Teach What You Learn !!

We are in a lock down in Ontario for 4 weeks now, commencing January 14, 2021 at 12:01 am. 

While we are restricted in our outside movement, it should not stop us from spending some nice quality time at home learning something that will be a benefit to ourselves and others in the future. 

It recalled to my mind that the old joke of “how many people does it take to change a light bulb?” became more than a joke for us in the office a number of years ago. 

We had purchased a sign that is suspended from the window opening of our office building, and has light bulbs inside. We plugged it into an electrical timer so it is lit up for a period of time in the evening, and comes on again in the morning twilight. When it seemed to stop working, my first instinct was that the electrical timer was malfunctioning, but it wasn’t that, it was indeed, a failed light bulb. 
Wouldn’t you know it, when I called the manufacturer of the sign to ask them how to get into the sign, to change the bulb, they couldn’t answer, and told me to contact an electrician. I’ve never had this kind of problem before, and have always been able to replace a light bulb, but this time, the mechanics of the sign was a bit of a jig saw puzzle. 

I took the advice of the manufacturer, contacted an electrician, who charged for the bulbs, his time, and also made it very clear to me that he didn’t want anyone to watch him work. My suspicion was that if this was a trade secret, then he could be assured of another $100 the next time I needed a light bulb changed. To side step his request, I asked my fellow work mate to take a peek out in the hall, and do an inspection for the purpose of learning the skill of changing a light bulb in our puny little sign. We know how to do it ourselves the next time, and can replace the bulbs for about $.89 each for the 3 or four that may be needed. 

We won’t be calling the electrician for this little job a second time, of course, and have learned a few things from this experience. First, when you ask to be taught, and a teacher has not presented themselves, then you have to take a look for a willing educator. They will absolutely present themselves at the right time. 
Second, when you have had a chance to learn something, as small as it seems to you, then teach it to all eager students. 

Here is a simple overview of teaching what you know, and I hope you can take advantage of the situation the next time something crops up in your life, that gives you an opportunity to share your experience.

Click for Knowledge!!

Jack

Canada’s COVID-19 Economic Response Plan

There are a number of government programs available for individuals, self employed business people, and business that require no interest demand loans, with a portion forgivable as grants, probably taxable.

Most of the information is available on the Canadian Government’s website, and I will write the link for your contemplation.

We can surmise that the attention given to “free” anything will be pretty great, and the best, and wisest know that free is only the time that has been given to us, to spend how we best choose, and anything else comes at a cost, or a price to be paid.

There will be a tremendous effort put into scamming the system, and I’m sure an equal and opposing effort to either stop that from happening, or, in the least, a good, costly follow up to make sure that those that took advantage of an unfortunate situation, will participate in the payback, in one form or another.

We try our best, in our office, to assist those in enrolling in the programs that would best benefit, and of course, it never ceases to amaze me, that those that reported less than $5,000 in income last year, would like now, to fess up, and report an amendment reporting an even higher income, possibly because it serves some advantage to them now. Should I wink, wink?

Here is some Government reading for you Here

Have a nice day!

Jack

We are finally getting a mail drop off put into our office door!

Good morning.

We have been anxiously waiting for our office door to be fitted with a mail slot to allow anyone desiring to drop off documents when we are not in the office, to do so.

We have been informed that the necessary part which has back ordered for more than three months, has arrived, and we are hopeful that our door will be fitted with the mail slot, on Thursday November 12, 2020. The office building has been locked down since March, and is open between Monday and Friday between 9:30 am, and 1:00 pm. After and before those times, the doors are electronically locked.

You are more than welcome to drop off any documents you feel should be provided to us, anytime commencing November 12, between 9:30 am, and 12:00 pm, from Monday to Friday. We are only physically in the office on Thursdays, generally to pick up documents left for us, and to provide for a picking up of any documents that should remain with you.

We have retained in our office, your 2019 documents provided to us, and we would like to provide those files back to you, to be held by you.

In order to accomplish this, we would like “pick up appointments” to be made by you, where the appointments are equally spaced about 6 minutes apart to allow a steady but relatively constant flow of tracking in our building. The purpose of the appointment is to allow us time to secure, and place your file, outside our office door, on a pick up table, for you. We are thankful for you cooperation in scheduling a pick up appointment at your convenience, and will adjust the days for pickup available as more appointments are being made. We will start off with Thursdays, and gradually open the number of days a week for pickup, as time requires us to do so.

It will be nice to get back to our former routines for your tax preparation, and in case we must remain in a state of isolation to some degree, we will continually do our best to accommodate the process that is best for you.

Please do not hesitate to contact us by phone, or email, anytime, if you have any special requests, or concerns. It will be our pleasure to assist you whenever we can.

Sincerely,

Your Hollingsworth & Associates Team

This is the link to the appointmentquest : Click here

Reasonable Per-Kilometer Allowance

A link is provided in the government section of the blog to allow you a quick access to CRA site, where they list the per kilometer allowance rates. These are the rates that CRA allows an individual to charge back to a corporation for using their own vehicle on business related travels, without incurring a taxable benefit.

The company takes the deduction for travel expenses, and the individual who has the claim, and is reimbursed, uses the funds to offset their cost of using their own vehicle without having an income claim.

This is the link: Per KM

News for Real Estate Sales Personnel

It looks like Ontario has announced some changes which allow real estate professionals to incorporate and be paid through Personal Real Estate Corporations (PRECs).

The link to the governments site is Here and there may be additional information to follow.

Thank you for the feedback from our clients in that type of business. We truly appreciate you being part of our network of information providers.

Regards,

Jack Hollingsworth

Return of Tax Documents

This past season required that documents that you provided to our office, be retained by us, until some time, where we could arrange for you to pick them up.
Right now, we are in the office from 9:30 am to 1:00 pm Thursdays, to accommodate your needs to drop off or pick up files.

You can schedule a “Pickup Files” appointment by pressing this Link

We have not lately been making in Office appointments,  as it seems we can get most of our bookkeeping/accounting duties performed from home, and during a good part of the year,  the “in office client meetings” are not generally necessary.

Please don’t hesitate to contact us : 519-649-2001 if you have any questions or requirements.

Home Office Expenses – New to you?

Are you now working from a home office?
With the proper documentation on hand, you may be able to reduce your taxable income by some expenses that you are now paying from your home.
Your hydro bill will go up if your computer is turned on most of the time. The space you occupy is probably being air conditioned, and soon enough, will be heated, at a cost. You may be paying insurance, property tax, or rent, repairs, snow removal, gardening costs, cleaning, and a multitude of other costs, that may have always been with you, but with your newly dedicated space, it may be a reduction in your taxable income that your employer paid before you started working from home.

Here is the link to read a summary that may be a benefit to you:

Home Office Expense Link – Click here

The Return of your Tax Documents

Most tax returns this year, were prepared, and supplied to you through a “portal”, or through regular email as an attachment.

We needed to obtain a signed “Information Return for Electronic filing” document back for our files, and in compliance with CRA’s requirement to have that document available, before e-filing.

Some individuals do not have the luxury of the internet, and for those, we provided a “drop box” outside our office door. We retained those documents because it was taking an unusual amount of time for tax summaries, which we can reproduce, to arrive from our office, to your home, by regular mail delivery.

We would like to invite you, by appointment, to pick your documents up from our office, shortly.

For those that have an internet access, and an email address, we will send out an invitation to “book an appointment” for the pickup of your documents. It won’t take long, and we were thinking of spacing the appointments apart by less than 10 minutes, for you to enter our office building, where a table will be set up with your documents in serial number folders.
For those without an email address, we will call later, to book an appointment for you to pick your documents up.

We welcome your feedback to this idea of having your documents returned, by a scheduled “pick up”, and look forward to any positive suggestions you may have that will allow us to expedite this task, as smoothly as possible.

Take care, stay happy, healthy, and enjoy your day.

Regards,

Your Hollingsworth and Associates Team

The Real Reason for Wearing a Mask

I don’t go out that often at all these days, unless it is imperative, like grocery pickups, weekly trip to work (accounting is considered a “necessary service”) , doctors appointment that shouldn’t be cancelled, and to walk across the road to drop off the mail, or pick some up.

When I do go out, I am really shocked to see the number of people who still don’t wear masks in this ugly pandemic that is causing a lot of people to get sick, and die.  It’s nice that some actually recover, and go on to live some reasonable semblance of life.

I know the people who don’t wear masks are probably following those country leaders who refuse to wear one because “that’s not me”, not realizing that monkey see, monkey do, and keep on racking  up the R points.  I sure wouldn’t point a finger at just a neighboring country,  because there are probably a lot more countries in the world that have their society follow the example of their leaders, good, or bad, wise, or the other, rich, or poor.

I came across this article in The Atlantic, and thought I would share it with you.  Let me know if it expires, and I’ll remove this note from our little blog:

Take care, and have a nice, happy day, and don’t let the germs get you.

The Real Reason to Wear a Mask, Lone Ranger!