Trace Accounting & Bookkeeping Ltd.
1916 20 Street T0M0W0 Didsbury, AB, Canada

Applications to the Canada Emergency Response Benefit are opening soon. To make sure we can help you quickly, we’re asking you to apply on different weekdays depending on birth month. Find out more at http://ow.ly/NEKS50z3MZr

Good afternoon, I would like to send out an update on Trace Accounting. I will not be accepting in person meetings until after the pandemic has cleared but will still take new and previous clients that are willing and able to provide information electronically. ... CRA has fast tracked the ability to allow E-signatures, which makes this easier. I will continue to regularly be in my office but will not be accepting any appointments until it is safe to do so. Thank you for your patience and cooperation and I look forward to getting back to business as usual! Tracey Dyck

To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities. https://www.canada.ca//canadas-covid-19-economic-response-

Some financial assistance for Albertans is available. Here is some information: https://www.alberta.ca/emergency-financial-assistance.aspx

PSA: Instead of an April 30 filing deadline for the 2020 tax season, Canadians will have until June 1 to submit their income tax return to CRA. The deadline to pay off any outstanding balances interest-free will also be extended, this time to July 31.

With personal tax season nearing, please be very cautious with emails and phone calls that you accept. Please do not click on any link included in an email and do not give out any personal information for any reason. Below is an email my husband received, so it can happen to you! If you get an email like this please do not click on the link, log into your online account and retrieve the information there. If a CRA agent contacts you, please politely tell them that you will ha...ve to give them a call back on the main CRA line to ensure they are a real agent. A real agent will not ask you for personal information such as your birthday or SIN number. They will only ask for confirmation of numbers on your previous tax returns and/or your address. If you have any questions, please don't hesitate to reach out. Thank you and have a happy tax season!

Starting the middle of next week Trace Accounting & Bookkeeping will now be accepting debit and credit cards for the convenience of my clients! Thank you for your patience while I got this in order. Tracey Dyck

Hope everyone is enjoying the warm weather we have been getting! Just a reminder that for the period of May 15 - August 31st I will not have regular business hours and will be in and out of the office unscheduled. I will also only be accepting AM appointments which, like usual, are by appointment only. Thank you for your understanding! ... Tracey Dyck P.S. A tip is to check the weather forecast to predict whether or not I will be in the office :)

Trace Accounting and Bookkeeping will be closed this holiday season from December 25 - January 3. I wish you all a lot of joy this holiday season and look forward to seeing you all in the New Year for personal tax season :)

A reminder that as of Oct 1, 2017 minimum wage is up to $13.60. https://work.alberta.ca/employment-standa/minimum-wage.html

A well written, unbiased article I found that discusses CCPC tax changes. It's important to weed through opinion and focus on facts! https://www.dwpv.com//Canadian-Government-Proposes-Major-C

ANNOUNCEMENT: With tax season quickly approaching I will be sharing some important information over the next few months. As of January 1, 2017 Education and textbook amounts are no longer accepted as a tax credit. Your unused amounts from previous years can still be used but nothing new can be added.

Please note that Trace Accounting now has a new mailing address: PO Box 548 Didsbury, AB T0M 0W0 Also note that as of July 28, 2017, Trace Accounting will be charging GST on all sales of products and services. ... Thank you! Tracey

Trace Accounting is now open and operational at 1916 - 20 Street in Didsbury!!

Trace Accounting, in preparation of opening our store front, is now pleased to offer both Quickbooks and Sage 50 services for our clients. We still prefer Quickbooks but if your preference is Sage we now have you covered!

Trace Accounting has a big announcement. Starting Monday we will be moving locations to our new store front at 1916 - 20 Street in Didsbury! We won't be completely set up for a few weeks but once we are settled in, stop by for a chat and a coffee :) Bring your tax information with you and we can get that taken care of as well!

The Canada Revenue Agency (CRA) will soon be conducting its eighth annual Office Audit Letter Campaign. The letter campaign is designed to encourage behavioural changes among a selected taxpayer population by providing relevant information about their current or past reporting requirements and guidance on how to correct any common errors. In February and March 2017, the CRA will send approximately 30,000 intent-to-audit letters to selected groups of individual taxpayers and... business owners claiming consecutive business or rental losses, and selected taxpayers who may have sold rental property. The objective of the campaign is to encourage letter recipients to review and correct their tax affairs where applicable. This can be done on-line through My Account or in paper format by submitting required changes using Form T1-ADJ - T1 Adjustment Request, or through the Voluntary Disclosures Program. The CRA’s emphasis is on helping individuals and small businesses better understand their tax obligations, which in turn increases future voluntary compliance, protects the government’s tax base and uses resources within the CRA more effectively. If you or your clients have questions about the CRA’s Office Audit Letter Campaign or need help making changes to previously filed returns, go to cra.gc.ca/lettercampaign. You can also call the individual income tax enquiries line at 1-800-959-8281 or the business enquiries line at 1-800-959-5525. -- Email received by CRA today. A reminder to all my clients that I will be here to help you through the process if you're one of the 30,000 picked.

On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exempti...on) because the property was your principal residence for every year you owned it. Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption. http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html

UCCB Statements are out. Check your online account to print off yours or watch for it in the mail over the next week.

Trace Accounting's 2016 tax questionnaire is complete! If you're looking for assistance with your 2016 personal tax return please email me at [email protected]!

Just a reminder to all the businesses out there that October 1st, 2017 minimum wage in Alberta was increased to $12.20/hour.

New teacher and early childhood educator school supply tax credit for educators.

A bit of humor for another late night during tax season :) Please PM or email me at [email protected] if you're looking for someone to get your taxes done!

A few good tips for small business owners.

An older article but still very good information :)

A good breakdown of the major tax changes for 2015 and moving forward.