Andy's Bookkeeping & Income Tax

Andy's Bookkeeping & Income Tax

I'm a bookkeeper, prices very depending on size of business or personal returns. Please check my site for current prices

[05/28/18]   New Canadians who own capital property such as real estate and securities should determine its
Fair Market Value (FMV) on the day they established residence. This constitutes the deemed
cost for calculating any future capital gains and will ensure that when the property is sold they
will only be taxed on the difference between the sale price and the value when they arrived in
Canada. However, this does not apply to taxable Canadian property (such as real estate situated
in Canada) owned at the time of entry.

[05/28/18]   Immigrants with children may qualify to begin receiving the Canada Child Benefits the month
after they arrive depending on their immigration status. Form RC66 (Canada Child Benefits
Application) and the related Schedule RC66SCH - Status in Canada/Statement of Income. should
be completed shortly after arrival.

[05/28/18]   Personal amounts and dependent claims may have to be pro-rated depending on the period of
residence in Canada.

[05/28/18]   Moving expenses to Canada are not deductible with one exception. If the immigrant is a student
studying at a post-secondary level, moving expenses may be deducted against the taxable
portion of any scholarships, bursaries fellowships, prizes or research grants he or she received.

[05/28/18]   If the new resident has investment income abroad, they may be required to notify the payers of
their Canadian residency status. Certain tax treaties provide for a reduced rate of withholding in
the originating country.

[05/28/18]   New Canadians are entitled to the GST/HST credit after their arrival. If they qualify, the amount
received is based on their world income for the preceding year.

[05/28/18]   In Canada, residents are taxed based on their world income. Part-year residents must report all
income from anywhere in the world after their arrival in Canada.

[05/28/18]   People entering Canada can be classified as: non-residents, deemed residents or part year residents. Although the tax
treatment and deductions differ for each classification, part-year residents are the most common type. Here are some
important tax tips that will help part-year residents:

[11/03/16]   Ontario 2016 and 2017 Personal Marginal Income Tax Rates

The Federal tax brackets and personal amounts are increased for 2017 by an indexation factor of 1.014, and the Ontario brackets and amounts are increased by an indexation factor of 1.016, except for the $150,000 and $220,000 bracket amounts, which are not indexed for inflation, as per the Ontario 2014 Budget. The indexation factors, tax brackets and tax rates have not yet been confirmed to Canada Revenue Agency information.

The 2016 marginal tax rate for non-eligible dividends reflects the rate that is in effect automatically due to the change in the gross-up rate for 2016. The Ontario 2016 Budget confirmed that they would not make a legislative change to this, but indicated that they would review the rate for 2017 and later year

[11/28/15]   "The income tax created more criminals than any other single act of government."~ Barry Goldwater

"The income tax is flawed for a number of reasons - it discourages economic growth and encourages a bloated government." ~ Mark Skousen

"I have always paid income tax. I object only when it reaches a stage when I am threatened with having nothing left for my old age - which is due to start next Tuesday or Wednesday." ~ Noel Coward

"The income tax has made liars out of more Humans than golf." ~ Will Rogers

"I just filled out my income tax forms. Who says you can't get killed by a blank?"
~ Milton Berle

[11/28/15]   A man goes to the doctor. "Doctor, that medicine you gave me isn't working. Is there anything else I could try?". "Fill out this tax form," suggests the doctor. "How's that going to help me?", asks the man. "I'm not sure," replies the doctor, "but some of my patients say it gives them relief."

[11/28/15]   Even if you are not required to file a tax return, it will often be to your advantage to do so: If you have had tax withheld from your income, and want to receive a refund. The federal government and some provinces have refundable tax credits, which are payable to you even if you have no earnings and have paid no tax. This means they will send you a cheque for the tax credit! This includes the federal Working Income Tax Benefit, which was new in 2007.

[11/28/15]   Even if you are not required to file a tax return, it will often be to your advantage to do so: Filing a return is the easiest way to establish your contribution room for a Tax-Free Savings Account (TFSA), even though the contribution room is not affected by taxable income.

[11/28/15]   “Come grow with us!”

Get your bookkeeping or Income Tax done at a reasonable rate!
I will help you get as much control as possible on your finances!

I do not do Corporate Taxes, t4s, payroll or other tax forms.
That is the job of your Treasurer/Accountant.

My Fees for May 5th 2015 - May 4th 2016 are as Follows:
Seniors Income Tax $32.00 per return
Personal Income Tax $41.00
Self-Employed or small business Tax $112.00
Bookkeeping & Tax $52.00 a Month, $627.00 a year

(Previous Years - 2014)
Seniors Tax $39.00
Personal Tax $49.00
Self-Employed or small business Tax $126.00
Bookkeeping & Tax $59.00 a Month, $709.00 a year
Deceased Income Tax $82.00
Consultation Fee $34.00
Receipt Sorting Fee $34.00 per hour
I use Excel only for Bookkeeping if you are interested.

[09/23/14]   Now that the Current Tax year is over and we are Moving on I would like to say that I will no longer do anyone's Taxes without being paid for them. If you have not paid me for a previous years Income Tax, I will not do the current years without some sort of payment from the amount owing. I am losing too much money doing this. That is why I tack interest onto the amount owing. I know it can be claimed under bad debts, but that does not help my income to be able to put away for retirement as it lowers my Total Income and makes me unable to Pay CPP for my future benefit. Please be kind to your Taxman and at least pay him something when he starts your taxes this year. "Don't be Wimpy: 'I will gladly pay you Thursday for a Hamburger Today...' It did not work for him and you can't do that at Tim's either they would laugh you out of the Coffee Shop." No Offense to those that do actually pay me for their taxes. I always love a paying customer.

[09/04/12]   Tax Season is coming soon, so make sure you have your receipts all together in one place for February.

[06/18/12]   Andy’s Tax Tips:
Line 129: Cash in Registered retirement savings plans in amounts less than $5,000 at any one time to reduce the withholding tax to 10%. Of course the balance of the tax has to be paid when the tax return for the year is filed. Spousal RRSP's are a means of shifting the tax burden from one spouse to the other.

[06/18/12]   Andy’s Tax Tips:
Line 128: Some support payments received are not taxable! There are joint elections that can be filed to make certain support payments not taxable. Deduct any legal fees paid to enforce the payment of taxable support payments. If you are single or unmarried you may be entitled to claim the equivalent to married exemption for one of your children.

[06/18/12]   Andy’s Tax Tips:
Line 127: Reduce any capital gains by any capital losses incurred in the year. If you still have a capital gain at this point, claim any capital losses from previous years not otherwise deducted. If you have an overall capital loss for the year, consider deducting these losses from any capital gains reported on your prior 3 year's income tax return or carry them forward until used.

[06/18/12]   Andy’s Tax Tips:
Line 126: When you are renting for income, claim all expenses incurred to earn rental income such as taxes, insurance, minor repairs and maintenance, interest expense and accounting fees paid to have the rental statement on your tax return prepared. Do not expense the cost of major repairs or additions to your property. Claim capital cost allowance to reduce your rental profit to zero. Rental income is based on the accrual method and therefore any expenses incurred but not paid such as property taxes may none the less be claimed in the year to which they apply. Consider purchasing rental property that will generate a profit in the name of the family member with the lowest net income, or consider income splitting with another family member.

[06/18/12]   Andy’s Tax Tips:
Line 121: Don't miss out on Deducting interest expense on money borrowed to purchase investments or invest in a family business. Deducting the interest paid to purchase Canada Savings Bonds on the payroll plan at work. Deducting your safe deposit box fees. Deducting accounting fees paid to calculate the investment income reported on your tax return. Deducting the interest paid on your margin account. Review in detail the charges on your brokerage accounts for any possible interest or other fees paid that may be deductible.
Look for accrued interest charges on bonds and similar investments purchased.

[06/18/12]   Andy’s Tax Tips:
Line 120: Don't miss out on Income splitting with your partner and children. Investing the child tax benefit payments in your children's names or Issuing shares to your partner or children in a family owned business.

[06/18/12]   Andy’s Tax Tips:
Line 114: Don't miss out on these Canada and Quebec Pension Plan tax saving ideas: Averaging the tax on lump sum CPP benefits received. Reporting a death benefit on a separate trust return and pay less tax than on your personal return.

[06/18/12]   Andy’s Tax Tips:
Line 104: If you received a taxable disability payment this year, you may be able to deduct all the premiums you paid into the plan since you started contributing to the plan. You may also elect to pay CPP premiums on other employment income not otherwise pensionable.

[06/18/12]   Andy’s Tax Tips:
Line 101: Don't miss out on the following tax saving ideas: You might be able to claim Office in the home, Automobile expenses, Salaries paid to an assistant (your partner or child perhaps), Supplies used to earn employment income. If you already are claiming the above expenses, don't forget to see if you qualify to claim the GST rebate for the GST you paid on deductible expenses. If you are a waiter don't forget to report your tips! If you work on the railroad, don't forget to claim your away from home expenses. If you paid legal fees to collect salaries or wages you may be entitled to a deduction.

[06/18/12]   Andy’s Tax Tips:
Line 113: Don't miss out on the following Old Age Security tax saving ideas: Claim the Age personal tax credit if you are over 65. Check your T4AOAS slip to see if any tax has already been withheld.

[06/18/12]   Andy’s Tax Tips:
If you work out of a home office, you can also write off a portion of all eligible home costs, including mortgage interest, property taxes and utilities.

[06/18/12]   Andy’s Tax Tips:
Line 119: Remember to deduct any repaid amounts to Employment insurance during the year!

[11/01/11]   Currently working on Bookkeeping for 3 Small Businesses as well as Back Tax for one Business.

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305 - 598 Fennell Avenue East
Hamilton, ON
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