Helpful Tips

Here are some tips to help you keep your books in tip top shape:

*    Try to avoid using cash for business purchases. Use debit or credit card where possible, it is easier to keep track of. When you use cash you lose track of potential write-offs.

*   Never stuff receipts into your pockets or place them in your glove box in the car. Keep something like an accordion file or even a zip up pencil case in your car for you to place the receipts into so you know exactly where they are!

*   If you are making a deposit through the ATM then attach the ATM copy to the completed deposit slip in your deposit book so that you do not have any confusion as to cheque information.

*    When preparing for Income Tax Season be sure to have your receipts neatly organized instead of handing your accountant a box full of mixed up receipts. Makes life easier on them and you!

*     Always keep your business finances and personal finances separate!

*     Always keep your paperwork organized! Develop a method that you understand so you know exactly where receipts and paperwork is in case you need it.

*     Reconcile your bank accounts monthly. Doing this is an easy way to spot any differences you may have in your books versus what has gone through the bank.

*    Outsource bookkeeping. By hiring a bookkeeper this allows you to concentrate on your work rather then worrying about your accounting. Bookkeepers are experts in their field and can streamline the business accounting process. Doing this will save you time and stress.

*    ALWAYS Remit your Government Forms on time! Even if you can't make payment right away it is always good to have the forms filed!

*    Income Tax Filing Deadline is APRIL 30th by midnight!

*    If you missed filing a T4 with your income tax, do NOT file another T1. Send a copy of the slip with a T1ADJ Form (T1 Adjustment Form) and ask the Canada Revenue Agency to adjust your return. You can also request this adjustment using "MY Account" on the CRA website.

*    Make sure to keep a paper record of everything! Receipts, invoices, statements, deposits, cheque stubs, etc are necessary to keep your books accurate and reconciled!

*    Be sure to transfer any unused credits. There are a variety of tax credits that can be transferred between you and your spouse. Credits such as tuition, education, and text book credits can be transferred once the credits are used to reduce the students tax payable to       zero