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

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

Tuesday, June 26, 2018

Are you ready for Summer?

Summer is officially upon us! You can find us out on the golf course enjoying the weather this long weekend!

This season is a great time to enjoy family time, and try some new activites. However, while you're out enjoying the sunshine, remember to stay sun smart. Always apply sunscreen, bring a hat, and ensure you have extra water. Nothing ruins a day at the beach like a sunburn. Also ensure you're stretching and not overdoing it at your softball game or are taking on too big of a hike. If you do, remember to save any receipts from chiropractor vists or physiotherapy to send along to us. Sometimes accidents are unavoidable, and medical bills can add up quick. You can feel at ease making the appointments you need with a Private Health Service Plan in place. 

Wear a lifejacket, take time to relax, and indulge in some ice-cream and BBQ!

 

Posted by Margaret Koniuck at 1:27 AM 0 Comments

Saturday, May 12, 2018

What time is your appointment with the dentist?

Tooth Hurty!

 

Jokes aside - With playoff hockey in full swing, some toothless smiles (Stastny's is a winner!) may have reminded you of some of your own dental work that is overdue. Many procedures can be quite expensive, but the good news is that many of these qualify as medical expenses!

Dental services paid to a medical practitioner or dentist; including teeth straightening, and even dentures and dental implants all qualify (with the exception of purely cosmetic procedures). Orthodontic work such as braces are also included, though again any treatments that are purely for cosmetic reasons do not qualify. Although toothpaste and toothbrushes are essential to maintaining good oral hygiene, they are not a qualifying spend.

So go ahead and book that appointment (and save the receipt!) to get that summer smile you've been pinching pennies for.

 

Posted by Margaret Koniuck at 4:06 PM 0 Comments

Tuesday, April 10, 2018

What Qualifies?

Frequently as you are putting together your claims, you may have questions for us regarding your expenses. Of the questions we receieve, some of the most common surround which medical expenses qualify, and which do not. 

Here are some helpful tips with some of our most common claims:

  • Chiropractic Services
  • Dental services (including teeth straightening! - however toothpaste or toothbrushes and teeth whitening procedures DO NOT qualify)
  • Remedial Massage Therapy (must be RMT - health programs offered by resorts, spas or health clubs DO NOT qualify)
  • Physiotherapy
  • Prescription Drugs (non-prescription birth control devices DO NOT qualify)
  • Naturopath Visits (medications, vitamins and herbs obtained over the counter however DO NOT qualify)
  • Vision care 
  • Prescribed medical devices (prescribed cane, air purifier etc)
  • Laboratory tests
  • Ambulance charges

 

It is important to keep in mind that any illegal operations, drugs or treatments do not qualify. Another important tip...any medical expenses that are reimbursed by other plans DO NOT qualify!

Contact us with any questions regarding your expenses and what is eligible.

Posted by Margaret Koniuck at 11:09 PM 0 Comments

Tuesday, August 29, 2017

Top Reasons to ditch your Traditional Insurance Plan for a PHSP

Have you noticed your premiums creeping up every year? Getting frustrated with paying premiums for programs you don’t use? Perfect vision, but need to see an RMT? Straight teeth, but need a chiropractor to straighten out that spine? We’ve got you covered.

Regardless of your age and pre-existing conditions, a PHSP lets you claim only what you use, no more paying for services you don’t need. With less worrying about what and how much your insurance will cover, a PHSP lets you save money without stressing over high deductibles or coverage limitations. It’s time to ditch the “Reasonable & Customary” coverages, and generic brand drug limitations. For as little as a 5% administration fee, you, your employees, and your families can benefit from tax savings and health coverage for the services you really need and use.

Are you an Owner/Operator, Small Business, Medical Services Provider, or their employee and want to learn more? Check out our website, give us a call, or see our last blog post all about What is a PHSP, and how do you Qualify

 

Posted by Margaret Koniuck at 9:07 AM 0 Comments

Friday, February 17, 2012

It’s NEVER TOO LATE to submit those 2011 medical expenses!

If you haven’t done so already, collect up your 2011 medical receipts and send them in.  Think of it as mining for gold.  Each receipt represents a little extra cash in your pocket.  Make sure you have included the following:

 

·        Massage therapy receipts

 

·        All dental bills

 

·        Any premiums paid by your spouse at an outside employment

 

·        Travel insurance premiums

 

·        All vision care bills

 

These are just some of the medical expenses that qualify as a business expense with your Corporate Care benefits.  Here’s a full list: http://www.e-benefits.ca/how-does-it-work/qualified-expenses.cfm

And remember:  There are NO LIMITS.*

HINT: If you are mining for receipts for 2011, here’s a tip for 2012.  Set up a shoe box or a file folder where you can easily drop in any medical receipt as you get it over the year.  Keep a place at home and a place at work.  It’s easier than trying to remember to bring your receipts home from work or vice versa.

 If you have a question about whether something qualifies, please call us, email us or use the “Ask a question” section of the web-site: http://www.e-benefits.ca/ask-a-question.cfm  We’re always being asked questions about what may qualify as a medical expense and we’re happy to discuss anything with you.  Often questions are sensitive or confidential in nature.  We respect your privacy and have over ten years of experience with handling all sorts of questions.

 

*Businesses that are not incorporated have some limitations.  Call us at 204-940-5461 for more details.

 

Posted by Margaret Koniuck at 4:46 PM 0 Comments