Propel Bookkeeping
45 Lichty Cres N2B 2Z5 Kitchener, ON, Canada

Did you know the rules for EI for the self employed are much different than regular employment? Should you opt in or not? A great article you should read before you make a claim or are thinking about having children. http://www.cbc.ca//business/taxes/ei-for-the-self-employed

Printer Ink a major expense? Try toneronline.ca to get a compatible refurbished cartridge. I can get a 3 pack + shipping for half the cost of a in store single. Also, if you feel like your printer is not using all the ink in the cartridge it probably isn't! Add a piece of black electrical tape to mimic a full cartridge and see your yield double. Propel Bookkeeping.. more than just bookkeeping.

Prescribed interest rate is currently 1%. Loan lower income family members money at this rate. If they earn 4% on their investment and pay you back the 1% means the family member earns 3% that would have been taxed at your tax rate. Most importantly you are in compliance with CRA attribution rules. Propel Bookkeeping... more than just bookkeeping.

Is your New Year's resolution to clean off the paperwork from your desk? Your employees will soon need their T4's to file their taxes. The taxman/taxwoman will soon be knocking. Contact us and we can help you get organized!

Forgot to make a credit card payment as you are too busy running your business? You are not alone and some banks have online tools to help. When you log in to online banking look for a 'set up a per-authorized payment' option under your credit card account and you can set up your credit card to pay the minimum amount or pay it off fully every month automatically to avoid the interest charges. This helps you avoid ruining your credit if you are planning on buying a car or house in the future. You can also set this up for any personal credit cards as well. I know BMO offers this feature but other banks may as well.

Did you know services are taxed differently than tangible goods when the client is in a different province than your business? Determine if you should be charging HST or GST + a provincial tax for your service here: http://www.cra-arc.gc.ca///hst-tvh/srvcs/gnrl-rls-eng.html

The extra service I provide as a business owner myself is to let clients know of any cost savings I can see by looking at your financial expenses. An example includes: Bank Account Savings - Are you in the right business bank plan? Are you over your transaction limit every month? Upgrade your plan to a higher monthly fee and you can save on those overage charges.... A way to reduce bank fees without going to a higher monthly fee is to reduce the number of banking transactions. Ways you can reduce your transactions include: -Combine your daily cash deposits into a weekly deposit and it will count as 1 transaction instead of 7. - Ask if your bank has any agreements with debit or credit card payment processing companies. For example Moneris has a deal with BMO and daily debit and credit transactions do not count towards your total. - Avoid using business debit card for POS purchases and use your credit card instead as transactions are free on your credit card. Also, note that if you keep the minimum amount in your plan the monthly plan fee is waived. For example a $44/month plan may have a minimum of $17,000 to waive plan fees. Saving $44/month or $528 on a $17,000 investment a year is the equivalent of earning 3.1% on an investment after tax.