JLG Accounting & Consulting

I would like to wish everyone a Merry Christmas and a great New Year!

Hope everyone got their taxes done right and received the maximum refund possible. If you have any questions or would like a second opinion, feel free to message me.

Less than a week for the Tax Deadline. (Ends May 5) Top 10 Tax Tips 1. Receiving a refund means your tax return is correct.... 2. Procrastinating. 3. The Canada Revenue Agency will correct mistakes. 4. Carrying forward old receipts. 5. Income splitting. 6. Overpayment of CPP and EI. 7. Fix errors from prior years . 8. Report all income, the right way . 9. Missed capital losses : 10. Doing it yourself when it comes to taxes I hope these tips have helped everyone. I want to make sure you get back every penny (nickel now a days) of your money.

Revenue Canada decides to audit Grandpa, and summons him to the Canada Revenue Agency office. The auditor was not surprised when Grandpa showed up with his attorney.The auditor said, Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling. I’m not sure CRA finds that believable. I’m a great gambler, and I can prove it,’ says Grandpa. How about a demonstration? The auditor thinks for a moment and said,... Okay. Go ahead. Grandpa says, I’ll bet you a thousand dollars that I can bite my own eye. The auditor thinks a moment and says, It’s a bet.’Grandpa removes his glass eye and bites it. The auditor’s jaw drops.Grandpa says, Now, I’ll bet you two thousand dollars that I can bite my other eye.Now the auditor can tell Grandpa isn’t blind, so he takes the bet.Grandpa removes his dentures and bites his good eye.The stunned auditor now realizes he has wagered and lost three grand, with Grandpa’s attorney as a witness. He starts to get nervous. Want to go double or nothing? Grandpa asks ‘I’ll bet you six thousand dollars that I can stand on one side of your desk, and pee into that wastebasket on the other side, and never get a drop anywhere in between. The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this old guy could possibly manage that stunt, so he agrees again.Grandpa stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much pee’s all over the auditor’s desk.The auditor leaps with joy, realizing that he has just turned a major loss into a huge win.But Grandpa’s own attorney moans and puts his head in his hands. Are you okay?’ the auditor asks. Not really,’ says the attorney. This morning, when Grandpa told me he’d been summoned for an audit, he bet me twenty-five thousand dollars that he could come in here and pee all over your desk and that you’d be happy about it! Don’t Mess with Old People!! A little humour to hopefully brighten your day!

Hope everyone had a great Easter weekend. Reminder that you have until May 5th to file your taxes do to the heartbleed hack.

Tax Tips Report all income, the right way . Taxpayers make lots of mistakes reporting their income, from double reporting taxable benefits that are already included in Box 14 of your T4 slip to failing to report tips and gratuities. Common problem areas also include the reporting of foreign pensions and the interest your adult child paid you on the mortgage you are holding for him. ... This year there are two issues of particular note for business people and real estate investors: 1 - Avoid the underground economy. Statistics Canada says the three industries most likely to participate in the underground economy are construction, retail and hotels and restaurants. If you are in these industries, CRA may want to review your filings, so make sure you can justify all income reported and all deductions claimed. 2 - Be careful flipping homes. If the home you sell is your primary residence, there is no tax paid on the sale. That’s right, the $50,000 gain on the home you bought for $500,000 last year and sold this year for $550,000 is tax exempt. But here’s the lesser-known trap: If you buy and sell those principal residences too often, you could face a tax problem. You’ll lose the principal residence exemption, and even the 50 per cent capital gains inclusion break if the tax department thinks you’re in the business of buying and selling homes. In short, 100 per cent of the resulting gains could be added to your income. Talk to a tax pro if you’re worried. Please "Like" & "Share", this information will be helpful to someone you know. Who doesn't want to save money?

Fix errors from prior years . You can recover missed tax refunds and credits by filing an adjustment to prior filed returns up to 10 years back in the case of the federal T1. You can even do this online. I heard about this woman: A widow caring for her cancer-stricken husband over many years left little time to review tax savings opportunities. She claimed for previous years to correct for the missed credit and received a five figure bonus that helped pay for funeral expense...s. Think about what lucrative deductions and credits you might have missed, filing past returns? Please "Like" & "Share", this information may help someone you know.

Income splitting. Only certain taxpayers are allowed to split income on their tax returns. Business owners can split income with their family members if the family member works for the company and normally a person would have been hired to complete the work. Eligible pension income can be split but you must complete a Form 1032 and submit it with your tax return in order to claim it. Or if you are collecting Canada Pension Plan payments, you can split this income as well, under certain conditions, but you must apply to Service Canada.

Tax Tips! The Canada Revenue Agency will correct mistakes. If you make a mistake declaring your income, the Canada Revenue Agency will certainly notify you of the error and any taxes owing. But if you miss a credit or deduction, do not assume they will correct your return. It is not the CRA's job to make sure you take advantage of the credits you are allowed to claim.... visit www.jlgaccountingandconsulting.com for more tips!

Tax time is here again. Like promised, I will be posting tips to help you get back what's yours! Doing it yourself when it comes to taxes. -Income Tax is a Game, and the Rules are complex. There is a lot of money at stake when it comes to tax matters. Therefore it is always a good idea to seek professional tax advice. Remember, a good accountant is an asset, not an expense. Saving on professional help in this case simply means stealing money from your business or your family.... Please "Like" and "Share" this info. It will be helpful to someone you know. Stay tuned for more tax tips over the next months.

Happy New Year everyone! Let's try and make it a year to remember. I will be posting tax tips starting next month. I will also try to help you avoid the common errors that are made while filing your personal Income Tax returns.

Wishing everyone a Merry Christmas and a healthy and profitable New Year! Stay tuned for tax tips in the new year. Hopefully help save you money for those who use TurboTax and etc.

Christmas is almost here. I'm sure you're all doing your best to get everything for everyone you love. What about you? Your business? I want to help make life easier. Are you looking for ways to save money or grow your business? Have you thought of getting a financial analysis done? It could be the perfect gift. The one that continues to help grow your business.

Tax season is coming fast. Mamapreneurs, make sure to keep all receipts and if you want to get all hst spent on supplies, you'll need an hst #. Small business owners and startup businesses, remember to apply depreciation to any new or recently acquired equipment. ... Need help with tax or want to start a tax strategy to bury future revenues. Contact me.

Small business owners. If you don't have employees and want to manage your own books, buy Quickbooks or Simply Accounting. The software will make life much easier. Contact me if you have any questions. Please "Like" or "Share" This may be helpful to someone you know.... www.jlgaccountingandconsulting.com

When starting your own business, remember to set your year-end date to align with regular calendar. That way you don't have any issues at tax time.

If you are a mamapreneur. Make sure to keep ALL receipts. Equipment, supplies and ect. because you will get all the HST spent on these items. Depending on the cost of any equipment, depreciation can be applied. This gives you a way to write off your needs and will lower your taxable income. If you need help setting up your books or are too busy, Contact me. *Please share* This information may be helpful to someone you know. www.jlgaccountingandconsulting.com

Are you or someone you know a mamapreneur? If you don't have an accountant and/or know the tax benefits you can get from working from home. Message me today and I could help you save thousands!