|
| News |
By Gunter Wallner
Why hire a full charge bookkeeper and what can they do for your business?
A full-charge bookkeeper is responsible for seeing that all of your business transactions are properly recorded in various ledgers, sub-ledgers, journals, etc. One of the most important aspects of any bookkeeper’s job is to properly maintain of the company’s general ledger. Your company’s financial statements (balance sheet, profit and loss statement, etc.) will be prepared from this ledger. The general ledger is of great interest to the CRA in case of an audit and others who will require information on your company from time to time.
Add a comment
|
| News |
By Gunter Wallner
Failure to file return -- The Act provides penalties for failure to file a return as and when required. The penalty is 5% of the unpaid tax at the date on which the return was due to be filed. In addition, a further penalty of 1% of the unpaid tax is levied for each complete month that the return was late, for up to 12 months.
A higher penalty is imposed for a taxpayer who has already been assessed a penalty for failure to file a return in any of the three preceding years. This penalty equals 10% of unpaid tax plus 2% per month, for up to 20 months.
Add a comment
Some changes for 2011 taxes
| News |
By Gunter Wallner
Medical expenses can be claimed by the taxpayer on behalf of a dependant. A dependant is a child under 17, or a grandchild of the taxpayer or his/her spouse or a parent, grandparent, sister, brother, uncle, aunt, niece, nephew of the taxpayer or his/her spouse.
The taxpayer can only claim expenses over $ 2,052 or 3% of net income of the dependant whichever is less, up to $ 10,000. The 2011 Federal Budget removed the cap of $ 10,000. The provincial maximum is set to be removed for 2012 in B.C.
Other changes for 2011 include the introduction of the children’s arts tax credit, the volunteer firefighter tax credit, and the expansion of the tuition tax credit to include examination fees.
Add a comment
Tax time advice
| News |
By Gunter Wallner
Since most small business owners have to use a calendar year, it only makes sense to get your year end in order and have a look at your net income as soon as the year is done.
The net income from your business will be added to any other income (employment, investment, etc.) on your tax return.
For many business owners CPP on self employment represents a big amount since you do not submit your CPP along with your regular payroll remittance unless you are corporate.
Add a comment
Taseko Mines benefits from rebounding copper prices
| News |
Copper stocks have been on the upswing this week as the price of the red metal recently hit a new 3 month high. Copper prices have rallied as upbeat Chinese economic data fed hopes that officials in the world's top copper consumer will try to stimulate growth.
