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January 15, 2021 by Ina Turner

Show Your Business, Some Love 2020

Need help filing your personal taxes for 2021 or prior years?
We are open for the new tax season.

Personal income tax returns are due by April 30 (announce to follow Pandemic) maybe extended.

How to file

You can access your information online thru My Account on the website for Canada Revenue Agency.

While you can still send in paper returns, you can no longer use the telephone to file your taxes. The preferred method is electronic filing and you can use one of the many programs available to NETFILE your taxes.

Or you can let us look after your tax return for you!

We review every return to verify and confirm your information, check for errors and look for ways you can save on your taxes.
Fallen behind? Afraid of the government?

You are not alone!

Many people get nervous about dealing with the Canada Revenue Agency.

This time of year can be anxiety provoking – especially if you are behind in filing your returns.
We will be more than happy to complete your 2010 or prior year tax returns for you and your family.

- - We can also communicate with CRA for you – so you don’t have to.
  - If you owe taxes, we can help you find ways to reduce or defer what you owe.
  - Small business filing deadline is June 15 (announce to follow Pandemic)

Now is a good time for small business owners or partnerships to get your bookkeeping updated so you can be ready for the June 15*filing deadline.
A bookkeeper can help you keep your profits in your business, and save you time so you can focus on running your business.

Here are some of the ways we help get your business on track:

- - Sort, enter and post transactions
  - Create your year end reports

We help file your tax return(s), so you can:

- - Qualify for the tax credits
  - Reduce your taxes payable

Having up to date books will give you the information you need to make good decisions in your business.

Get caught up on filing your taxes returns for your business from prior years.

For more information, see our bookkeeping services and our tax return services.

Set up your free consultation by contacting Ina today. Email ina@handsonbooks.ca or phone 604 314-8395.

January 7, 2021 by Ina Turner

Starting a new business? Here are 7 things a bookkeeper can help with:

Engaging a bookkeeper sooner, rather than later, can help you avoid pitfalls in registering your business, paying your taxes and keeping your records up to date.

Avoid costly mistakes (like penalties and interest due to errors or late filing) by getting your books set up properly in the beginning. A good bookkeeper can help you with the following 7 things you need to consider when starting a business.

1. Deciding on your business structure

What is your plan for your business? Do you have partners? Do you need a corporation? [Read more…]

December 29, 2020 by Ina Turner

Successful Banking Tips for New Projects

When It Comes To Financing New Projects

You need to have your banker onboard, helping to financial these projects.

The key to making informed decisions on projects that strengthen your business begins with developing a detailed business project plan; you are unlikely to receive a loan without one.

At Hands On Accounting, we help you understand your business bank accounts, determine whether you are meeting your financial obligations, help you keep more money in the bank, and get you on track to qualify for a loan.

Here are 5 Tips business banking to successful when it comes investing in new projects. These tips will help set you up to make informed decisions regarding new projects financing.

1 . Build A Connection With Your Banker

Making your banker a reliable business partner is one of the best things you can do for your business.

Before buying equipment, research your purchase options and make a costing plan covering your business’s additional operating costs. Retain and review this information before visiting your banker, (as well as a credit check, personal credit score, and a credit bureau report about your company) so you can be ready for any questions.

2. Understand Your Credit Score And Business Operations.

Having the right credit mix helps you open an operating line of credit for your business. Avoid any debt collection and bankruptcy where your overhead is more than you’re bringing in.

Never use someone else’s credit card to secure financing. If you are getting a loan under another person’s name to lease a vehicle for example – it is a bad sign you are in difficult financial times. It is essential to bring this under control before taking on more debt.

3.Track and Manage Your Costing

Pricing your projects at too low a price point results in never being able to cover your costs. Going into debt is not a viable option if you do not have the finances or money IN to cover a new project’s cost. Tracking the cost of projects and pricing accordingly, results in better cash flow planning.

4. Establish Credibility

Support your facts and figures by researching 3rd party sources and mention favorable trends in changing markets. Be clear about your expertise in your industry, and show that you’ve done the homework. This requires doing your research on the project’s angel, prepared with a backup plan to compensate for losses.

Create a repayment plan for the loan and be passionate and focused on the facts and figures to increase the likelihood of receiving the loan.

5. Understand Your Financial Obligations

Don’t leave things to chances when making installment payments to the government. Avoiding payments to a government agency can cause your business never to recover.

Listening to our concerns early on helps you make payments to your vendors on time. For example, we may tell you to reduce hours worked or give employees vacation time off; it will help with the compliance and keep money in your bank account. Then we can help you pay less taxes by keeping monies held in trust by a tax accountant.

If you’re looking to take the stress out of bookkeeping and get a firmer hold on your company’s banking and finances to take your business to the next level, contact Hands On Accounting Today.

December 15, 2020 by Ina Turner

Don’t know how to calculate your payroll?

How is your employee net pay calculate with employment expenses?

Arriving at net pay for your employee’s pay period is different what goes on employee expenses?

Are you a licensed real estate agent, the salesperson on a salary/commission or truck driver?

Deducting out of pocket expenses are not [Read more…]

October 20, 2020 by Ina Turner

Are you thinking of travelling or asking for time off this holiday season?

Beautiful beach with bag at Seychelles, La Digue

The holiday season is approaching, and if you’re thinking of taking time off, it is critical to understand your rights as an employee in regards to holiday pay and how it is calculated and paid out to employees.

How much vacation pay am I entitled to?

Your employer is required to calculate and deduct your vacation earnings on each paycheque in the amount of 4% or 6%.

If you have been working for less than five years or have worked in the last 12 months, you are entitled to 2 weeks of vacation pay at 4%. If you have worked for more than five years, you are entitled to 3 weeks of vacation pay at 6%.

Employers can either add vacation pay to each paycheque or accrue it and pay it out when their employee takes a vacation.

Will I receive pay this statutory holiday?

You will be paid for this upcoming statutory holiday if you:

Worked for 30 days as a full-time employee in the last month
Worked for 15 days as a part-time employee in the last month

The amount paid depends on whether you worked on the actual statutory holiday or not.

Employees receive one of the following pay scales on statutory holidays:

regular time if they did not work at all
time and a half if they worked between 8-12 hours
double time- for any hours worked beyond 12 hours of work

As the employer, am I required to pay holiday pay?

All employers must pay holiday pay and provide time off for employees based on their business’ operations.

Employees are entitled to vacation leave when it does not impair with a business’ profits (employees should note that an employer can deny vacation leave during a business’s peak season). A successful business with have the pay cheques for employees according to the payroll frequence established by the business.

NEVER missing paying employees and payroll taxes by due dates including 3rf party health insurances, union dues, pensions and vacation pay.

All T4’s information slips are given to employees by February 28 of the following year.

Don’t know how payroll works?

If you are hiring workers for your projects, you need to track all the expenses, including operating expenses and Gross Payroll -this includes payroll taxes. You should also be aware of whether you qualify for any of the following credits:

Still confused? We can help you understand your payroll resources, calculate your pay, or answer your questions about payroll. For more information contact Ina.