Posts Tagged ‘taxes’

Expert Advice from a Financial Planner

Posted on: December 28th, 2016 by Cathy Mendler No Comments

steve bentley.jpgSMART CHRISTMAS SPENDING

This month Steve Bentley, CFP, of Northern River Financial shares his Smart Christmas Spending blog post.

What’s one thing that people do not want to experience during the Christmas season? Stress! The current commercial buildup to the festive season is so intense that some people get more stressed the closer it gets. The holiday should be about family, friends and thankfulness. Instead it is often one big sales pitch.

Maybe it is the season to start trimming your budget and not just your tree. Canadian Living magazine reported that the average adult plans to spend $766 on holiday gifts in 2016. That’s a huge chunk of change. About 27 percent will spend over $800, while 23 percent will spend $200 or less. This is indicative of the changing public mindset of spending. Consumers with big eyes are now wary of a volatile economy and consequently putting too much of the holiday season on plastic. This means more restricted budgets.

Click to read the rest of Steve’s Smart Christmas Spending post and learn several ways to keep your spending under control this December.

Northern River Financial is an integrated financial life planning firm with over 25 years of building long-term trusting relationships. We partner with some of the largest brokerages and financial services firms in Ontario and have the expertise to accommodate the needs and goals of both aspiring and seasoned clients. Our vision is inspired by our deep-rooted philosophy to enhance and enrich the lives of our clients and their families through diligent life planning, exploring new opportunities, and providing prudent advice and integrated well-managed solutions.

You can contact Steve Bentley by email at info@NorthernRiverFinancial.ca



Tax Time Procrastination

Posted on: April 25th, 2016 by Cathy Mendler No Comments

Get Productive...

      TAX TIME PROCRASTINATION…
HOW TO AVOID IT!


One of the top reasons that we procrastinate is because we feel overwhelmed and the thought of filing our yearly taxes certainly fits the bill. Despite being aware of the consequences of failing to file, as many as 45% of us cite procrastination as the reason why we delay to file or even let the deadline pass us by.

Here are our favourite suggestions for helping our clients overcome tax-time procrastination:

1.    Find a tax buddy who will keep tabs on you and encourage you to file your personal taxes on time. If you have your business taxes prepared by a professional, ask them to send you reminders.

2.    Make up your OWN tax deadline which is ahead of the traditional date. Mark your calendar accordingly and imagine how GREAT it will feel to have your taxes filed sooner rather than later. Remember that you only need to pay the bill by the traditional April 30th (or later for business) date.

3.    Break it all down into smaller pieces. If you have an intimidating amount of work associated with preparing to file your taxes, try to work on one section (income, for example) at a time and spread the process over several days.

Do YOU have a suggestion about how to overcome tax-time procrastination? Comment on our BLOG or FACEBOOK PAGE.



THE TAX MAN COMETH…ARE YOU READY?

Posted on: April 13th, 2016 by Cathy Mendler No Comments

 

Cathy Mendler HAPPY BIRTHDAY to A NEW LEAF!

A New Leaf celebrated 10 years in business on March 17th!

Thanks to all of our clients and everyone who has referred clients to us. We have been very fortunate!

THE TAX MAN COMETH…ARE YOU READY?

I have a confession to make! This issue should have been published a bit earlier. I had assistance with it and wasn’t able to proofread it sooner because I was completing my taxes!!

Does the thought of getting your forms and receipts organized so that you can file your 2015 taxes make your stomach churn? While the best advice is always to work ahead and NOT wait until the last minute to get organized, these suggestions will help you to simplify your tax preparation.

1.    Start with last year’s return. Make a list of categories on your return which pertain to you. For instance, you might include basic items like T4s, investment income, RRSPs, medical receipts, charitable donations, and education expense (just to name a few!).

2.    Purchase an expandable accordion-type file. The traditional brown kind works well for us, but feel free to be creative! Make sure it has MORE sections than you have items on your list, so that you have room to add additional categories. Don’t forget to label the outside of the envelope with the tax year.

3.    Now, you will have a place for each form and receipt. Make sure to file them as soon as you receive them in order to prevent the headache of missing forms.

4.    If you have a number of receipts in some slots, medical expenses for example, add up the total for all of the receipts and staple the calculator tape to the pile. Repeat the process for each category as required.

5.    If you are a business owner, you will also have categories for business assets and expenses. We recommend that you keep a business tax folder separate from your personal taxes for ease of filing.

6.    If there is room, set up separate slots for completed returns, refund/payment information and assessments.

7.    If you are a tech-minded person, consider computerizing your financial records with one of the very effective programs available. Some clients scan in receipts and attach them to their respective files, but DON’T FORGET that you are still required to keep paper copies of your receipts for seven years. It is a good idea to hold onto ALL of your tax returns.

Now you can relax and calm that churning stomach…until you need to write the cheque!

P.S.  Do YOU or someone you know need a professional organizer? TAKE OUR TEST and find out for yourself today!



What’s New for February 2015

Posted on: February 27th, 2015 by Cathy Mendler No Comments

Events and News


What’s Happening?
Click Here for important 2015 tax dates!


Countdown to Tax Time!

Posted on: February 17th, 2015 by Cathy Mendler No Comments

 

Get Productive...…Whether you’re a small business owner or not, that dreaded
…time of the year is closing in–TAX TIME. Clients tell me that
…tax time is one of the most stressful times of the year. Don’t
…get caught scrambling to complete your taxes.
…Schedule time in your calendar or planner, and start
…gathering up your paperwork.

There are simple ways to keep your paperwork organized. Yes–even a shoebox is OK–especially if all of your tax papers are contained in that shoebox. And I’m serious when I say that. If your papers are scattered everywhere, it becomes difficult to complete your taxes and ensure that you have all of the receipts required for your deductions.

Nothing is more overwhelming than getting behind in filing your tax returns. Don’t wait for Canada Revenue to come knocking on your door. If you need assistance, start now. A New Leaf would be happy to provide assistance if needed.

On a completely different note, staying healthy is necessary in order to be productive. When was the last time you cleaned your phone or your keyboard? You probably don’t want to know how many germs are on those surfaces. David Caolo shares his tips for Keeping your tech gadgets clean.



Get the News: Tax Deadlines and More!

Posted on: February 10th, 2015 by Cathy Mendler No Comments

What’s Happening? 

To get all the news, Click Here 2 leaves



Healthy Homes Renovation Tax Credit

Posted on: March 20th, 2014 by Cathy Mendler No Comments

 

Are you an Ontario senior or do you know someone who is?

Check out this Ontario government website to see if you/they qualify for a Healthy Homes Renovation Tax Credit.



Tax Time Tips from Nicole Hacock

Posted on: April 3rd, 2013 by Cathy Mendler No Comments

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.