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About c_riel2000

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  • Birthday 12/09/1974
  1. Hi, I know I am late in my post but I just had to put in my 2 cents. Another way you can figure out the amount of GST paid is to to multiply the number by .065421 which will give you the GST amount: 267.50 X .065421 = 17.50 Now subtract your GST amount from the original amount and it will give you your price minus GST! Which in your case is 250.00 So the whole equation would go like this: 267.50 X .065421 = 17.50 267.50 - 17.50 =250.00 Does that make sense? Hope I was of some help!! Take Care
  2. The expenses incurred in order to aqcuire business or property income are tax deductible. Many of your expenditures will be fully deductible in the year in which they were made, with exceptions and limitations. Capital costs (fixed assets) such as land, buildings, vehicles, machinery, equipment and computers, etc are not fully deductible in the year they are purchased. You will record these items as assets on your balance sheet. For accounting and tax purposes you will write off a portion of their cost (except land) each year. This is called Depreciation for accounting purposes or Capital cost allowance for tax purposes. You can reference the Income Tax Act for the specifications on what rates can be used to write off the fixed assets or capital cost allowance but they will often differ from the depreciation recorded on your financial statements. Capital cost allowance rates are increased for computers from 30% to 45% (new class 45) and data network infrastructure equipment from 20% to 30% (new class 46) purchased after March 22, 2004. Prepaid expenses will only be a partial deduction in the year paid. The portion related to a future fiscal year will be expensed in that year and recorded as prepaid expenses on your balance sheet until then. Accruals should be done at the end of the fiscal period to record costs that have been incurred but not yet paid. This will ensure that your costs are recorded for tax purposes and that you claim your GST/HST input tax credits at the earliest possible date.
  3. I have been doing some research on remittances and I was wondering how you do it? Do you send them in monthly, quarterly or yearly? I have myself set up where I only need to worry about them on a yearly basis but since the end of the fiscal year is coming up VERY soon I have been trying to learn all I can in the tax related field. So my main question is how/when do you send in your remittance? What is the reason you chose to do it that way? And what are the benefits for doing so? Also just as a reminder that although the penalty amounts were reduced in 2003 for late remittances, if you are late in sending them in you will still be charged high penalties. Just wanted to contribute more to the tax section as this is something I think that we should all keep abreast of!! Hope that you find some of my posts to be resourceful as I wish to share all I learn with you!
  4. This is a really good site that I have been reading up on lately and I thought you might want to take a look at it as well. It is very informative and many of the questions I have seen posted are answered here. http://www.cra-arc.gc.ca/tax/business/tod/menu-e.html I have already learned so much from this site and I hope that you find it helpful to you as well!!
  5. Hi, I have a friend who needs advice. He has asked me to set up his books for him BUT, he has been in operations since May of this year and he hasn't even set up his payroll yet!!! From what he tells me he was told that since he hasn't done this yet than ALL the checks he has written to himself as wages/advance are not payroll but they need to come out of his shareholders expense account. From what I understand of it the money he "paid" himself can not be claimed as wages but are simply a loss on the shareholders account. He can not claim it back in any way and boy is he angry!! He can't believe that he cannot claim this money as wages since he obviously had to have worked all this time to keep his company going and he wonders if there is anything he can do about it? This is something that is beyond me as of yet but I hope to learn from it as well. I told him that I would ask around and see if I can get some answers for him and I told him as well that he needs to make a remittance immediately to begin payroll. He is very overwhelmed right now and I can understand why. Hopefully one of you will have some advice for me so I can help him figure out his next step. Thank you all in advance for your input on this!!
  6. I travel quite a bit in the summertime so maybe us Albertan's can join up sometime? I often travel to Grande Prairie and Edmonton/Sherwood Park area and everywhere in between!!
  7. Hi all, I just wanted to share with you about a great book I recently bought. It is called "Make sure it's Deductible" little known tax tips for your Canadian small business. This book is full of great information, tips, hints and tricks on how to save $$$. This book was writted by Evelyn Jacks, anyone heard of her? I was originally looking for the book "Jacks on Tax" which was referred to me by an accountant friend. I came across this one and as I skimmed over the pages I knew that this was something I had to have!! Evelyn Jacks is known as the best-selling and most trusted tax author. This book has the answers to questions that I am sure all of us have asked, such as: How do I deduct all my expenses and stay on side with the tax department? How can I cash in by writing off the costs of my home mortgage, insurance, repairs and utilities? How can I hire my spouse and children and write off what I pay them? How do I justify my automobile expenses in a tax audit? When is the best time to buy that new computer system and cell phone? How do I win a tax audit when I've claimed a business loss? This is only a sample of the questions that Evelyn Jacks answers in this book, I think it is a must read for any Canadian Business owner!! The cost of this book was $22.99 plus tax and I am sure this is one of those purchases that will pay for itself many times over!
  8. To be honest "Snap! Informer" brings something else to mind. Anybody remember that annoying song the informer? Don't know about anyone else but that song really used to bug me!! For me it was just one of those songs you hate but just can't get it out of your head! I do have one for you though, how about "The Outsource Source"? My mind is always going and am always thinking up new names for everything!! That for me is one of the fun things to do . Just an idea, what do you think?
  9. Chat room is located here: http://www.vanetworking.com/chat/ TIMES by time zone: 10 A.M - PDT 11 A.M - MDT 12 P.M - CDT 1 P.M - EDT 6 P.M - BST
  10. Hi all, I think Kim did a wonderful job on my one page site. I am more than satisfied and it was more than I expected it to be!! For anyone who does not have a website up yet I think you should take advantage of this great opportunity and get one done! I wish to thank Kim for taking the time to do this for me, I am more than greatful. I would also like to say that she was very patient with me during the process of getting my site done and was always there to answer any questions or requests I had. I also want to thank Tawnya for making this available to us aspiring VA's, she is truly a gem!! I cannot get over how wonderful this forum is and how warm, understanding, helpful and encouraging everyone is. Many thanks again to Kim and Tawnya, wish there were more people in this world like you two!! Wishing you all the best of success in your endeavors!!
  11. Hi Amanda, Yes, I am currently doing it the old way both with my business and my hubby's. I will of course move on to QB Pro as I have it already anyway but I find that for my own peace of mind it is best to make a habit of manually writing it all down. This way I know exactly what is what, what goes where and when, when I write down each and every transaction it stays in my mind much longer and in more detail than actually letting a program do it for me. For me when I do jot everything down I find that my memory is much better and it is great brain exercise as well!! Another bonus is that I always have a hard copy of my accounting on hand and I can do my books without actually having to turn on my computer to make entries, (this is great when you want to do your books in your jammies while in bed!). Hope this answers your question! Best regards,
  12. Hi, I have just started reading up about press releases but only here at VANF. I have no knowledge of how to do a press release, where and what to include. I would like to do this and hope that you ladies can explain how I can do this. I hadn't even considered a press release as a marketing venue and am quite interested in learning all I can about it. How about doing one locally? What should I know or do to get started? Can I do a PR for free? Any hints, tips or advice I can get on this would be great!! Need all the help I can get so please advise. Wishing you all the best and much success in your endeavors!
  13. Thank you so much for clearing that up for me Karri!! Isn't this just a great place? Everyone here is so helpful and seem like no matter what kind of question someone might post, there is always someone out there who can help. Thanx again!!
  14. Hi all, I was wondering about GST/HST accounts, I have been told by an accountant that I need a GST account in order to do business but I did some research on this and as far as I can understand it I do not need one unless my revenues exceed $30,000. I am just beginning my practice so don't yet know what my years revenues would be. I do think that I may need one anyway since I would need to do the business taxes every year. Do any of you know if I need a GST account? Would appreciate the info, Thank you much!
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