Bookkeeping accounting banner11/22/2023 The course can be taken in the convenience of your home or at my office location.Ĭourses are available in the following software packages: Sharon MacDonald offers a variety of software training and support for basic, intermediate and advanced courses. In today's world computers and technology is a very important part of the business world as well as in the family home. as well as setting up your new business on an accounting software package.ĭo you have a business idea but need help to prepare a business plan, if so give me a call. Also available is supervising and training employees in any areas required such as bank reconciliations, payroll, accounting software, organizing, etc. I offer monthly, quarterly and annual bookkeeping and reporting of un-audited financial statements to my clients both computerized or assisting with manual spreadsheets. The small business services as mentioned on the home page are specialized for each individual business. ACCOUNTING AND BOOKKEEPING FOR SMALL BUSINESS You then have the option of using this RRSP deduction on either the current or following income tax return. The final consideration to minimize your tax liability for the current tax year would be to make an RRSP contribution by February 28 of the following calendar year. Revenue Canada pays a Canada Education Savings Grant (CESG) of 20% of annual contributions you make to all eligible RESP's for a qualifying beneficiary to a maximum CESG of $500 in respect of each beneficiary ($1000 in CESG if there is unused grant room from a previous year), and a lifetime limit of $7200. If you have employment income you can still make an RRSP contribution however you will have to pay an over-contribution penalty for a short period to achieve this. You are required to convert your RRSP to a RRIF in the year in which you turn 71. Consult with a tax advisor as there are tax shelters that have a very high risk tolerance. Invest in a tax shelter that will allow you to deduct your full investment. Any leftover losses can be carried forward indefinitely.Ĭonsider delaying the sale of all or part of an asset until after year-end to defer capital gains tax this defers the tax by 12 months if you were to sell the assets in January. If you do not have any capital gains to claim this year you can still carry back and apply against any capital gains in the past three years. In order for the loss to apply the sale must be processed by December 24th. Also consider donating stock to get a special tax break.Ĭonsider selling stocks that are held outside of your registered plans that will create a loss to offset any capital gains that you must claim for the year. Make all of your charity donations by December 31 in order to use them as a tax deduction on your return for the current tax year. Here is a list of a few options available. There are several preparations that can be made before the end of the year to minimize your tax liability for the year. I am available to meet with the client prior to year-end to discuss the client's options as well as meet in the new year prior to the deadline for RRSP contributions. Preplanning can be accomplished in two stages. A separate invoice is prepared for the T2 return by the Chartered Accountant. Once I have posted the year-end entries and the financial statements have been completed the information is then delivered to a reputable Chartered Accountant who then prepares the T2 Corporate Income Tax Return. There is a minimum charge for preparing the Business Statement which would include the T1 or an hourly charge if applicable depending on the time involved in preparing this return. A few examples of that would be if the taxpayer was deceased, went bankrupt or Canada Customs and Revenue Agency had the client flagged within that taxation year. If there are circumstances where the client would not qualify for e-file then the return will be paper filed. These returns are electronically filed for the client unless the client prefers to mail in the return. There is a basic charge for preparing the T1 income tax return with extra charges for some of the different schedules such as capital gains, medical expenses, child care expenses, etc. TAXATION SERVICES Individual Tax Preparation Accounting software training and ongoing support.I specialize in personal income tax returns for individual clients and small business accounting in the Halifax Regional Municipality with one to one consulting and custom services available on request.Īccounting & Bookkeeping for Small Business Bookkeeping & Accounting Services About Sharon ~ Services ~ What's New ? ~ Tips ~ CRA FAQ ~ Charities ~ Links ~ Contact
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |