taxdetective-Sandusky-Register

I believe it's important to reflect on where we've been...

Every so often, usually about this time of year, I ponder the thresholds and rates as well as the maximum contributions for CPP and EI and wonder how many Canadians actually contribute the maximum for CPP.

I'm sure someone knows the statistics on that?

EI premiums and maximums:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/ei/cnt-chrt-pf-eng.html

CPP premiums and maximums:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/cnt-chrt-pf-eng.html

Note to self-employed...

If you are self-employed and earn $51,100 in 2013, you'll be required to remit $4,712.40 for CPP contributions in 2012, up $99 from 2012.



 

Re-posting this blog as a reminder to complete Box 85 to save time and money!

http://taxdetective.blogspot.ca/2012/06/box-85-on-t4-should-be-mandatory-and.html

There's a reference to articles written for Intuit ProAdvisor Newsletter in the working paper series (five hours on reporting and reconciliation for year ends)

Here's a link to lots more resources if you're at the stage of watching the 5 part working paper series and if not, make this page a favorite to visit later when you get there.

http://www.taxdetective.ca/working_papers_ipbc_2012.html

If you have no idea what the bundle is all about, over the past 2 years, I've created and produced a series of videos to learn how to master QuickBooks and augmented it with the working paper series, plus written and produced other videos and products to aid in accounting for your business.

These products were written for bookkeepers and accountants, or small business owners who want organize their paperwork from the current chaotic mess that it is today.

Visit www.taxdetective.ca to shop.

Finance released their rates for 2013 for vehicles recently:

http://www.fin.gc.ca/n12/12-178-eng.asp

In my TaxLinks Pro Portal on vehicle rules because there are different rules for claiming expenses by employees, shareholders and self-employed persons, combined with different rules for different vehicles, this makes for a real mess of rules!

If you aren't sure about which rules apply to your situation, this page may provide some clarity, or scare you enough to seek professional help:

www.taxdetective.ca/vehicles.html

If a subscription to TaxLinks Pro Portal interests you, that's where I post my research and topical links so I can find them again. I sell a subscription that I've chosen to renew each October 1. It's $30, no matter when you sign up, and it's a great way to enhance your tax reading for PD points if you're a CGA looking for non verifiable hours. 

...2.5 days to go to accumulate enough points for 2012...

www.taxdetective.ca/shop.html

If you're in business for yourself, there are reconciliations, and not just bank reconciliations!

If you're re-assessed for prior period GST/HST, or income tax, or PST, it's necessary to go back and reconcile those periods, and to make adjustments to those years expenses or income depending on the adjustments required by the assessing agency, be it CRA or Provincial tax auditors, or WCB for that matter.

Those adjustments may affect the income for that period. That may require a tax adjustment for that period as well.

There's a free spreadsheet you can download from my website to help with reconciliation between what was recorded by the agency (what you filed, or what they adjusted it to) and what's on your books.

Until they agree, you aren't finished accounting. I know this is time consuming and you probably can't believe you can't just ignore this step, but hey, there's a reason we went to school for years at night, and why we get paid for our expertise.

Reconcile it yourself, hire a bookkeeper to do the reconciliation and insist they do it, or your accountant will need to figure it out when you bring in your books.

Here's the free spreadsheet:

http://www.taxdetective.ca/catalog/item/8328953/8674760.htm

To obtain news like this directly from the Employer's Advisers in BC contact the PG office 1-888-608-8882 or email mkilcul1@eao-bc.org to request the newsletter if you're an employer or have clients who are employers.

For more information on how employers' advisers assist employers with WCB issues check out
http://www.labour.gov.bc.ca/eao/

Purchasers of the "bundle" of 44 products produced between March 2011 and October 2012 are entitled to a free hour workshop on best practices for using QuickBooks.

Today's session touched on something I'd never thought to include which is how to report without cents!

Great questions, and we covered some really fun stuff about construction renovations today.  Next session is January 7th 2013 at 11:30 am PST.

If you purchase the bundle before January 5th, you'll be invited to attend when you purchase.

If you purchased in the past and want to attend, let me know and I'll send you an invitation.

www.taxdetective.ca/bundle.html