Are you concerned about your pay & Phoenix’s unreliable figures?

Most of us have heard, seen or know of someone who was under or over paid by $10, $25 or even $45,000 due to the Phoenix debacle. From what I have personally experienced I would not trust any figures or accounts supplied by Phoenix, even less any request for an over or under payment. I strongly recommend that you do your own homework and get a detailed and accurate review and reconciliation performed to get the facts of the situation straight for financial reasons and for your own peace of mind.  

Did you know that the Government of Canada is offering it’s employee a reimbursement for those who need fiscal assistance to sort out the facts and issues with their pay situation? 

 

Read links below for more information:

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Are income tax preparation and legal fees tax-deductible?

 

What is the truth regarding the deductibility of income tax preparation and legal fees?  Many taxpayers and even some accountants have perpetuated this inaccuracy to take advantage of the situation,  perhaps to alleviate the client’s tax pains or enhance the attractiveness of their services. 

What is not deductible: 

Regular taxpayers:

  • Purchase of tax software
  • Personal tax preparation fees
  • Legal fees for any other personal reason.

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Effective Tax Strategies Session / Stratégies fiscales efficaces – 2017 (free admission/admission gratuite)

Financial Literacy Sessions – Adult Program 2017

Effective Tax Strategies – Bilingual Session (free admission)
Location: Cumberland Branch Library, 1599 Tenth Line, Orléans
Date: Wednesday, February 8th, 2017 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

Ateliers littératie financière – Programme adulte 2017

Stratégies fiscales efficaces – séminaire bilingue (admission gratuite)
Lieu:  Bibliothèque, succursale de Cumberland, 1599 Tenth Line, Orléans
Date: le mercredi, 8 février, 2017 de 18:30 à 20:00
Veuillez vous enregistrer: En ligne à la Bibliothèque publique d’Ottawa

Would you like to learn more, in simple terms, about the Canadian Tax Laws?

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Are you ready to have your annual income tax return professional prepared by a CPA?

Tax and Accounting Services

Many of those who fear going in to see a professional CPA accountant to have their returns prepared and filed, hesitate for simple reasons such as not have all their documents, not knowing where to start or think they will surely end up owing a lot of taxes. 

Preparing for the Tax Consultation: 

Most professional accountants have probably seen most scenarios before your visit and they are normally more than happy to assist in making things easier for you. Many clients are also often pleasantly surprised by the bottom line result of their returns that comes from being organized, cooperative and getting past the procrastination phase.

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Accountants from the ROC are being restricted from servicing Quebec tax clients.

Last year, Quebec introduced new barriers and limitations on out of province accountants equitable and warranted? All accountants performing serves for the MRQ are now being limited to in province office locations. You are now required to have a physical office location in the province itself or assume the additional costs of going through another in province organization to obtain the Quebec Netfile transmission code to have the privilege to be able to Efile returns to the MRQ.

All provinces currently limit accountants who can perform audits & reviews in their province to those who are registered in the respective provinces.

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Effective Tax Strategies Sessions – 2016 (free admission)

Financial Literacy Sessions – Adult Program

Effective Tax Strategies – Bilingual Session (free admission)
Location:  Orleans Branch Library, 1705 boul. Orléans
Date: Tuesday, January 26th, 2016 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

Effective Tax Strategies – English Session (free admission)
Location:  Centennial Branch Library, 3870 Old Richmond Road
Date: Tuesday, February 2nd, 2016 from 6:30 – 8:00 pm
Please register: Online – Ottawa Public Library

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Effective Tax Strategies Session – 2015 (free admission)

Would you like to learn more, in simple terms, about the Canadian Tax Laws?

This free session is designed to help Canadians develop their financial literacy and develop a better understanding of the tax system.  The information should help you be better prepared to file your 2014 tax return and to take full advantages of some of the credits you may be entitled to.  Also, you will have the opportunity to learn more about the new 2014 & 2015 tax rules (especially for couples with children) for which you may be eligible.

Whether you are employed, a professional, self-employed or in business this session is likely to help you in your current tax planning and for future years.   Hopefully this will result and allow you to save time and money!   This session is developed by CPA Canada – Community Connect Program and presented by a Chartered Professional Accountant.

For more information and to register :

Effective Tax Strategies Session
Date: Tuesday February 24th, 2015 at 6:30pm
Location: Western Ottawa Community Resource Centre, 2 MacNeil Court, Kanata, ON K2L 4H7
To register: 613-591-3686

See other session dates that are available:  Other Events

Enjoy! / Merci!

Accountants, outside Quebec, having difficulty obtaining a Netfile authorization for 2015.

Things are difficult enough at Revenue Quebec without this.  They seem to have now found a way to further complicate things. Except, that this time it is for tax accountants operating outside of Quebec.

Le Ministère du Revenu du Québec (MRQ) has decided to revamp their Tax Representative Authorization registration procedures for Netfile in 2015 to simplifying things (I know it’s hard to believe). In order to do so you must have a NEQ number, or be registered for payroll deductions, corporate taxes or the TVQ in Quebec. Unfortunately, it seems that no one thought of the fact that in order to get any of those registrations you have to have a physical establishment or do business in Quebec.  In any other case, MRQ refuses to give accountants a Netfile authorization number for 2015. Fortunately, I have been able to get around this restriction to obtain an authorization number to be able to continue to Netfile the returns of Quebec clients, not without great challenges and efforts on my part however.

Any of you also going through this experience?  Any suggestions other than to have to paper file all Quebec clients from now on for those without an Netfile authorization number?

Thank you / Merci.

Wondering how much your tax preparation service fees will be?

This is usually the biggest concern for many prospective clients.  The truth is that while it is an important factor for the prospective client, it is often also a major unknown the professional accountant. 

Professional Fees:  What to expect and is considered reasonable?

To give you an example, it is not uncommon to have a situation with two clients with identical tax needs, information, and documents where the time required to diligently perform the services is quite different from one to the other.  This would be reflected on the final invoices. This is simply due to the fact that some clients will be more organized, have all their information available in a much shorter period of time, respond much more quickly to requests, avoid repetitive deliveries, while others will require additional review time, visits and email / telephone communications on the part of the accountant. Making an accurate estimation of the fees is a lot easier for situations involving returning clients.  In those scenarios, the accountant will have a better idea of what is involved, what needs to be done and how the preparation process is likely to go.

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Top Ten – Tax preparation tips for businesses

Tax Services

 

The self-employed, small and incorporated businesses are by far the category of clients that can benefit the most from using professional tax and accounting services.

 

 

Top Ten Preparation Tips for the self-employed and businesses:

1- Make sure your Trial Balance, Income Statement, Balance Sheet and all your annual transactions are well prepared and in balance. Paying close attention to identifying asset versus operating expenses.

2- Properly report all your HST charges and ITC transactions for your HST reporting period.

3- Self-employed individuals and smaller business will usually use pre-developed Excel templates (usually available upon request) to do their reporting and medium size operations will use software such as Sage 50, QuickBooks, etc….

4- It is most important that you include all your expenses. For example, a misplaced $1,000 dollar invoice can represent up to $490 in your pocket! and that is excluding the 13% refundable HST.

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