I believe that the average person knows how to spend their money better than the government. For that reason I want everyone to pay the least tax that is legally possible. Instead of voluntarily paying extra taxes so the government can give it to their favourite cause or to subsidize some business that competes with my clients, I prefer to use that money for my family and to give to the charity of my choice.
I have clients that were not doing their taxes or bookkeeping correctly costing them Tens of Thousands of dollars. I corrected these mistakes resulting in refunds of up to $20,000. I am not talking about wealthy people. This is significant money for them. The sad part is there are limits to how many years we can go back to collect these refunds. It is 3 years in most cases and up to a maximum of 10 years in some situations.
A lot of people start a business without a lot of knowledge beyond their area of expertise. This costs them money. Sometimes they will concentrate on the business and not worry about the paperwork. It is easy to justify spending time on finding new clients and getting work done. Doing all the paperwork may not be as exciting or fun. But it needs to be done. I know some people that are months behind in sending out invoices. If you do not invoice on time it can cost you. Customers may not remember what you did and be annoyed at getting a larger bill all at once. Many find it more palatable to receive smaller invoices monthly or weekly. A customer might go bankrupt and you may never collect. This is work you have already completed but did not get paid. Can you afford to work for free? You are losing money you already earned.
If you are not compliant with CRA rules, it could cost you a lot in interest and penalties. The first penalty is bad enough but the next one could be doubled. Repeat offenders can get very high penalties.
If you do not keep the bookkeeping up to date, how do you know if you are making a profit?
If you have several products or services do you know which one is making you the largest profit?
Are you calculating GST correctly? If not you may be paying more than is necessary.
Are you calculating and paying payroll source deductions correctly and on time? Errors and late filing can cost you in penalties and interest.
Presentation Topics we are going to discuss :
- The legal setup of your business.
- Registration with CRA and tax compliance.
- Avoiding Audits
- Avoiding Penalties
- Hiring Employees and Sub Contractors
- Record Keeping
- What are Debits and Credits
- Paying Yourself
- Paying the Least Tax (Tax Planning)
WHEN: Thursday May 14, 2015 8:30 am to 12:30 pm
WHERE: Atlas Business Centre 7633 50 ST Edmonton AB
PRICE: $97.00 plus GST
The Everyday Communities
Note that it is âconnie_adminâ