you have a schedule down on paper it's a lot easier to stick to. 
 
Those coffees and food truck lunches add up! Save fancy coffees and lunches out for special occasions or even just Fridays and you'll be saving in no time and will have something special to look forward to all week.
 
Talk to your bank about how they can help you save a bit extra. Many banks have rounding up programs where you can round up your purchases and put the extra directly into your savings account. While you're at it, set up an emergency fund if you don't already have one.
 
Take a look at your credit cards. Make sure you're using cards with benefits you can actually use. In addition, it never hurts to make a phone call to ask about lowering your interest rate or annual fee.
 
Save your receipts for tax season. Bus passes, charity donations, adoption and child care expenses can all be claimed. You can even get free help at the Community Volunteer Income Tax Program (CVITP) at tax time to assist you in maximizing your return and finding out what you can claim. 
 
And our number one tip... Have a look at our Savings Calculator to see how much you could be saving as a business owner!
 
Posted by Margaret Koniuck at 10:19 PM 0 Comments

Friday, October 05, 2018

Winter Woes

Heading into the long weekend, it's hard not to notice that winter is well on its way! Thankfully we have you covered for for several small mishaps that may happen as the temperature dips.


Pull a muscle shovelling? You can claim your RMT massage or physiotherapy.


Lose a filling when you flew off your toboggan? Dental services qualify.


Crash a bit hard playing hockey with your friends? Ambulance charges can be claimed as well.


As long as you haven't been reimbursed by another plan, these expenses qualify! Just remember to keep your receipts. Give us a call or email with any questions and we can advise you what we can help out with.

 
Posted by Margaret Koniuck at 2:36 PM 0 Comments

Sunday, August 19, 2018

Looking for Inspiration?

When running your own business, sometimes it can be tough to stay ahead of the curve and innovate. If you have been stuck in a rut and need some inspiration, summer is thankfully a great time to re-energize!


Try some of these tips to gain a new perspecrive and generate some new ideas :


Read a book - Joining a book club is a great way to learn not only from some great authors, but also from the perspectives of others in the group. Reading is also a great way to unwind and relax at the end of a long day.


Grab a coffee - Grab your favorite travel mug and choose a new cafe in town. Changing up your routine and meeting new people can be a great way to break out of a rut.


Take a walk - Exploring a new neighborhood is a great way to generate new ideas, and get some exercise to clear your mind. Whether you walk just down the road or somewhere new, you never know what you'll find with an open mind and keen eye!


Talk with coworkers - Having a group you can bounce ideas off of is always helpful in brainstorming new practices. Whether it is coworkers, friends, a mentor, or other businesspeople, a group to network with can be extremely valuable to gain insight and learn about new opportunities.


Try something new - Whether it is related to your line of work or not, doing something you have never done before is a great way to learn and grow. If you fall out of your kayak, or your new filing system flops, at least you've tried and have a better idea how to set yourself up for your next attempt.

 

What inspires you?

 
Posted by Margaret Koniuck at 12:00 AM 0 Comments