Genoway Consulting

Small choices you make all year long can have a big impact come tax time. To help you get a head start (and a bigger tax break) ask yourself: is investing in a TFSA or RRSP more tax efficient? A Registered Retirement Savings Plan (RRSP) has a big benefit: you don't pay taxes on money you contribute or the growth in your account. At least not right now. When you do withdraw the money down the road (and have to pay taxes) itll likely be at a much lower tax rate. With a Tax-Free Savings Account (TFSA), the benefits are a little different. You don't get a tax break on contributions, but you do avoid taxes on any growth in the account; for example, if financial markets go up even when you withdraw.

The Federal & provincial governments have announced extensions to the various tax filing & payment deadlines to help taxpayers affected by the economic disruption from COVID-19. This is a summary of the changes announced for 2020 so far: Federal Tax Filing Updates:... The tax filing deadline for individuals will now be June 1, extended from April 30. The filing deadline for trusts will be May 1, extended from March 30. The tax filing deadline for corporations has been extended to June 1, 2020 in some cases. Please reach out to confirm your own specific dates. Otherwise, the normal six-month filing deadline applies. The partnership filing deadline for partnerships with a Dec 31, 2019 year-end will now be May 1, extended from March 31. CRA has stated that in general, income tax filings & elections that are not included in the above list of extensions & are due after March 18, 2020 will be due June 1, 2020. This broad announcement does not apply to employer payroll withholdings. There are no extensions for remittances of employer payroll withholdings. There are no extensions for filing deadlines for GST/HST returns whether monthly, quarterly, or annual, have been extended. There have been no extensions for remittances of your GST/HST. We recommend that these continue to be filed and remitted by their due dates.

Good morning Just a reminder that this is the perfect time to reach out for my services. Even though our deadlines have been extended, it's best just to get it done while we have the time. The sooner you file, the sooner your benefits will come in, which most of us could really use right now. Stay safe and healthy my fellow Canadians! Please contact: [email protected]

To my valued Clients, As we continue to monitor the impact of COVID-19, I will remain open to provide taxation services to my clients. I have implemented internal measures to ensure the safety of myself and my family while providing uninterrupted service to you. I will continue to closely monitor relevant medical and government agencies to ensure that I continue to align with the guidance provided by those qualified organizations. ... At this time, I am encouraging my clients to send in any information electronically and I will work to reschedule in person meetings as soon as social bans have been safely lifted. Just like the rest of you, I am actively playing a role to navigate through this evolving pandemic. I will continue to make decisions with the best interest of my family, yourself, your families and community at heart. Thank you for your understanding, consideration and cooperation. Twila D. Genoway

DATES TO REMEMBER: Canadian Tax Calendar 2020 March 2, 2020 - RRSP contribution deadline March 15, 2020 - CRA opens for auto-fill returns online... April 30, 2020 - Income tax 2019 deadline June 15, 2020 - Self employed income tax deadline See more

Nothing we can do but prepare, some changes have occurred in 2019. Here are tax brackets for anyone interested in doing some mental calculations of where you were in 2019 and where you may be in 2020.

Its that time of year to start preparing

Stay tuned for 2019 updated tax changes after our election! There is a possibility the below noted items that applied for 2018 will change! Stay up-to-date on Canada's latest tax changes Weve got the 2018 updated tax changes for you to review. Here are a few to look out for: 1. The public transit claim has been eliminated.... 2. Employee home relocation loan deduction has been eliminated. 3. First-time donors super credit has been eliminated. 4. Eligible medical expenses have been expanded. 5. Tax on split income may now also apply to amounts received by adult individuals from a related business. Certain depreciable property used in business or employment may now have an accelerated first year CCA deduction. 6. Climate Action Incentive (CAI) has been added as a new refundable credit available for residents of Saskatchewan, Manitoba, Ontario and New Brunswick on December 31, 2018. See more

Imagine if the words used to devalue women actually reflected their value, potential and power! An amazing campaign in South Africa by PPS for Professionals to reappropriate phrases of prejudice and paternalism.

Just makes me laugh, have a great afternoon my fellow Canadian!

Debunking 4 Tax Myths

Our 2018 Tax DEADLINE is fast approaching, please let me know if I can be of assistance! I have booked fast this year, so I only have a couple more dates available prior to April 30th as I like to keep that date open for emergencies. Please message me if any of these dates work for you: April 24th, 25th and 29, 2019

PLEASE NOTE NEW EMAIL ADDRESS: [email protected] Gmail is much more user friendly than Vista Webmail, so this will be a permanent change. Please DO NOT send messages to [email protected]

This article goes over how to setup your "My Account" with CRA, it also has instructions on how to login and reset if you have forgotten. CRA is pushing for almost all correspondence to be electronic, so it is very important for everyone to take a look and setup, if you have not done so already. If your attempts fail, please feel free to contact me to assist. Happy Taxation Season My Friends! :D

Its that time of year again, my tax paying peeps- Please feel free to contact me for pricing and timeframe, as I am booking fast! [email protected]

WHY MINUTE BOOKS MATTER Over the past few years, CRA has invested more energy into verifying that incorporated small businesses are meeting their requirements to maintain current minute books. Many of my clients have contacted me about this and asked what their options are to meet this pressing need. As a result, of these conversations, I conclude that Genoway Consulting needed to act to eliminate the stress associated with this CRA requirement and are excited to now offer ...my clients an exclusive Minute Book service. Corporations are a separate legal entity and must fulfill certain obligations under the Canada Business corporation Act (CBCA). A key obligation is the requirement to keep minute books to: Meet investor requirements should you require or look to solicit an additional investment in your business. Fulfill requirements to enter into any real estate transaction resulting in the transfer of ownership. Meet bank requirements should you require/request loans. Prove percentages of ownership to meet certain government office requirements. Without this proof, the government may et up your ownership in a way that results in more taxes for you, and your business. Upon the sale of your business, you need to have properly documented all transactions from the date of incorporation to point of sale. Without this, you may struggle to sell your business at the right price. Transfer of the business to your family cannot occur without being approved by the family member. Meet government requirements if audited. The government will request current minute books, and without them, you may face penalties, interest and higher tax bills in the future. How will Genoway Consulting Minute Books Work? I will set up your minute book, upload existing documentation to an electronic file, update missing documents and file annual returns for any missing year(s). If needed, I will also complete your Trade Name renewal. Its simple, automatic and saves you time and money. To make sign up easy, all you have to do is fill out our Acceptance Waiver. As a special offer I am currently waiving the standard set up fee; this is a savings of $250. ***** As a corporation (T2 Filing), if you do not wish to participate in this service, then a Client Decline Form must be completed for my records, which limits liability. ***** Please dont hesitate to contact me directly if you have any questions regarding Genoway Consulting Minute Books. Respectfully, Twila D. Genoway See more

A must read for low income tax payers!

For those of you this situation may apply to, please give a close read. There are some important deductions/credits that have changed after 2017, such as the public transportation passes; which have now been disallowed after June 2017. I would be happy to discuss other deductions and credits available to you; as well as; recommendations on RRSP's and efficient debt reduction.

Just got this text on Saturday, please do NOT fall for this scam. CRA would NEVER contact you in this manner. If you are ever in doubt just give CRA a call 1-800-959-8281. Please click on the below link for further information through the CRA website. https://www.canada.ca//security/protect-yourself-against-f

Its that time of year again! Let Genoway Consulting relieve your taxation headache. Check out my website for services and rates, I would be happy to help. I will be posting bulletins, information folios and circulars over the next couple of weeks. I am very excited to roll out an amazing new promotion for Veterans, and persons currently enlisted!!!! Stay posted on my fb for business page, LinkedIn, Twitter, Instagram, and my website; where I will be displaying my appreciation for our Canadian Troops and Veterans over the next couple of months. Without them, I couldnt be what I am today, I owe them my life and indebtedness. I will assist in the best way that I can for them and their immediate families!!!!!!

My website is up and running now, please check it out! http://genowayconsulting.com/about/

Loyal people are those who have these characteristics. 1) They care about success - of the team, of the boss, and their own 2) They tell you what you needed to hear, not necessarily what you want to hear 3) They do not disagree with you in public, and support your decisions publicly... 4) They worked hard and are dependable To earn their loyalty we must 1) Take their problems as our own 2) Be there for them when they need us 3) Defend them even when it is not easy for us 4) Create an atmosphere of appreciation and mutual trust 5) Never patronize them, never criticize them in public 6) Create opportunities for them, not rules --- An employee's fiancée got really sick. His boss not only gave him time off, but also personally called a medical doctor, a world-renowned specialist in liver diseases and used his personal influence and connections to get the employee's loved one to be seen and cared for by this expert. That boss changed companies a few times, the employee always followed him. They say - people leave bosses, not companies. But also, people follow good bosses, too - to the end of the earth. - Oleg Vishnepolsky Global CTO & Daily Mail

I want to remind all our clients and friends that are concerned with the looming tax increases for small business owners, please voice your concerns. The deadline to address these concerns was Monday October 2, 2017; although, petitions are still accepting signatures! Three ways new tax legislation will increase taxes for small business owners being tabled by the federal government. There is much rhetoric and emotion around the legislation; in addition to much confusion on ...its impact. There are many proposed changes which can lead to higher taxes; but three key elements stand out: 1. Sharing income among your family may increase annual tax bills. 2. You may be taxed on excess cash reserves, (referred to as passive investment income) you set aside in your business. 3. Dividends to extended family members can be taxed at higher rates. The following are three very important things you can do to make a difference. Email your members of parliament The most significant influencers at this point are current Liberal MPs. Frustration is mounting among them as they are concerned the legislation will threaten their future re-election. If you are in a Liberal riding, send an email to your MP and cc: our Prime Minister and the Minister of Finance. If your riding is not represented by a Liberal MP, then send an email to Liberal MPs in your city or riding near you. In these cases, get to know the MP who does represent your riding by copying them on your email. Contact information for MPs can be found at https://www.ourcommons.ca/Parliamentarians/en/members Sign E-Petitions This is asking the Government of Canada to slow things down and allow for better consultation. https://www.change.org/p/honourable-minister-of-finance-bil Please also sign this petition straight from the Government of Canada website https://petitions.ourcommons.ca/en/Petition/Details Share on Social Media Share articles on social media such as LinkedIn, Facebook, Twitter, Instagram, or Google+ which express your views, or provide relevant information. Regards, Twila D. Genoway Founder/Consultant, Genoway Consulting

If you are a small business please give this a read, and sign the petition if you agree. https://petitions.ourcommons.ca/en/Petition/Details

Have you, or your business ever run into a dispute with the Canada Revenue Agency? If so, this is a good read; there are processes in place that outline steps we can take to resolve a dispute with CRA.

It doesnt make sense to hire smart people and then tell them what to do. We hire smart people so they can tell us what to do. - Steve Jobs

This is the best advice I give my clients, that are struggling with a startup business, or transitioning careers. The people we surround ourselves with either raise or lower our standards. They either help us to become the best versions of ourselves, or encourage us to become lesser versions of ourselves. We become like our friends. No man becomes great on his own; no woman becomes great on her own. The people around them help them become great. We all NEED people in our lives who raise our standards, remind us of our essential purpose, and challenge us to become the BEST version of ourselves. -Unknown

For those of you out there with a business year end of July 31, 2017, email or call today! I offer Accounting, Bookkeeping, Taxation, Small Business Consulting, and limited Legal services; that most large corporations receive for a VERY affordable price. Send in a request for a free quote today, so you can focus on what really matters, your BUSINESS!

As a business owner, with a Finance and HR specialty it is becoming very difficult to find applicants that are qualified for education required positions. I want to bring awareness to a situation that I feel is a huge growing concern in Canada. I do not blame the students, as most cases I run into it is immigrants that get caught in this trap, as they just don't know the academic standards in Canada who is reputable, who is not. This is a list of Alberta's recognized institu...tions. If the institution you want to attend is not on this list, there is a chance you are getting a subpar standard of education, and will have difficulty either finding work, and/or keeping it. An education in Canada is not cheap, and it hurts seeing so many taken advantage of it takes many years to recover. http://advancededucation.alberta.ca//international/adr/ldi/

For the next 6 months to a year I will be focusing on Busines Development and Digital Marketing. I came across someone's words today, that really spoke to me on how I perceive myself/you to be a viable, legitimate business in Canada. If you cant afford to pay a living wage than you cant afford to be in business. Asking people to work below poverty wages so that you can own a business is ENTITLEMENT at its finest! You are asking human beings to use their lives to subsidize your desire to own a business. If a job is worth being done, than its worth being paid enough to live. - Kayla OBrian

I'm thinking of checking this workshop out, has anyone ever heard of them before, a review if any?....Or if you know of someone that does some similar business development that does a great job, let me know!

Just getting my Facebook for Business setup, I will keep adding throughtout the week. Thank you all of my friends and family for your support in this new Exciting chapter in my life!!