Modern Financial Consulting

Calling all sole proprietors and small business owners .... Fall is here !! Which means tax season is looming around the corner. Filing for 2020 may be a bit more complicated than any other year if you or your small business collected any government subsidies, so it's best you get your information to a bookkeeper now .. Fall is always the calm before the storm that is tax season... If you need help getting your books in order to file for 2020, Modern Financial is currently accepting new clients.

Just received my fourth call from "CRA" wanting my SIN and tax info in regards to my CERB payments that I am not even collecting .... so just a reminder to everyone that CRA would never call you from an automated voice asking for personal info. CRA will send any info they want you to know to your online account, or by mail.

I feel very blessed about the amount of clients Modern Financials has received through strictly word of mouth. I wanted to start doing something to say thank you to those that have recommended us. So, I am pleased to announce that we have started a referral program. Anyone who refers Modern Financials and the referral leads to a client will receive a personalized gift made up of goodies from other local businesses. Most likely it will be made up of food and alcohol, but I promise it will all be BC made :) This one went out to Teri from @unstuckduck , thank you so much for thinking of us @ Victoria, British Columbia

My clients often ask me questions to better understand their shareholder loan. I found this article very helpful in understanding what it means to have either a debit or credit balance in your shareholder loan, or "due to shareholder" ledger. https://www.avalonaccounting.ca/blog/shareholder-loan

For anyone looking to support local at this time, or for anyone wanting to promote your local business and the changes you are making during this self isolation period, this website is great! https://www.thingsthatareopen.com/

There are TONS of questions floating around right now about all of the relief plans. I found this document very helpful. If you plan on applying for the CERB Benefit, make sure to get your online CRA account set up ASAP - you will need it to qualify. It can also take a couple days to set up, so start now!

A new Emergency Relief plan for any employee, contractor, or self employed individual who has lost their income as a result of COVID19 has been announced. This is not ready to be applied for yet, but stay tuned for updates. https://www.canada.ca//introduces-canada-emergency-respons

If this past week has taught us anything, it is how quickly the world as we know it can change. It is sad to see so many businesses being forced to close and/or lay off staff. One thing that has been keeping my spirits high is seeing this community of small Canadian businesses doing what they can to support each other. In the spirit of supporting one another in our times of need, Modern Financials is offering free advice to anyone who is being forced to go remote for themselv...es or even for a whole staff of people. I am here to offer any advice you may need on strong communication tools, document sharing apps, and other items that are essential to remote life. We are going to come out of this together.

Service Canada has set up a SEPARATE phone line to contact them to set up EI claims for quarantine, illness, work closure, etc due to COVID-19. They will not help you with anything else at this number. Likewise, the main EI number cannot help you with COVID-19 claims. The number is 1-833-381-2725.... There is over an hour average wait time to speak to someone at the main number, so please take some of the load off them and use the COVID-19 # if that is what you need to talk to them about. Also, they are waiving the 1 week waiting period for 2 week quarantines, so if you are affected, apply right away.

"if you could have those rooports to me on the treat budget by end of day, that would be just great"

If you are feeling a little overwhelmed or confused about what information you should be preparing to send to your accountant for tax time, Quickbooks is offering free webinars to help you prepare for tax time. They have webinars for Self Employed Individuals or Incorporated Companies. They are pre-recorded as well so you can watch them whenever you have the time. It is definitely worth the 15 minutes of your time.... https://quickbooks.intuit.com//webi/tax-time-webinar-2019/

HAPPY INTERNATIONAL WOMENS DAY. Spent the day at the women's Expo and had the pleasure of seeing some of my clients booths set up. So proud of all the amazing women in my life. You inspire me to be the best version of myself . @ The Victoria Women's Expo

Hiring contractors over employees can be very appealing for small business owners. Less paperwork, no payroll, less responsibility and committment. Working as a contractor can be appealing as well .. more freedom, and you can write off business expenses. However, CRA might have their own ideas about whether you're a contractor or an employee based off their 4 point test system.... If it is determined you're contractor is actually an employee, your small business could be on the hook for years of back pay on your "contractors" taxes. Do not make this mistake ! Talk to your bookkeeper about hiring contractors and what the requirements are.

Nicole Walters article on the top 10 reasons why small businesses fail lists owners underestimating the administrative tasks (including the bookkeeping) as #4. Not taking care of the bookkeeping can lead to massive tax bills. Not managing the HR can lead to lawsuits or unremitted deductions. Not paying attention to accounts payable causes late fees and lack of credit terms with suppliers. Where does that leave your small business? Crushed in debt. Modern Financials Consulti...ng wants your business to succeed just as much as you do. We can manage all of your companies administrative tasks, saving you headaches and money. Do not put this off any longer! You can find the article here: https://www.shopkeep.com/blog/why-small-businesses-fail

If you're a business owner with a commute to work, chances are you're staying home today. This could be your chance to gather up those receipts, and upload them to your accounting software or send them to your bookkeeper. .... If you need help picking out, or setting up an accounting software or you're in need of a bookkeeper, call Modern Financials!!

With tax season coming up, I wanted to share this link. This is filled with great info on what is required of small business owners (Sole Proprietors and Partnerships) by CRA in terms of tax filing and record keeping. Penalties and late fees can crush small businesses if you realize too late you were not remitting your taxes on time or correctly. Modern Financial Consulting can help you stay compliant. If you notice something in here you are not doing, or not sure how to do, we can help!! https://www.canada.ca//c/formspubs/pub/t4002/t4002-18e.pdf

Such a beautiful night, I hope everyone is enjoying it with friends, family, pets, or even just a nice book and glass of wine. If the fact tax season is looming around the corner, or that huge pile of receipts you haven't dealt with yet is keeping you from enjoying your night, you know who to call.

If you are a small business owner just starting out, or thinking of opening a business, this is a useful article on the GST remitting requirements of your business. Did you know you are not required to remit GST unless you are making $30,000 or more in a fiscal year? Learn the tax rules before you start out, or you could be wasting money! https://www.thebalancesmb.com/do-you-need-to-charge-the-gst

One of the things I hear the most often from my clients is that they wish they hired me sooner. Without a bookkeeper you are risking missing out on tax breaks, over paying your accountant, or falling behind on your payables and receivables. https://www.entrepreneur.com/article/290854

Is this a photo of you IRL at tax time? Whether you're a sole proprietor or you own an incorporated company, tax time does not need to be this stressful. Modern Financials offers a variety of services that will make your tax season a breeze. Dump your paperwork with us, and allow us to set you up on an automated system to make this tax season, and every tax season nothing more than... spring.

Very excited about this event! It's always fun to see what apps are about to make our lives easier. https://www.eventbrite.ca/e/accounting-technology-seminar-v

Feeling very thankful for the support in this new venture, and all of my wonderful clients.

https://www.forbes.com//how-technology-is-changing-the-a/

Website is up and running, please visit us at modernfinancialconsulting.com