MQ Accounting Professional Corporation

It's been a busy month over here at MQ Accounting. If you're like us maybe you haven't done your mileage log for the month yet. Personally owned vehicles used for business purposes in corporation activity can submit an expense report and be reimbursed a per kilometer rate. For 2021 CRA vehicle rates are:... 59 per kilometer for the first 5,000 kilometres driven 53 per kilometer driven after that. #CRAkilometerrate #vehicleusage #reimburse #expensereport #mqaccounting #entrepreneur #reasonableExpenses #bookkeeping #taxes #smallbusiness

Client Quote Tuesday! :)

This weekend is a long weekend! Enjoy the weather, smell the flowers and stay safe. MQ Accounting is closed on Monday but will re-open Tuesday at 9am. ... #longweekend #entrepreneur #smallbusiness #accountingfirm #holiday

Client Quote Tuesday! Sometimes you are late getting to your taxes and for sole proprietors that's (kinda) okay because your deadline is June 15th for filing. #entrepreneur #smallbusiness #advisor #mqaccounting #clientquote #appreication #accountant #accountingfirm #personaltaxes #smallbusinesstaxes #taxes #taxseason2021

Happy Mother's Day to my mom #mothersday2021 #momma #mom

https://taxchambers.ca/stock-traders-beware-of-tax-traps-t/ This article is from a month ago when the GameStop stock was pushed high. There may be some taxpayers that are trying their hand at stock trading. If you're one of them you should read this article to know the classification of that income, business versus capital gain. "A taxpayer who claims that a gain is a capital gain must show two things: (1) that his primary intention at the time of entering into the transaction was to make an investment; and (2) that he had no secondary intention at that time to trade in the particular property."

So your accountant just told you you owe taxes for 2020 (Don't blame the accountant, the bearer of bad news, we'd much rather refunds too!). Your business is currently deemed non-essential and you aren't working due to the lockdown AND you've had to spend your tax savings on other bills. What happens now? Did you know that you can make a payment arrangement with CRA? CRA likes communication as long as you're not trying to avoid the debt completely.... This year some taxpayers will benefit from automatic interest relief, (see previous post!) but I foresee submitting some taxpayer relief requests on behalf of client's that didn't fall into that criteria. More information for payment arrangements here: https://www.canada.ca//payments-/payment-arrangements.html

I love hand written notes by small business owners! Did you get to check out The Plaid Cow over the weekend? If not, jump on Amy's website today and buy all the colorful things www.theplaidcow.ca #shoplocal #supportsmallbusiness #supportlocalbusiness #entrepreneur #theplaidcow #fabrics

the tulip: colorful, delicate, perfection. Because the tulip is the first flower to bloom in the spring they can mean rebirth/ starting fresh. MQ Accounting is closing early today and will be "reborn" on Monday at 9am ... Happy Friday! #mqaccounting #tulips #tulipfesitval

It's the first week after the tax deadline we made it!

Client Quote Tuesday! #appreciation #mqaccounting #personaltaxes #taxseason #review #smallbusiness #clients

Well that's all folks! We did it. Yes, I have bags under my eyes. Yes, I didn't change out of my pajamas today. Yes, I am excited to clean my house ... Yes, I am excited to sleep and to have regular meal times. Yes, I'm still smiling Thank you all, for your patience this tax season. Thank you, for all the encouragement and appreciation. Thank you, for trusting me with your tax filings. I am taking a couple days to re-set and then I am back at it.... at a much different pace #taxseasonsurvivor #personaltaxes #cra #deadline #accounting #accountingfirm #mqaccounting #April30

Happy Mother's Day to my mom #mothersday2021 #momma #mom

So your accountant just told you you owe taxes for 2020 (Don't blame the accountant, the bearer of bad news, we'd much rather refunds too!). Your business is currently deemed non-essential and you aren't working due to the lockdown AND you've had to spend your tax savings on other bills. What happens now? Did you know that you can make a payment arrangement with CRA? CRA likes communication as long as you're not trying to avoid the debt completely.... This year some taxpayers will benefit from automatic interest relief, (see previous post!) but I foresee submitting some taxpayer relief requests on behalf of client's that didn't fall into that criteria. More information for payment arrangements here: https://www.canada.ca//payments-/payment-arrangements.html

It's the first week after the tax deadline we made it!

Well that's all folks! We did it. Yes, I have bags under my eyes. Yes, I didn't change out of my pajamas today. Yes, I am excited to clean my house ... Yes, I am excited to sleep and to have regular meal times. Yes, I'm still smiling Thank you all, for your patience this tax season. Thank you, for all the encouragement and appreciation. Thank you, for trusting me with your tax filings. I am taking a couple days to re-set and then I am back at it.... at a much different pace #taxseasonsurvivor #personaltaxes #cra #deadline #accounting #accountingfirm #mqaccounting #April30

Client Quote Tuesday!

Happy Valentine's Day to everyone. Be kind everyday! #valentinesday #feelthelove

Happy Chinese New Year - The year of the Ox.

A thursday night, no where to go, lots to do... Enter #videotaxnews with their "Work Space from Home for Employees during COVID19" online webinar #personaltaxes #professionaldevelopment #workfromhome #covidprograms #CRA #taxfilings #craforms #mqaccounting #eligibleclaims #homeoffice #intheknow #learning #taxes #perthon #accountingfirm

Boy do I ever feel like I earned the title of survivor today! #survivedtheday Do you have those days where time drags on and you seem pulled in 5 different directions at any given moment and just end the day and say to yourself "what did I actually do today?" Yup that was me. 2021 Tax season, please be kind ! ... #accountant #accountingfirm #survivor2020 #busyseason #entrepreneur #taxes #mqaccounting #payroll #deadlines #corporateyearend #personaltaxes #corporatetax #yearend #taxseason #clients #meetings #wednesday

I'm back! Official first day of work for 2021.

Well the time has come, 2020 will be put behind us... ! As much as 2020 has been a whirlwind, a lot of good and positive things happened this past year. ... I want to thank all of MQ Accounting Professional Corporation's clients for making 2020 a fantastic year. Please be safe tonight and welcome a healthy and happy 2021.

As of January 1, 2021, Canadians can contribute an additional $6,000 CAD to their Tax-Free Savings Accounts (TFSAs), to be held as cash or investments.