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

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

Log your Business Driven KM Please

When you own your own limited company, and the company does not own your vehicle, you are able to charge back to your company a travel expense based on your business travels.  You must maintain a  log book of the information that details the date and particulars as to the purpose of the trip to support the claim.

The expense, when reimbursed, is not be be added to your income, because it is a reimbursement of your expenses.  The amount must not exceed that as allowed by CRA, otherwise, a taxable benefit would be applied.

In order for you to track your business trips, and personal trips, and providing you are using a cell phone, which doubles up as a GPS device, our suggestion is for you to use a tracking app, like MileIQ, which can provide to you the reporting necessary to support the claim.

MileIQ provides to accountants, a promotion code which reduces the annual cost of this service by 20%, resulting in about $50 annual cost for using the app, more than 40 times per month.  Most of the business people I know, drive more than 40 times on business each month, but it doesn’t hurt for you to try before you buy, and get a feeling for the benefit.

The MileIQ app runs in the background on your iOS or Android phone and logs every drive automatically. You swipe each drive to classify it as business or personal, and MileIQ calculates the value of your deductible mileage. You can add details like parking, tolls, purpose and vehicle and have a complete, accurate mileage log practically effortlessly! Your log gets synced to the cloud, so you can get to it any time, even years down the road. You’ll be able to claim the full value of your mileage deduction with total peace of mind.

This year, MileIQ is offering my clients a 20% discount on annual unlimited-drive plans. Subscriptions are regularly priced at $5.99/mo. or $59.99/yr. (Here’s how to redeem promo codes.)

You can try MileIQ by downloading the free app for iOS or Android. To get an annual unlimited-drive plan at a 20% discount, sign in to your MileIQ web dashboard, click “Get Unlimited Drives” and use promo code JHOL701A at checkout. (Note that the discount is not valid for in-app upgrades or monthly plans.)

Want more information? Take a look at this flyer.

I hope you’ll give MileIQ a try and let me know what you think. (And remember, the subscription is usually deductible too — at 54.5 cents for every business mile in 2018, it’ll pay for itself in just a few drives!)

 

This is their website: MileIQ

 

Have a nice day..

Jack

Call CRA on your Personal Tax Matters

With the change in phone systems, the phone number remains the same 800-959-8281 but you no longer have the option to press the * key to “speak to an agent” within a few minutes.

Now these are the options:

CRA Personal Line Options Changed when calling 800-959-8281

Locked out of account press 1
Remittance Voucher or other forms 2
RRSP HBP TFSA 3
Tax return, balance 4 other inquiries 5
Other, address, direct deposit, trust 5
The # key returns to main menu.

 

You need your SIN number, and need to key it in to give CRA a “heads up” to who they will be speaking with, and the mechanical voice will let you know the waiting period for you to be in the queue.  It seems to take longer now, but if the service is better, that is the trade off.  Time will fix just about everything.

Jack

Another Government Bulletin – Are you a Canibis grower?

It’s getting more complicated, if you didn’t already know.  This is the bulletin that details the monthly reporting requirement that CRA insists on.

You must report certain activities of your growing operation if you are in the legitmate business, on a monthly basis, no later than the end of the month following the reporting period.

 

Read, mark, learn, and inwardly digest… hmmmm…

Bulleting 105 Mary Wanna

Government Changed their Phone System

It looks like we can no longer dial the business number 1-800-959-5525 and then press the * key to contact them directly.

Try this:

Calling CRA Business 800-959-5525

After dialing, there are different options to press.
Some that may be of benefit to us are:
– Payroll 3
– GST 4 then press 0 enter 9 digits HST then 1
– Self employed or Corporation 5
– Other 6

First two have to do with registrations or difficulty accessing accounts on line.

 

Jack

Free Tax Preparation for Some Canadians

CRA can provide information to you that may enable you to have your tax return prepared at no cost.

There are some restrictions, the main one being your total income, but it sure doesn’t hurt to check it out on your own.  I hope you can get a savings, and if not, we are here to help.  We do charge a fee for services, and do our best to keep our costs in control so you don’t pay for inefficiencies.

Here is CRA’s Link CRA Free Service

See you soon.

Regards,

Jack