Excinis Accounting Services
119, rue Gérard-Guindon H9J 4C9 Kirkland, QC, Canada

Tip of the Month: Many small businesses choose to operate from the owner’s home, apartment or condo instead of renting outside office space. There is a tax savings from setting up a home office and Revenu Québec and the Canada Revenue Agency will allow certain home expenses to be deducted from the company’s earnings. The usual expenses are rent of the home or apartment, condo fees, utilities, insurance and municipal, school and water taxes. These expenses are deducted as a pe...rcentage of the office space versus the home’s total living space. An average home office will be approximately 15 to 20 percent of the total living space and the company can deduct that percentage from the home bills. Repair and maintenance directly applicable to the office space, such as electrical or paint work, is 100% deductible. To benefit from these tax deductions, the home office must be 100% dedicated to the company’s operation. If the owner chooses to also use the office space for personal entertainment, such as setting up a home theater or a poker table and wet bar in that space, then Revenu Québec and the Canada Revenue Agency will not allow full home deductions. The owner will be required to fill out a complex form where the owner must declare how many hours per day/per week that this space is used for personal reasons. Once these calculations are all done at the end of the month, then the actual business use versus the personal use of the designated space may be minimal, resulting in significant reduced deductible benefits. You may want to think about watching your favourite movies or playing poker somewhere else in your home. ---------------------------------------------------------- The Do’s and Don’ts about bookkeeping Don`t do your own bookkeeping! As a small business owner, your job is to grow sales! Doing your own bookkeeping takes that focus away from your business development. Outsourcing your bookkeeping to a professional that you can trust with your finances is the solution. If you absolutely insist on doing your own bookkeeping, I will help you do it at no charge! Excinis Accounting Services your friendly neighbourhood bookkeeper. https://www.excinis.ca/

THE DO’S AND DON’TS ABOUT BOOKKEEPING DON`T DO YOUR OWN BOOKKEEPING! AS A SMALL BUSINESS OWNER, YOUR JOB IS TO GROW SALES! DOING YOUR OWN BOOKKEEPING TAKES THAT FOCUS AWAY FROM YOUR BUSINESS. OUTSOURCE YOUR BOOKKEEPING TO A PROFESSIONAL THAT YOU CAN TRUST WITH YOUR FINANCES.... IF YOU ABSOLUTELY INSIST ON DOING YOUR BOOKKEEPING ALL BY YOURSELF, I WILL HELP YOU DO IT AT NO CHARGE! WHETHER YOU ARE HAVING TROUBLE WITH YOUR GST/QST RETURNS OR YOU ARE NOT SURE WHICH EXPENSES ARE RECOGNIZED BY THE CANADA REVENUE AGENCY, CONTACT ME AND I WILL ANSWER ALL YOUR QUESTIONS. EXCINIS ACCOUNTING SERVICES YOUR FRIENDLY NEIGHBOURHOOD BOOKKEEPER. TIP OF THE MONTH: THIS IS THE SEASON WHEN BUSINESS OWNERS WILL ENTERTAIN A CUSTOMER AND TREAT THEM TO A LUNCH OR SUPPER. MOST OF THESE OWNERS ARE AWARE THAT THE CANADA REVENUE AGENCY WILL ONLY ALLOW YOU TO DEDUCT 50% OF THAT EXPENSE. THEY ARE ALSO AWARE THAT A BOTTLE OF WINE GIVEN AS A GIFT, IS ONLY 50% DEDUCTIBLE. WHAT MOST OWNERS ARE NOT AWARE OF IS THAT A GIFT CERTIFICATE AT A POPULAR RESTAURANT OR THE SAQ, OR EVEN A PAIR OF TICKETS TO A HOCKEY GAME IS CONSIDERED A MEAL AND ENTERTAINMENT EXPENSE AND THEREFORE ONLY 50% DEDUCTIBLE. BUSINESS OWNERS SHOULD CONSIDER GIVING A BUSINESS GIFT PERHAPS AN ITEM WITH YOUR BUSINESS LOGO THAT CAN ALSO BE USED AS ADVERTISEMENT. NOW WE ARE TALKING ABOUT 100% DEDUCTIBLE! https://www.excinis.ca/

Situated in the West Island and serving small businesses in the Greater Montreal Area, Excinis Accounting Services Inc. caters to Startups and Small Businesses. Excinis was founded by Giovanni Qualizza, who brings considerable experience in helping business owners with their bookkeeping and financial reporting. https://www.excinis.ca/