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Super Quote from IKEA Founder on the Value of 10 Minutes!
“You can do so much in 10 minutes time. Ten minutes, once gone, are gone for good. Divide your life into 10-minute units and sacrifice as few of them as possible in meaningless activity.”
-Ingvar Kamprad, IKEA Founder
Making Plans for Summer Vacation!
Spring has finally sprung! As I’m writing this newsletter, there are still flurries flying around outside.
One sure sign of spring is Elmira’s annual Maple SyrupFestival! It’s always a lot of fun. This year approximately 75,000 people came to our town to enjoy a huge variety of delicious foods–especially the pancakes and maple syrup!
The warmer weather summons us outside to soak up the sun, since we don’t see as much of it during the winter. And sunny days mean summer vacations are just around the corner!
On that note, let’s get started and turn over another leaf!
ORGANIZING YOUR NEXT VACATION/TRIP
“The voyage of discovery is not in seeking new landscapes but in having new eyes.” Marcel Proust, French Author (1871-1922)
Whether you’re backpacking or bicycling, staying in five-star accommodations or a bed and breakfast, travel can be a great experience.
Planning/Research
Set aside some time to plan your vacation/trip. A few hours of planning are worth the effort if everything runs smoothly. Use our handy Vacation Planning Checklist.
Research your proposed destination on the internet, at the library or through a travel agent. Ask your friends and family for suggestions if they have travelled to your planned destination. Purchasing a travel book and/or a foreign language dictionary may also be helpful.
Travel Agent
Contact your travel agent or CAA. A good travel agent can provide you with a wealth of information—maps, discount coupons and sight-seeing information. Travel agents can also assist you if you encounter problems while you are out of the country. Remember to take any accommodation confirmations with you.
Discounts
Take advantage of discounts. Check the websites of your destinations to see if they provide any coupons.
Sight-Seeing Attractions
If there are some must-see attractions on your list, make reservations ahead of time in order to avoid being disappointed.
Currency
Do you need to pick up foreign currency or travellers’ cheques for your vacation? You might also wish to take a prepaid calling card and international dialing instructions with you.
Documentation
You should be aware that some foreign countries will not accept your passport if it expires within 6 months. It is advisable to renew it before you leave to avoid any problems. Some accommodations provide a safe for your passport and other important valuables.
If you are travelling with minor children, and you are separated or divorced, you may need to carry notarized documents authorizing you to enter another country with your children. This may also apply when you are the legal guardian of children and you are not their birth parent.
Consider taking contact information for the closest location of the Canadian embassy if you are traveling to a country where there is political unrest.
Out-of-Country Coverage
If you do not have out-of-country benefits, it is advisable to make arrangements for medical emergency coverage. A trip to the hospital in another country can be expensive.
Safety Precautions
Don’t carry any items unless they are required for your vacation. Clean out your wallet or purse. Leaving a list at home containing your passport information, driver’s license information, bank card and credit card numbers will make it easier in the event that an item is lost or stolen. You may wish to set up a temporary e-mail account just for this purpose, so you can retrieve the information from anywhere in the world.
Allowances/Restrictions
Check regulations for weight and/or carry-on restrictions before you leave home.
Medical
Prescription medication should be in its original packaging and put in your carry-on bag—in case your bags are lost or delayed.
If you are travelling to a foreign country, check to see if any immunizations are required for malaria, hepatitis, etc.
Clothing/Packing
Research the weather conditions for the time of year that you will be there, and pack the appropriate clothing. Check to see if you need to take an AC/DC adapter for electrical items. Remember to take some reading material or travel games for children in the event that you encounter a delay. To make packing your suitcase easier, use our handy Packing Checklist.
Memories
Remember to take your camera, extra memory cards and batteries. It’s usually less expensive to bring these items from home. You might like to take along a journal—particularly on a long trip or when you will be taking a large number of photographs.
Your Home
If no one stays in your home while you are away, ensure that you have someone checking your home—preferably every day. Review your homeowner’s policy to see what your particular provider requires. Don’t forget to cancel your newspaper. Make arrangements to have your grass cut, your flowers watered and your mail picked up.
Leave a copy of your itinerary with a contact person at home along with a copy of any documents you are taking. This will make it easier in the event of loss or theft.
Reward
Preparing for your trip can be stressful. When the time comes, enjoy your trip. That’s the best reward!
Helpful Hints for Kidney Health
March is Kidney Health Month.
To learn more about kidney-related issues, check out the Kidney Foundation of Canada’s website.
If you or someone you know has kidney-related nutritional issues, check out the Kidney Community Kitchen.
To find out about tax tips for Dialysis and Transplant patients click here.
Do you have an unwanted vehicle–a car, truck or boat? Consider a donation to the Kidney Car program.
No-Cost Webinars – Crohn’s and Colitis
If you or someone you know has Inflammatory Bowel Disease (IBD), you can attend a couple of webinars presented by The Crohn’s and Colitis Foundation of Canada.
It’s never too late to make healthier choices!
Tax Time Tips from Nicole Hacock
It’s Tax Time!
Over the last 15 years, I have been preparing personal tax returns for a wide range of clients. Each year there are numerous tax changes implemented by the government, and this helps to keep the life of an accountant interesting! Whether you are an avid golfer anticipating your first tee-off, a fan awaiting the first pitch on opening day, or just tired of winter, spring is around the corner and this can only mean one thing……tax season is upon us! Below, I have highlighted some personal tax changes of which you should be aware.
The Family Caregiver Tax Credit takes effect in 2012. It is a 15% non-refundable tax credit of $2,000, which enhances certain existing dependant-related credits as opposed to being a stand-alone credit. Depending on each individual tax situation, this credit could potentially increase the following: infirm dependant credit, spousal or common-law partner credit, eligible dependant credit, child tax credit or caregiver credit. This credit can only be applied to one credit per eligible individual.
The Healthy Homes Renovation Tax Credit is also new for 2012 and was established to help seniors with the cost of permanent home modifications required to improve accessibility or assist with mobility and function in and around their home. The tax credit is 15% of a maximum of $10,000 in qualifying expenses, or $1,500. Qualifying expenses could be ramps, stair lifts, widening doorways, hand rails, lowering existing counters/cupboards, to name a few. Couples living together may only claim up to $10,000. Seniors who live with other family members may claim this credit on behalf of the household. For 2012, the qualifying period of expenditures is October 1, 2011 to December 31, 2012.
There have been other tax changes relating to bloodcoagulation monitors being added as an eligible medical expense, changes to rules governing Registered Disability Savings Plans (RDSP), and mineral exploration tax credit for flow-through share investors.
A non-refundable tax credit that is often overlooked is called the Disability Tax Credit (DTC). If you (or a family member) have a severe and prolonged impairment in physical (hearing, speaking, walking, elimination, feeding, or dressing) or mental functions, you may be eligible for this credit. A Disability Tax Credit Certificate (which can be downloaded from the Canada RevenueAgency (CRA) website) needs to be completed and certified by a qualifiedpractitioner and then submitted to CRA for approval. If approved, this credit can be transferred in whole or in part to a spouse or other supporting person.
For more information on these tax topics or any others, please contact your tax professional.
Nicole Hacock is the owner of Nicole Hacock CGA Professional Corporation, a full service firm providing accounting and tax services to small and medium sized companies and individuals in Waterloo Region and beyond. Our services include year-end preparation, financial statements, corporate and personal tax planning and preparation, bookkeeping and payroll. If you have any questions about our services, please contact us.
March is Fraud Prevention Month
“Don’t let the fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to the best possible use.”
– Earl Nightingale
Did you know that March is Fraud Prevention month?
Even if you’re not a Royal Bank customer, their RBC Advice Centre offers some tips to protect yourself from credit card fraud and identity theft, as well as how to avoid business fraud.
Check your bank’s website for additional tips.
A Bit of Direction…from Stewart Thornhill
“If you chase every shiny penny you see on the sidewalk, you shouldn’t be surprised if you end up somewhere you didn’t want to be.”
-Professor Stewart Thornhill
Get Your Financial Life in Order – Part 2
ORGANIZING YOUR FINANCIAL RECORDS AND IMPORTANT DOCUMENTS – Part 2
“Documents create a paper reality we call proof.”
-Mason Cooley, American Writer (1927-2002)
Do you pay your bills on time? Do you file your income tax return before the deadline?
If not, it’s never too late to get organized. In the event of an emergency, death or disaster, being able to find required documents quickly can make a difficult situation more manageable.
Planning
Plan to set aside a few hours to put your paperwork in order. If it feels overwhelming, break it down into smaller chunks—an hour a week until it’s done.
Getting Started
Start by sorting your paperwork into categories. If you don’t need it, get rid of it. Remember that 80% of what you file you will never look at again. Reduce your risk of identity theft by shredding any documents containing your name, address and/or account numbers. Label files so that you will be able to find items when you need them. Create an Action file for any items requiring your attention.
Bank Statements
Check your statements against ATM withdrawal slips and your chequebook as soon as possible after your statement arrives (either in the mail or electronically). Most banks ask that you notify them of any errors within 30 days. Shred the slips as soon as you reconcile your statement.
Credit Card Statements
Check your statements against your credit card receipts as soon as possible after your statement arrives. Keep receipts for large purchases or items with a warranty.
Investment Statements
Statements pertaining to your investments should be kept for income tax purposes.
Income Tax Returns
Keep all of your income tax paperwork in one location—preferably not in a shoebox! Most income tax records need to be kept for 7 years. Check with your accountant or Canada RevenueAgency if you are unsure of what or how long you need to keep your paperwork.
Business Expenses
If you operate a home-based business, keep any receipts that you will need for deductions as business expenses. It’s easiest if you can keep your personal and business receipts separate.
Household Paperwork
Household bills often don’t need to be kept for more than a year. A copy of a gas or telephone bill can be obtained easily should the need arise. The exception to this rule may be if you operate a business from your home and claim a portion of the expenses on your income tax return. You may wish to keep the records for any major repairs or renovations, as well as the paperwork pertaining to building your home. Property tax statements, assessment notices and mortgage statements should be kept—together with your deed and mortgage.
Medical Records
Medical records should be stored in a safe place. Create a separate folder for each family member. If one family member has a number of medical conditions, create a different folder for each condition. Information you may be collecting about retirement homes or nursing homes for an aging parent should be kept in its own folder as well.
Storage
Store your records in a filing cabinet, storage box (plastic is preferred over cardboard) or a home safe. They are worth protecting.
Reward Yourself
When you’re done, don’t forget to reward yourself for your hard work! Investing the time to put your records in order will be worth the peace of mind!
Healthy Choices for a Healthier Heart!
February is Heart Month.
How healthy is your heart?
Would you recognize the 5 warning signs if you or a loved one was having a stroke? Stroke can be treated. That’s why it is so important to recognize and respond to the warning signs.
Learn your risk level for a stroke by taking the Heart&Stroke Risk Assessment.
To learn more about heart-related issues, check out the Heart and Stroke Foundation of Canada’s website.
Also, check out revolution health‘s suggestions for making heart-healthy, low-cholesterol food choices.
It’s never too late to make healthier choices!
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