PLEASE NOTE: If these do not completely answer your question, feel free to contact us for a fuller explanation or to ask another not listed here. "Why is it important to keep accurate records?" "How should I organize my work?" "What if my spouse has done my bookkeeping for the last while?" "What information should my records contain?" "Why do I need to keep a log of my kilometers driven?" "What can I write off for home expenses?" "How frequently do I need to see you?" "What information do you need to do my taxes?" "Do I have to register for HST/GST?" "I run my business out of my home, are you familiar with what expenses I can use for my home office?"

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Q. "Why is it important to keep accurate records?" A. For over 15 years we have prepared tax returns for both individuals and small businesses. We pride ourselves in our ability to save you money through our extensive knowledge of current tax laws. ___Here are a few of the many good reasons for accurate records:

1. Money received from all sources (Christmas presents) will be considered income without proper documentation. 2. Good records can also save you money. If you don't record your transactions, you may forget some of your expenses or input tax credits when you prepare your income tax or HST/GST returns. Missing a receipt for $100 can cost you up to $47.00! 3. Audits, incomplete records can make an audit a nightmare. Also, if your records do not support your claims, they could be disallowed. 4. Good records can help you establish the value of your business. They also help you see the trends in your industry, allow you to compare performance in different years, and help you prepare budgets and forecasts. 5. Proper books and records may help you get loans from banks and other creditors.

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Q. "How should I organize my work?" A. All like items should be kept together. To know exactly what is required click HERE to see and print out our General Bookkeeping Checklist.

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Q. "What if my spouse has done my bookkeeping for the last while?" A. No problem, we can take over where he/she left off.

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Q. "What information should my records contain?" A. Your records should contain clear documentation of all transactions that have transpired with your company. Sketchy or incomplete records that use approximates instead of exact amounts are not acceptable by CRA. ___Documentation that is not complete, can lead to CRA disallowing expenses.

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Q. "Why do I need to keep a log of my kilometers driven?" A. As the only portion of your vehicle that is deductible is the business portions, you are required to keep records of all business kilometers driven. You must also keep track of total kilometers driven for the year.

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Q. "What can I write off for home expenses?" A. You can deduct expenses for the business or employment use of a workspace in your home as long as you meet one of these conditions:

> The work place at home is your main place of employment or business. > You use the work place only to earn your employment or business income and you use it on a regular and ongoing basis for meeting your clients, customers or patients.

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Q. "How frequently do I need to see you?" A. This will depend on a number of things (volume of business, etc). This can be discussed and decided during our initial consultation.

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Q. "What information do you need to do my taxes?" A. See and print out our Tax Filing Checklist HERE.

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Q. "Do I have to register for HST/GST?" A. Only if you have earned $30,000 under one of the following situations:

> In any 4 consecutive quarters. > In one quarter.

There are two reasons we feel you should apply for HST/GST even if you haven't met the two conditions above:

> It makes your business more professional and established. > You will get all HST/GST you pay towards your business returned to you via your HST/GST return.

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Q. "I run my business out of my home; are you familiar with what expenses I can use for my home office?" A. Yes. We have over 15 years experience doing bookkeeping for businesses just like yours.

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