Many small business owners do not have the resources necessary for keeping good accounting records. For many, accounting creates a lot of frustration. I provide accounting service that saves the small business owner; time, money and frustration.
With over 18 years of accounting experience with small business in the Hamilton area, Susan Ivanovics, CPA was opened in January 2016.
I work closely with my clients to make sure I know what their goals are, I provide custom-tailored service to meet their needs.
Committed to developing strong customer relationships and I convey high regard towards professionalism and integrity and brand these values as my business model.
If the stress of bookkeeping is keeping you from your other business priorities, consider working with a professional. A bookkeeper can manage your accounts receivable, accounts payable, invoicing, payroll and more. Feel free to message me if you have any questions.
Nearly every accountant has a horror story about receiving a box full of receipts from a client during tax season. Not only do those clients risk losing out on available credits and deductions, but failure to keep accurate, or complete records can also be a sure-fire way to end up in trouble
Here are some great tips for entrepreneurs to keep their records organized.
theglobeandmail.com It's nearly that time of year again. And so it's also time to avoid some of the most common, and costly errors
There is an issue that many small business owners can get tripped up by and could cause problems with Canada Revenue: Determining is someone is a contractor or an employee. This article accurately describes the difference between the two so business owners can be considerate before hiring someone; https://www.thebalancesmb.com/are-you-a-contractor-or-an-employee-2948639
thebalancesmb.com Independent contractor vs employee? Learn how to protect yourself from being declared an employee by the CRA and losing your business expense claims.
I get this question now and again, "when should my fiscal year start?" Here's a great article that helps explain how to determine your fiscal year based on your business. https://www.thebalancesmb.com/how-do-i-determine-my-company-s-fiscal-year-397563
thebalancesmb.com What is a fiscal year? Why does it matter? How do I determine the date for my company's fiscal year end?
I love the fall. Is it just me? Or do you love to go to fall fairs too? I'll be ringing in the first fall weekend at Turner Park, they're hosting a fall fair that starts today at 11 am. Hope to see you there~
hpl.ca Everyone is invited to the Fall Fair!
Susan Ivanovics, CPA
ARE GIFTS OR INHERITANCES TAXABLE?
There is NO "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount from almost any source (except from an employer) will NOT have to include it in his or her income. However, if capital property is involved (real estate other than a principal residence, or investments) and is given as a gift, the person who has given the gift will be deemed to have sold the capital property at fair market value, and will have to pay tax on any resulting capital gain. Fair market value is deemed to be the "cost" to the person to whom the shares were given. If money or capital property is given or loaned to a spouse or a related minor child, attribution rules will apply.
Susan Ivanovics, CPA
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Susan Ivanovics, CPA
I am often asked about the capital Gains consequences of selling and purchasing a home for personal and for income. I thought I would share this post on the topic;
Capital Gains and Selling Your Home
SELF EMPLOYED & SMALL BUSINESS
June 7, 2013 / Caroline at TurboTax
If you have sold your home recently or are thinking of selling it, you’ll be happy to know that selling your home normally won’t have any effect on your income tax at all.
Generally, you don’t have to pay any tax on your profits from the sale of your principal residence (a property that you own and that you and/or your family live in during the tax year; see the Canada Revenue Agency’s S1-F3-C2: Principal Residence for a detailed explanation of this term).
However, there are several instances where you will have to pay tax on the sale of your home:
• if you’ve used part of the home to produce income or earn income, or
• if your home has not been your principal residence every year you’ve owned it.
Let’s look at each of these situations in turn;
When You’ve Used Part of Your Home for Income
If part of your home has been used as a business or if you’ve rented out part of it, you will have to report your capital gain on the part of your principal residence that you’ve used to produce income.
To do this, you will need to split the selling price and the adjusted cost base between the part you used for your principal residence and the part you used for rental or business purposes.
The adjusted cost base is the cost of a property plus any expenses to acquire it, such as commissions and legal fees.
How do you know how much to assign to each side of the split? The Canada Revenue Agency leaves that up to you, saying that “You can do this by using square metres or the number of rooms, as long as the split is reasonable.”
The Canada Revenue Agency provides a step-by-step example of how to dispose of a principal residence partly used for earning income (T4037 – Capital Gains).
Claiming Vehicle Expenses for Business
When using your vehicle for both personal and business. To claim vehicle expenses for a business you will need to keep records of the km used, this means you will need to purchase a log book for tracking KM (you can purchase from staples: Vehicle mileage log book). You will need to provide the OD reading in the log (how many km when you first started to using it). Record all of the km you used at the end of the month, you will need to do this per month. Only record in the log book the Km you used for business. At the end of the month, compare the total number of km used to the amount of km used for business, for example:
A total of 50,000 km were used in one month period and 18,000 was used for business. Then I would take the 18,000 / 50,000 = 36% and that would be the amount of vehicle expenses you can claim (36% of total vehicle expenses).
You will be able to claim: License & registration
Maintenance & repairs
Not all, but 36% of those costs (for example). This method is OK with Revenue Canada as long as you are keeping accurate records backing up the expenses.
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