SIMPLY FINANCIALS - THE TAX FACTOR (c)2009 · 3/23/2018 · 2. Non-Group insurance plan that is...

Diana Read-Miedema, ACTS since 1988: A�� C�� T�� S��

Simply Financials-The Tax Factor© Disclaimer. Not responsible for errors or omissions. Educational use only. March 23, 2018

1 day: Sage 50 for Experienced p14 + Cash Flow p16 + Bkg for Entrepreneurs p17

1 to 4 days: Sage 50 2018 using Sage U manual. Basic to Advanced page 15.

5 day: Bookkeeping (Basics Compliance Reporting) prep for certification p.18.

5COURSESwithToolbox!p14-18

T1�T2D��R��:CCA,A"�#,M�%&'�(/M#*�

NewRuleswhensell/changeuseofprincipalresidence

TAXATIONT1-2017p20-21

SIMPLY FINANCIALS - THE TAX FACTOR(c)2009 March 23, 2018 Edition

AccountingTechSupportSage50CAD,Financial

Coaching,NASBA.CANetworkingAccountants&SmallBizAssociates

SUPPORT(tech,Ainancialcoach)p38

*Sage50SalesTaxcodeforMeal+Charity50%ITC

*PAYROLLTD1,BeneAits,T5018,T4A,PSB,STATS

ACCOUNTINGp4-13

F-.. PDF 12 S34567F38189316:.9;4. P-382.< 9;57 $25 + 5;:21>. + 21?


Simply Financials-The Tax Factor© Disclaimer. Not responsible for errors or omissions. Educational use only. Mar 23, 2018

ACCOUNTING

PayrollRatesfor

2018

Sage 50 Sales Taxes ATLANTIC CAN

Payroll-TD1 NRTC amounts to 2017

Payroll/T1 NRTC

Payroll-Maximums, CPP, EI, WCB

Payroll-Employer Paid Benefits

Vendor-Contractor-PSB, T5018, T1204

Vendor-T4A labour pd-no invoice

Payroll-Insurance—Disability

Payroll-Insurance-Private Health Plans

Payroll STAT Holidays in NS

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COURSESin SageHub

Truro NS or your office

*Sage50 Cu4ng Edge for Experienced, 1-day

*Master Sage50 & CRA Reports, 1-4 days. *

*Cash Flow, Understanding Reports, 1-day

*Bookkeeping for Entrepreneurs , 1-day

*Bkg Basics, Compliance, Repor=ng, 5-day

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TAXATION T1-2017 T2-2018 2Q 2018-

5-.:9-3G.<

-12.: 1:2

H3I. :389.

2013!

< CCA DEPRECIATION RATES >

What’s New in T1-2017 (Federal)

Medical & Moving Km & Meal Rates

T1-M Moving Expenses

T1 Inc, Cap Gains, Dividends Federal + NS

CRA Dates Due & BN Codes

T2-2016 Corporate Rates



Shareholder Loans

Prescribed Interest Rates

Late Penal=es for T Slips

MP, DB, RRSP, YMPE, TSFA, Pension SPLIT

AUTO—T4 Taxable Benefit

AUTO-T777 & T2125 Limits, Tax Free Allow

AUTO-How to Prorate for T777 & T2125

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SUPPORT &

Financial

Coaching

NASBA.CA 2007, 2008, 2009

NASBA.CA 2010, Greg Edwards, CA, AcSB

NASBA.CA 2014, Glen Schmidt, FCGA

Services of Simply Financials / DRM

Bio/Achievements: Diana Read-Miedema

30 YEARS < 1988-2018 > Back Cover

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39

Back

T�M(�#NC#O��O��C#(#"PC#%�% 2



A.C.T.S. Certifications & Diplomas:

A: Certified Professional Bookkeeper, 2008

Accounting, Georgian College Barrie, 1980

C: Sage Certified Trainer by Sage U Canada, 2009

T: Certified by Cdn School of Tax Accounting ,1988

Qualifying exam 2001: Assoc Pro Acctg & Tax Conslt Inc

S: Sage 50 CAD Certified Consultant (annual exam since 2009)

Tax Office & SageHub

20 Willow St. Truro NS B2N4Z4

902-895-6074

[email protected]

Since 2009 Diana has copyrighted many courses and taught in boardrooms in NL, NS, NB, PE and at home in Truro office.

October12,2016DianawasanInstructorattheCPANBProfessionalDevelopmentFallConference,Fredericton,fortheSage50coursebelow.Itisrevisedasneededand

WelcometoSimplyFinancials,TruroNS

DianaRead-Miedema,SoleProprietress

3



Accounting2018 S�� 50 S�� T� ��-ATLANTIC CAN

Charities and Business Meals only take 50% of 15% HST = 7.5% as ITC

Code When NS sells/delivers a product

or service to another province,

charge 5% GST or 13% HST to ON.

ATL CAN ALL 15% (NL-NB July 1/16

and PE starts Oct 1, 2016

Tax Status Rate Incl Ref

0 Exempt—in Line 101 HST report HST Exempt

G GST ONLY: AB ,NT, NU,YT

(and books in NS)

GST Taxable 5 N Y

HST All Atlan=c Canada + Ontario

13 ON HST Taxable 13 N Y

15 All Atlan=c Canada for Sales.

NB NL July 1/16; PE Oct 1, 2016

HST Taxable 15 N Y

HI HST 15% included (purchases) HST Taxable 15 Y Y

MI CI

Meals: 1/2 HST included for ITC

Charity: 1/2 HST included for ITC

HST Taxable 6.9768

Y Y

PST Combina=on Sales Taxes

BC PST 7% + GST 5% Apr. 1/13 GST Taxable 5 N y

MB PST 8% + GST 5% GST Taxable 5 N Y

QC QST 9.975 + GST 5% GST Taxable 5 N Y

SK PST 5% + GST 5% GST Taxable 5 N Y

Code Tax Status Rate Included Refundable

MI H Taxable 6.9768 Yes Yes

CI H Taxable 6.9768 No No

Business Meals & Chari=es

Meals 50% HST included

Charity 50% HST included

In Sage50, Purchase Inv shows 15% amt but journal entry report shows only 50% ITC.

No more steps for charity.

Self-employed, at year end, must remove 50% of meal expense to owner draw.

4



Payroll—TD1TaxCredits

NRTC 2018 2017 2016 2015

FEDERAL (tax rate 15% to start) 11,809 11,635 11,474 11,327

TD1-AB 18,915 18,691 18,451 18,214

TD1-BC 10,412 10,027 10,027 9,938

TD1-MB 9,382 9,271 9,134 9,134

TD1-NB 10,043 9,895 9,758 9,633

TD1-NL 9,247 8,978 8,802 8,767

TD1-NS Taxable inc $75,000+ 8,481

Taxable inc $70,000 > 8,781

Taxable inc $60,000 > 9,381

Taxable inc $50,000 > 9,981

Taxable inc $40,000 > 10,581

Taxable inc $25,000 > 11,481

8,481

(tax rate 8.79%

to start)

8,481 8,481

TD1-NT 14,492 14,278 14,081 13,900

TD1-NU 13,325 13,128 12,947 12,781

TD1-ON 10,354 10,171 10,011 9,863

TD1-PE 8,160 8,000 8,000 7,708

TD1-SK 16,065 16,065 15,843 16,639

TD1-YT 11,809 11,635 11,474 11,327

PROV

5

FEDERAL T1 LINE Prov 2018 2017 2016

Basic Person 300 5804 11,809 11,635 11,474

Equivalent to Spouse 303/305 5812-16 11,809 11,365 11,474

Infirm Dependents 18 or older 306 6,883 6,788

Eligible Pension Income 314 2000 2,000 2000

Age 65+ reduced when inc > $36,976 eliminated when inc >85,863

301 5808 7,333 7,225 7,125

Disability Amount 316 8,235 8,113 8,001

Caregiver Amount 315 6,986 + 4,732 4,667

Canada Caregiver infirm spouse or dep <18

303/305/367

5814/5825

2,182



Payroll/T1NonRefundableTaxCredits

FEDERAL Fed S1 Prov428 2018 2017 2016

Basic Person 300 5804 $11,809 11,635 11,474

Equivalent to Spouse 303/305 5812 5816

$11,809 11,365 11,474

Infirm Dependents 18 or older 306 6,883 6,788

Caregiver credit infirm spouse/ dep <18

303/305 367

5814 5825

$2,182

Age 65+ reduced when inc > $36,976 eliminated when inc >85,863

301 5808 $7,333 7,225 7,125

Disability Amount 316 5844 $8,235 8,113 8,001

Disability Amount < 18 years REDUCED if total childcare + at-tendant care exp claimed for this taxpayer by anyone exceed… ELIMINATED when exceed…

316 5844 $5,804

$2,814

$7,618

Caregiver credit infirm adult/relative/spouse or dependent 18+ Line 304 reduced by line 303 or 305 REDUCED when relative’s income > ELIMINATED when “ income >

304/307 5818 5819

$6,986

$16,405

$23,391

4,732 4,667

Pension Income Amt 314 5836 $2,000 $2,000 $2,000

Medical Expense Tax Credit 330 5868 $2,302

Maximum Medical expenses for other eligible dependents like in college But their income must first use up medical expense

331 5872 $2,302

Excess of

3% inc

Adoption 313 5833 $15,905

Education Part time 323 5856 0 60 60

Education Full Time No textbooks except NU

323 5856 0

Federal Indexing factor for 2018 = 1.015 (1.000 in NS)

6



Payroll—MaximumsCPP,EI,WCBhRps://www.canada.ca/en/revenue-agency/services/tax/rates.html

7

Worker Comp. Max awcbc.org 2017 2016 2015 2014

Alberta 98,700 98,700 95,300 92,300

Bri=sh Columbia 81,900 80,600 78,600 77,900

Manitoba 127,000 125,000 121,000 119,000

New Brunswick 62,700 61,800 60,900 60,100

Nfld & Labrador 63,420 62,540 61,615 60,760

Nova Sco=a 59,300 58,200 56,800 56,000

Ontario 88,500 88,000 85,200 84,100

PEI 52,800 52,200 52,100 51,100

Saskatchewan 76,086 69,242 65,130 59,000

2018

98,700

82,700

127,000

63,600

64,375

59,800

90,300

53,400

82,627

CPP 2018 2017 2016 2015 2014

Max 55,900 55,300 54,900 53,600 52,500

Exemp=on 3,500 3,500 3,500 3,500 3,500

Rate 4.95% 4.95% 4.95% 4.95% 4.95%

Employer/ee Max 2,593.80 2564.10 2544.30 2,479.95 2,425.50

Self-employed Rate 9.9% 9.9% 9.9% 9.9% 9.9%

Self-employed Max 5,187.60 5,128.20 5,088.60 4,959.90 4,851.00

EI 2017 2016 2015 2014

Max 51,300 50,800 49,500 48,600

Exemp=on Nil Nil Nil Nil

Employee Rate 1.63% 1.88% 1.88% 1.88%

Employee Max 836.19 955.04 930.60 913.68

Employer Rate 2.282% 2.63% 2.632% 2.632%

Employer Max 1,170.57 1,337.06 1,302.84 1,279.15

Self-employed rate 1.63% 1.88% 1.88% 1.88%

Min S-E earnings >claim benefit 6,888 6,820 6,645 6,515

Self-Emp E.I. Clawback threshold 64,125 63,500 61,875 60,750

2018

51,700

Nil

1.66%

858.22

2.324%

1,201.51

1.63%

6,947

64,625



Payroll—EmployerPaidBeneAits

CRA Taxable Benefit Guide 4130 charts list EMPLOYER PAID BENEFITS

like: cars; board; giTs & awards; group term life insurance; Interest

free or low interest loans (page 33); meals; security op=ons; tools;

transit ; tui=on.

Taxable Benefits include CPP deducWons, someWmes EI or G-HST.

DEFINITIONS DEPEND ON YOUR INSURER—CHECK WITH THEM FIRST!

1. Group life + Dependent life + Accident + Cri=cal illness

2. Non-Group insurance plan that is custom made for an (execu=ve)

employee like private facility is taxable. Annual fee is taxable.

ASK YOUR BOSS FOR NON-TAXABLE BENEFITS INSTEAD OF A RAISE!

1. Employer paid STD short term disability or LTD long term disability.

Benefits collected in future are taxable income on T1.(Page 26)

2. Employee pd medical & dental in T4 Box 85 can be expensed on T1.

3. Group Term Insurance—but tricky so check with insurer first!

4. Tax Free Car Allowance using detail KM Log Book (See page 37)

5. Directors Allowance only if to travel to a directors mee=ng

6. Professional and Union Dues. BUT Fees paid to join a professional

order are a taxable benefit to employee

7. Tui=on and Training Costs is non taxable if the principal beneficiary is

the employer. This includes courses including associated meals, travel

etc and leads to as diploma to maintain or upgrade the employer-

related skills. It also includes business related training such as stress

management. Costs paid for an employee’s family member may not be

taxable to employee if it can be considered a SCHOLARSHIP RECEIVED

BY FAMILY MEMBER.

8. Parking Costs: taxable benefit when cost can be calculated. Non tax-

able when can’t determine FMV like public lot 1st come 1st serve. If

required to use own car 3 or more days a week then not taxed benefit.

9. Over=me Payments: A meal allowance NT if over=me was 2hours

plus and was expected by employer. Reasonable. Occasional.

10. SOCIAL EVENTS: Dinner for ALL employees if not > $100.

8



Vendor:ContractedWorkerPSB,T5018,T1204

PSB—Personal Service Business RestricWons! Fed tax 28% not 15%

2016 Federal budget proposes Fed T2 rate for PSB to increase to 33%!

Aimed at highly paid athletes, oil rig consultants, and IT experts who

have one “client” and are officer of the company and sole employee.

CRA perceives this individual as an “incorporated employee” and there-

fore should be a self-employed independent contractor.

If corpora=on employs more than 5 full-=me (arms length) employees

throughout the year, or provides services to an associated corpora=on,

it will probably not be considered a PSB. RestricWons: The only expens-

es allowed are salary, benefits, allowances to the incorporated employ-

ee, the amount of selling of property, and legal expenses to collect ac-

counts receivable. No office rent, supplies or adver=sing.

Oct 31, 2012– No more T2 Small Biz DeducWon. COURT CASES WHO

LOST AT www.tax=ps.ca IT-73R6 Sm Biz Ded IT-168R3 Athletes

T1204 and T5018 are information only slips. Income should already be claimed on your T2125 self-employed tax form.

T1204 slip is total contract payments a govt organization made to the contractor for services in a calendar year,

T5018 Statement of Contract Payments for Construction

must be filed within 6 months of year end if the total of all pay-ments (not including HST ITC taken) to a contractor was more than $500 or you deducted tax. Need: • Name of the Contractor or Company

• Current address

• SIN /BN with RT of the contractor.

E-FILE T5018 INSIDE Sage 50 Call Diana for Sage 50 Tech support 902-895-

6074. ($60./hr)

9



Vendor:T4A-Labourpaid-noinvoice

Short list on who needs a T4A for past calendar year:

T4A Summary in Sage 50. Efile via www.TaxCycle.com

•Non-employee help paid $500 or more,

•Employee deducted income tax,

•Box 20: Self-Employed but no invoice given

•Box 48: Fees for Services—any help, labour

•Trustee, Estate executor (or liquidator) administrator,

•Corporate director, superannua=on, lumpsum payments,

•Annui=es, patronage alloca=ons,

•RESP accumulated income payments more than $50.

•Research grants, death benefits,

•Certain payments under a wage-loss replacement plan,

•Certain benefits paid to partnerships or shareholders.

EMPLOYER-PAID—Taxable + Pensionable but not Insurable

•T4 Box 40 is in Box 14: Employee, Maternity, On Leave

•T4A Box 119: Former or Re=red Employee

•Group Life (not Group Term), Dependent life insurance,

•Accident Insurance

•Cri=cal illness insurance.

In Quebec, health & dental insurance is a taxable benefit.

Exempt when paid by employer. Taxable on T1 when claimed:

STD-Short Term Disability and LTD-Long Term Disability. But a

non-group plan (exec gets private facility) annual fee is taxed.

NO T4A: Construc=on subcontractors get a T5018 slip instead, and

income paid from a life income fund (LIF) gets a T4RIF instead, and

amounts paid for management fees, director’s fees, =ps, group term

life insurance premiums paid for current employees go on a T4.

hRp://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnTs/hlth/grp-eng.html

10



PayrollInsurance—Disability

www.taxtips.ca

11

If you receive disability insurance, it will be tax-free if you and all other employ-

ees in the plan have paid for the insurance, or if the insurance costs for all em-

ployees was paid by the employer, and included in the taxable income of each

employee. If the employer pays for all or part of the insurance and does not in-

clude the insurance cost in the taxable income for all employees, then disability

insurance received will be taxable, net of any premiums paid into the plan by the

employee aTer 1967. The following is a quote from the Canada Revenue Agency

bulle=n IT-428 Wage Loss Replacement Plans:

Where an employee-pay-all plan exists and provides for the employer to pay the

employee's premiums to the plan and to account for them in the manner of wages

or salary, the result is as though the premiums had been withheld from the em-

ployee's wages or salary.

Disability insurance costs are not tax deduc�ble for employees.

If you are self-employed, the cost is tax deducWble.

Excerpts from IT-428 Wage Loss Replacement Plans:

14. For benefits received by an employee under a wage loss replacement plan to be

subject to tax in his hands under paragraph 6(1)(f), the plan must be one to which the em-

ployer has made a contribu(on out of his own funds. An employer does not make such a

contribu(on to a plan if he merely deducts an amount from an employee's gross salary or

wages and remits the amount on the employee's behalf to an insurer. In these circumstanc-

es, the employee's remunera(on for tax purposes is not reduced by the amount withheld

and remi+ed by the employer to the insurer.

17. It is a ques(on of fact whether or not an employee-pay-all plan exists. An employer

cannot change the tax status of a plan by adding at year end to employees' income the

employer contribu(ons to a wage loss replacement plan that would normally be considered

to be non-taxable benefits. Where an employee-pay-all plan exists and provides for the

employer to pay the employee's premiums to the plan and to account for them in the man-

ner of wages or salary, the result is as though the premiums had been withheld from the

employee's wages or salary.

If you are collec=ng benefits under a disability insurance plan, when the benefits are tax-

free, you will not receive a T4A. If you have paid a por=on of the premiums, the T4A you

receive will be for the gross amount of the benefits received, but you can deduct your con-

tribu=ons to the plan. Instead of entering the T4A amount from box 107 on Line 104 of

your tax return, you would enter the net amount aTer deduc=ng contribu=ons you made to

the plan aTer 1967, if you did not use them on a previous year's return.



PayrollInsurance–PrivateHealthPlanswww.taxtips.ca

12

Study details on www.taxtips.ca and ask insurance companies for the details before implementing!

A business may deduct private health services plan (PHSP) pay-ments made on behalf of employees and their dependents. These payments are not taxable to the employees, and there are no CPP or EI premiums charged on these payments.

If employees pay a portion of the PHSP premiums, this qualifies as a medical expense of the employee for purposes of the medical expense tax credit.

Payments made by a PHSP to an employee must only be for reim-bursement of expenses which would qualify as medical expenses under the Income Tax Act. These expenses include prescriptions, medical, dental, vision care and hospital expenses.

Both incorporated and self-employed proprietors/partnerships can have PHSPs, but there are different restrictions on each. NOT FOR NON-WORKING SHAREHOLDER.

A Sole Shareholder Sole Employee does NOT QUALIFY.

SOLE PROPRIETORS in ACTIVE biz under ITA S. 20.01 can ex-pense and biz income is 50% or more of all income in year. Other income cannot exceed $10,000. Many other rules so study first!

A Health Services Spending Account may qualify as a PHSP if it meets the criteria set out in IT-339 (see links at bottom). See IT-

529 below for more information on Health Services Spending Ac-counts and other flexible employee benefit programs.

There must be a document which outlines the coverage for employ-ees under the PHSP. If there are no limitations to the coverage, the plan will be unlikely to qualify as a PHSP. In this document, the corporation can set different annual limits for PHSP benefits provid-ed to different employee groups in the company



Payroll2018STATHolidaysinNS

HOLIDAY NS PAID STAT IN YELLOW

New Years’ Day Jan 1

NS Heritage Day

(3rd Monday) Feb 19, 2018 Mona Louise Parsons

Good Friday (Easter) March 30, 2018

Easter Sunday April 1, 2018

Victoria Day Monday preceding 25th

May 21, 2018

Canada Day July 1 but July 2, 2018

Natal Day Aug 1

Labour Day

1st Monday September September 3, 2018

Thanksgiving Day

2nd Monday October October 8, 2018

*Remembrance Day Nov 11

Christmas Day Dec 25

Boxing Day Dec 26

* REMEMBRANCE DAY IN NOVA SCOTIA ~ NOVEMBER 11th

This info is subject to change at the whim of current government!

hRp://novasco=a.ca/lae/employmentrights/remembrance.asp

NOT A DESIGNATED CLOSING DAY FOR ALL.

NOT A PAID STATUTORY.

1. Remembrance Day must be observed

2. Most grocery stores, malls, big box stores must close

3. Employees who work Nov 11 may be en=tled to another day off

EXEMPT FROM DAY OFF PREFERENCE:

farming, fishing, tree harves=ng, mining, factories, construc=on, call centre.

13



CourseswithaToolbox!

1-DAY: “SIMPLY FINANCIALS-CUTTING EDGE SKILLS FOR EXPERIENCED SAGE 50 CAD USERS” ©2016 (UPDATED AS NEEDED)

14

Same format as Day Session Diana taught at CPA NB Oct 12/16 Fredericton at Professional Development Conference for firms.

CONTENT UPDATED EVERY SAGE 50 CAD CHANGE Includes: ♦ Professional Completion Certificate ♦ Manual plus Sage50-2018 What’s New ♦ 2 Coffee breaks Some Topics in Manual… ♦ What’s New in Sage 50 CAD 2016.3, 2017 and 2018 ♦ Mastering Inventory & Services, Year End Adjustments ♦ Audit-proof payroll, T4, T4A, T5018, Aboriginal ♦ EFT Direct integration, ♦ Charity/NPO Receipts by www.businnovatech.com ♦ Process & Compliance Management ♦ Sage Drive. Sage One <> Sage 50. Sage Live ♦ Diana’s 30+ Tips & Tricks! ♦ Budgets, Allocations, Year End Reports

One-on-One TRAINING USING YOUR DATABASE

One person. Self-employed $60/hr or Corporate/Firm $100/hr

Bring your laptop with your working database to Truro

Or I travel to your office @ $1.25/km. Add B&B & plane if required.

Each course is 7 hours (9am to noon, 1-5pm) (2 coffee breaks) VENUE: SageHub 20 Willow St Truro NS, B2N4Z4 or your boardroom

ACCOUNTING FIRMS—SEND 3 for 25% discount!

[Sage University Hands-On-Labs does not offer a group discount] Day FEE: 1 Individual $400 +H (same as Sage U Hands-On) 2 same firm - 15% $340 x 2 = $680 + H (Sage U $800)

3 same firm - 25% $300 x 3 = $900 + H (Sage U $1200) Same as Sage U: Pay 7 days in advance. No refunds. Transferrable. REGISTER: Diana (902) 895-6074 (Firm of 3 may choose dates!)

INCLUDED: Q&A (not allowed at Sage U Hands-On-Labs) 2 breaks, Comprehensive Reference Binder. Completion Certificate.



CoursesWithaToolbox! 1 TO 4 DAYS: “SIMPLY FINANCIALS-MASTERING SAGE50 &

CRA REPORTS IN 4 DAYS” (c)2018

15

VENUE: SageHub 20 Willow St Truro NS, B2N4Z4 or your boardroom

ACCOUNTING FIRMS—SEND 3 for 25% discount!

[Sage University Hands-On-Labs does not offer a group discount] Day FEE: 1 Individual $400 +H (same as Sage U Hands-On) 2 same firm - 15% $340 x 2 = $680 + H (Sage U $800)

3 same firm - 25% $300 x 3 = $900 + H (Sage U $1200) REGISTER: Diana (902) 895-6074 (Firm of 3 may choose dates!)

INCLUDED: Q&A (not allowed at Sage U Hands-On-Labs) 2 breaks, Toolbox Binder printed as we go. Completion Certificate.

One-on-One TRAINING USING YOUR DATABASE

One person. Self-employed $60/hr or Corporate/Firm $100/hr

Bring your laptop with your working database to Truro

or I travel to your office @ $1.25/km. Add B&B & plane if required.

Day 1 Accounting A History, Database Architecture, Sales Tax

Day 2 Accounting B Bank Rec, Receivables, Payables, Budget

Day 3 Payroll Setup, Benefits, Advances/Loans, PIER TEM-PLATES for monthly PD7A & WCB, E-FILING ROE, T4A, T5018

Day 4 Power User Inventory, Projects, Foreign Currency, Depart-ments, Time 7 Billing, Year End Reports for CRA, Tax Returns, Creditors

Registration Call Diana 902-895-6074 to arrange. Minimum class is 3.

Class Time 7 hours: 9am to Noon, 1-5pm (2 breaks 15 mins each)

Lunch Bring your own lunch and eat here or many local cafes

Fee &

Terms

$400 + H. Same as Sage U: Pay 7 Days in advance. Not

refundable but transferrable.

Payment Online Trsf to [email protected], Chq, Visa, MC

Style DEMO. You may bring laptop to play with sample data at lunch



CourseswithaToolbox!1-DAY: “SIMPLY FINANCIALS FOR SMES: UNDERSTAND CASH FLOW &

REPORTS IN 1 DAY (BEFORE YOU SEE YOUR BANKER!)” © 2018

16

Objective Learn the purpose of and relationships between Cash Flow Statements, Balance Sheets, Income Statements. This understanding will help you to pre-sent your financial case well to your manager, loan officer, or banker.

Style Lecture Not a hands-on computer lab

Length 1 day 7 hrs: 8:30am—Noon, 1:00-4:30pm

Bring own lunch or enjoy local cafes.

Cost $200 + H

Pay 7 days early. No refunds. Transferrable

Class Size

3+ Group of 3 can choose own date. 25% off group organizer ($150 + H)

Included Binder 2 refreshment breaks. Completion Certificate

Location Truro NS Simply Financials. 20 Willow Street

Trainer Truro NS Diana Read-Miedema

(902) 895-6074

[email protected]

Qualifying exam 2001

Voting Member of The Assoc of Professional Accounting & Tax Consultants Inc 2001-2012.

Professional Bkpr exam 2008

Certified Professional Bookkeeper—hard manual exam by Inst of Pro Bookkeepers Canada

ACCPAC U. 1998 Sage U. 2009

Sage Certified Trainer + Sage50 Gold Certified Consultant since 2009. Annual exam.

Accounting 101,201 1980

Georgian College Barrie Ontario



CourseswithaToolbox!

1 DAY- “BOOKKEEPING FOR ENTREPRENEURS” (+)2009

17

Objective Learn how where why and when transactions are posted so you under-stand purpose of Balance Sheet, In-come Statement, & General Ledger. Does not include payroll, inventory, budgets. See Sage 50 courses and 5-

day Bookkeeping.

Style Lecture Not a hands-on computer lab

Length INTENSE

1 day

7 hrs: 8:30am—Noon, 1:00-4:30pm

Bring your own lunch or enjoy local cafes.

Cost $400 + H Pay 7 days early. No refunds. Transferrable

Class Size 3+ Group of 3 can choose own date. 25% off group organizer ($300 + H)

Included 2 refreshment breaks. Completion Certificate

Diana’s unique colour-coded Binder

Location Truro NS Simply Financials. 20 Willow Street

Trainer Truro NS Diana Read-Miedema, (902) 895-6074

[email protected]

Qualifying exam 2001

Voting Member of The Assoc of Professional Accounting & Tax Consultants Inc 2001-2012.

Professional Bkpr exam 2008

Certified Professional Bookkeeper—hard manual exam by Inst of Pro Bookkeepers Canada

ACCPAC U. 1998

Sage U. 2009

Sage Certified Trainer + Sage50 Gold Certified Consultant since 2009. Annual exam.

Accounting 101,201 1980

Georgian College Barrie Ontario



CourseswithaToolbox!5 DAYS- “Simply Financials-Bookkeeping Basics, Compliance,

Reporting” ©2009

1 Transactions and The Balance Sheet ACCOUNTING EQUATION

Start a Business—Type

Assets, Liabilities, Equity

Changes & relationships

2 Income P&L Statements Revenue & Expense Transactions

3 Manual Bookkeeping Debits & Credits, T-Accounts

4 Manual Journals General, Sales, Purchases

5 Manual Ledgers & Sub ledgers General, Acc. Receivable

Acc. Payable

6 Manual Trial Balance

7 Manual G-HST Sales Tax G-HST Collected Paid in Purchases

Annual Remittance

8 Manual Income Statement

9 Manual Balance Sheet

18

Minimum class size is 3 so find 2 associate and get 50% off = $500.

INTENSE 5-DAY Course Monday to Friday same week

$1000 + HST. Pay 7 days early. No Refund, Transferrable

Style —Lecture, HANDS-ON, Quizzes

Are you an employed bookkeeper in a business that is expanding and you need to upgrade your knowledge to keep the job? Are you a new or experienced self-employed bookkeeper who has not had formal training in preparation for a national exam? Do you understand the how, why, where, and when of data entry, financial reports, and best practices? Or are you copying what the bookkeeper before you did and don’t know if it is right or wrong? Self-employed need ERRORS & OMISSION INSURANCE which can only be obtained from a national organization like www.IPBC.Ca. Exam passers earn CPB—Certified Professional Bookkeeper.

Included: 2 refreshment breaks each day, Diana’s unique

COLOUR-CODED MANUAL, Comple=on Cer=ficate



CCA-Depreciation

Class % ½ yr COMMON FIXED ASSET CLASSES & RATES

1 4 Y Most Buildings aTer 1987

1 10 Y ATer March 18/07-manufacturing buildings

2 6 Y Piping

3 5 Y Buildings 1978-1987. Later addi=ons CL 1, dock, wharf

6 10 Y Building no foo=ngs, portable, frame, log, pond, corrugated

metal. greenhouse, fence, dyke, grain storage, watertower

7 15 Y Boats, Canoes, rowboats, vessels. motors

8

Drawn

20 Y > $500 Equipment & Furniture, copier, phone, sign, bee equip,

fruit-veggie storage, combine-drawn, digger, disc, drill, genera-

tor grain drying equip-loader, silo, sprayer (Cl.12 if > $500)

10

Self

propel

30 Y Personal cars (not taxis), trucks, tractors, chainsaws, wagons,

trailers. chainsaw, combine self-propelled, harvester, balers,

computer systems hardware before Mar 23/04

10.1 30 Y ATer 2000, cars cos=ng over $30,000 + taxes

Each car to have a separate class. No term. loss allowed

12 100 NO < $500 small tools, kitchen utensils, medical—dental instru-

ments, china, linen, uniforms

12 100 Y < $500 computer (not systems) soTware, linen, dies, moulds

16 40 Y Taxis, car rentals, coin op video, freight trucks

17 8 Y Roads, parking lots, storage areas

22 50 Y Excava=ng, moving equip before 1988

33 15 Y Timber Resource Property

38 30 Y Excava=ng, moving equip aTer 1987

43 30 Y Mfg. equip & mach. For separate classes write CRA leRer

*50 55 Y Computer, gen electronic, sys soTware aTer Mar 18/07

46 30% Y Data network infrastructure equip aTer Mar 22/04 (not 8)

43.1 30 Y Windmill, some solar –need a tax expert, authoriza=on

29 Str. ln Y Cl ass 43 bought March 18/07-Dec 31/15. 25%, 50%, 25%

19



What’sNewT1-2017forFederalProvincialinfoatwww.TaxTips.ca

20

New item Line EffecWve DescripWon

Canada Child Benefit

Old Children <18 gone

NOT TAXED

But no NRTC

July 2016 Based on family inc + # children < 18.

No NRTC line 367 <18 on S1 since 2014 :-(

Child Art, Fitness, Public

Transit Tx Credits Gone 2017

Federal Educa=on & Text-

books Tax Credits eliminat-

ed in 2017

323 to claim

past carried fwd

No new Educ/

Text in 2017.

Tui=on s=ll on

TUITION T2202 + carry forwards past &

future s=ll on. But Educ &Textbook stop:

Jan 1, 2017—Federal and New Brunswick

July 1, 2017—SK. Sep 1, 2017—ON

Education & Text-

books TC KEPT

Kept in 2017 NS, PE, NL, BC Kept! ALSO USE

TUITION T2202 + past forwards +

carry to future

Educa=on & Textbook Tx

Cr eliminated 2018

Gone in 2018 BC eliminated star=ng Jan 1, 2018

Educator school supply

Tax credit

468, 469 Jan 1/16

S=ll on

Educator can claim >$1000 eligible teach-

ing supplies purchased (not from home)

Home Accessibility

Expense for disabled

398 Jan 1/16

S=ll on

max $10,000 for eligible expenses for

work done or goods acquired (disability)

Investment Tax Credit 412 Till Apr 1, 2018 Eligibility-mineral explora=on extended

Labour Sponsored Funds

Tax Credit

Fed 411 + 419

gone. Prov 413,

414 s=ll on

Fed—claim 2016 unclaimed now or lose

Northern Residence 255 Info RC4650 Deduc=on > to $11/day Form T2222

Capital Gains when dispose

property. Sell real estate,

(even home if not always

principal residence), shares

including in mutual funds,

127

SELL HOME?

MUST REPORT

ON S3 pg 2 or

wont get Cap

Gain exemp=on

Jan. 1, 2016

FORM T2091

(IND).

T1255 if owner

deceased

Must report all property sales on REVISED

AGAIN FOR 2017 S3 Capital Gains.

Report DEEMED DISPOSITIONS when

change of use. Make Rental/business or

return to full home. Guide T4037 or

Income Tax Folio S1-F3-C2-Princ Resid.

Scholarships 130 Jan 1/17 $500 Exemp=on now includes occupa-

=onal skills courses that are not post-

secondary

Canada Caregiver Amt.

Complicated. Seek advice

303. 304 Jan 1/17 Replaces Family caregiver Amt, amt for

infirm dependents 18+ line 306; and

caregiver line 315.

Elected Split Pension Amt 116 + 210 T1032 s=ll on BOTH SIGN T1032

Disability Tax Credit 316 for self, or

318 for dep if

on 305 or 307

Mar 22,2017 Nurse Prac==oners can now cer=fy eligi-

bility for DTC on T2201. Examine Guide

RC4064.

NS CREDIT-CHILDREN UNDER 6

NS428 line 5823 STILL ON! $100/month. Max $1200/yr Lower earner claims. No trsf to higher :-(



Medical&MovingKM&MealRates

21

Federal

Meals >

$17ea

$51/day

$17each

$51/day

$17each

$51/day

$17ea

$51/d

Province

Travel ˅

¢ / km

2017

¢ / km

2016

¢ / km

2015

¢ / km

2014

AB 45.0 43.5 44.5 45.5

BC 50.0 47.5 48.5 49.5

MB 47.0 47.0 47.0 48.5

NB 50.5 48.5 49.0 51.0

NL 54.0 53.0 52.0 53.5

NT 59.5 58.0 61.5 63.0

NS 50.0 48.5 49.5 51.5

NU 58.5 57.5 61.0 61.0

ON 55.5 54.0 55.0 57.5

PE 49.0 47.5 48.5 50.5

QC 50.5 49.5 50.5 52.0

SK 46.0 45.5 46.5 47.5

YU 60.5 59.0 60.5 64.0

Annual Meal and Travel Rates are announced by Department of Finance around Dec.30 on www.fin.gc.ca. Then posted on www.Canada.ca

CRA posts their lists for FEDERAL eligible and non-eligible medical expenses in MEDICAL EXPENSE GUIDE RC4065 on www.Canada.ca

But PROVINCES DIFFER IN ALLOWABLE MEDICAL DEDUCTIONS!. For example, Massage Therapists are not licensed in NS and therefore Nova Scotians cannot deduct their receipts.



T1-MMovingExpenses

Line 219 - Expenses you can deduct You must first determine if you qualify to deduct moving expenses, either as an individual who is employed or self-employed or as a full-time student. If you qualify, you can claim reasonable amounts that you paid for moving yourself, your family, and your household effects. Not all members of your household have to travel together or at the same time.

Eligible moving expenses Transportation & storage costs (packing, hauling, movers, in-transit storage, and insurance) for household effects, including boats and trailers.

Travel expenses: vehicle expenses, meals, and accommodation to move you and members of your household to your new residence. You can choose to claim vehi-cle and/or meal expenses using detailed or simplified method (see page 22).

Temporary living expenses for up to a maximum of 15 days for meals and tem-porary accommodation near the old and the new residence for you and members of your household. You can choose to claim meal expenses using the detailed or simplified method. If you choose the simplified method, although you do not have to submit detailed receipts for actual expenses, we may still ask you to provide some documentation to establish the duration of the temporary lodging.

Cost of cancelling a lease for your old residence, except any rental payment for the period during which you occupied the residence.

Incidental costs related to your move which include the following:

• changing your address on legal documents;

• replacing driving licenses and non-comm vehicle permits (not insurance);

• utility hook-ups and disconnections.

Cost to maintain your old residence (max $5,000) when it was vacant after you moved, and during a period when reasonable efforts were made to sell the home. It includes the following:

• interest;

• property taxes;

• insurance premiums; and

• cost of heating and utilities expenses. (BUT NO RENTAL INCOME)

Cost of purchasing your new residence if you or your spouse or common-law partner sold your old residence as a result of your move. Includes legal or notary fees and taxes paid for transfer of title but NOT G-HST or property taxes.

Cost of selling your old residence, including advertising, notary or legal fees, real estate commission, and mortgage penalty when the mortgage is paid off be-fore maturity.

22



T1Income,CapGains,DividendsFederal<>NovaScotia

23

2017 Taxable

Income Fed + NS

Marginal Tax Rates

COMBINED Other Income Capital Gains Eligible Dividend Non-Eligible Div

First $29,590 23.79 11.90 -0.11 11.62

$29,591—$45,282 29.95 14.98 8.39 18.83

$45,282-59,180 35.45 17.73 15.98 25.27

$59,181-90,563 37.17 18.59 18.35 27.28

90,564-93,000 42.67 21.34 25.94 33.71

$93,001-140,388 43.50 21.75 27.09 34.68

140,389-150,000 46.50 23.25 31.23 38.19

$150,001-200,000 50.00 25.00 36.06 42.29

Over $200,000 54.00 27.00 41.58 46.97

2018 Taxable

Income Fed + NS

Marginal Tax Rates

COMBINED Other Income Capital Gains Eligible Dividend Non-Eligible Div

$25,001—29,589 24.32 12.16 0.62 12.91

$29,590—46,605 30.48 15.24 9.12 20.06

$46,606—59,180 35.98 17.99 16.71 26.44

$59,181—74,999 37.70 18.85 19.09 28.43

$75,000—93,000 37.17 18.59 18.35 27.82

$93,001-93,208 38.00 19.00 19.50 28.78

93,209-144,489 43.5 21.75 27.09 35.16

144,490-150,000 46.50 23.25 31.23 38.64

150,001-205,842 50 25 36.006 42.70

First $25,000 23.79 11.90 -0.11 12.30

Over $205,842 54 27 41.58 47.34

Copied from www.taxtips.ca using Oct 24, 2017 Fall Economic Statement



CRADatesDueandBNCodes

Business Dates

Quarterly HST for Calendar Year

1Q Jan.1-Mar.31 due Apr 30

2Q Apr.1-Jun.30 due Jul 31

3Q Jul.1-Sep.30 due Oct 31

4Q Oct.1-Dec.31 due Jan 31

Annual HST Return must be prepaid

by April 30, filed by June 15

T4, T4A T5 T5018 Returns due Feb 28

RRSP slips due 1st 60 days

T3 due March 31

T2 Taxes Payable Due:

A) Ac=ve opera=ng business

3 months aTer year end

B) Other such as holding companies


T2 Corporate Tax Return Due:


CRA BN Codes on RC59 Consent Form CRA 1-800-959-5525

RT GST-HST, RP Payroll, RC Corporate Income Tax, RM import/export RD excise duty, RZ > TO NETFILE AND GET ACCESS CODE TO FILE

T5, T5007, RRSP, 5013, T5018, TFSA

24

Personal Dates

T1 Personal installments due:

Mar. 15, Jun. 15, Sep. 15, Dec. 15

RRSP Deadlines:

T1-2016: Mar.1, 2017

T1-2017: Wed Feb 28, 2018

April 30

*T1 personal last day to file and pay

before penalty & interest charged.

*Last day for self-employed to pay

income tax, CPP, and annual HST

Return payable without late interest.

June 15: T2125 Self-employed tax

return and the annual HST return

must be filed

TSFA Returns due June 30.



T22016CorporateRates

25



2017T2CorporateRates26



2018T2CorporateRates

27



ShareholderLoansITA: S.15(1.2), S.15(2), S.110(1)

28

Copied from www.tax(ps.ca. S / L can be complicated so hire a tax professional.

1. ITA S . 15(2)

(a) A loan by a corpora=on to one of its shareholders, or to a person

or to a partnership not at arm’s length with the shareholder….may

result in a DEEMED TAXABLE BENEFIT TO SHAREHOLDER AND BE

INCLUDED IN INCOME IN THE YEAR THE LOAN WAS MADE.

(b) S.15(2) doesn’t apply if ENTIRE LOAN is REPAID within one year

aTer the taxa=on year of the Lender. See IT Bulle=n 119R4.

2. ITA S. 80.4(2)

(a) Another benefit deemed to be received by shareholder (or a third

party like spouse) is prescribed interest . The payment of interest must

be made no later than 30 days ager year end = Jan 30. Even if the

en=re loan is repaid before fiscal year end unpaid interest is a DEEMED

BENEFIT if not pd in 30 days. T4 Box 36. NET of CPP + Inc Tax.

(b) ConverWng S / L to Employment Income or DIVIDENDS:

Some=mes funds are advanced to a shareholder / employee

throughout the year, and at the end of the year salary or dividends

are paid or recorded to clear the balance of the S / L. A DEEMED

BENEFIT if insufficient interest paid when S / L was outstanding.

TIMING is essenWal.

SALARY: If a Corp has a Dec 31 YE, then S/L must be cleared by a NET

SALARY in Dec minus Income tax and CPP. PD7A due Jan 15th.

DIVIDENDS: Entry has to be done in Dec before year end date. T5 slip

filed no later then Feb 28. Debit Dividends in Capital/RE.

BONUS: If a bonus is accrued for YE but not paid or recorded as pd it

has no effect on O/S S / L. Must be paid within 180 days with NET.

SEE SHAREHOLDER LOAN EXAMPLE next page



PrescribedInterestRates

+SHAREHOLDERLOANEXAMPLE

Prescribed

Interest Rates

Quarter

% Underpaid

ARREARS Inc Tax

Payroll, GST

% Overpaid

Taxes

T2 Corp

% Overpaid

Taxes

T1—Non Corp

% charge on

Taxable

Benefits *

Oct 1, 2006 to

Dec 31, 2007

9 7 7 5

Jan 1, 2008 to

Jun 30, 2008

8 6 6 4

Jul 1, 2008

Dec 31, 2008

7 5 5 3

Jan 1, 2009 to

Mar 31, 2009

6 4 4 2

Apr 1, 2009 to

Jun 30, 2010

5 3 3 1

Jul 1, 2010 to

Sep 30, 2013

5 1 3 1

Oct 1, 2013 to

Dec 31, 2013

6 2 4 2

Jan 1, 2014 to

Dec 31, 2017

5 1 3 1

Jan 1, 2018 to

Mar 31, 2018

5 1 3 1

Apr1 -June 30,

2018

6 2 4 2

Page 28 Shareholder Loan Example: 1. Mr. X is a shareholder of Y CO

2. Jan 1, 2014 he takes a loan of $100,000. 3. no principal repayments or interest payments made in 2014.. 4. If Mr. X repays loan by Dec 2015 then $100,000 not a benefit in 2014

2014 CRA Prescribed Interest: $100,000 x 1% x 365/365 = $1,000

If Mr. X paid $500 interest on Jan 3, 2015

$100,000 x 0.5% x 365/365 = $500

= T4-2014 Box 36 Taxable Benefit of $500

If Mr. X had not paid any interest, then T4-2014 Box 36 = $,1000. If S/L been forgiven then forgiven amt included in shareholder income.

29



LatePenaltiesforTSlips 30

FILED LATE

Number of informaWon

returns (slips) filed late

Penalty per day

(up to 100 days) Maximum penalty

1 to 50 $10 $1,000

51 to 500 $15 $1,500

501 to 2,500 $25 $2,500

2,501 to 10,000 $50 $5,000

10,001 or more $75 $7,500

Late Penalties for RRSP, T10-PAR, T215, T3, T4A-NR, T4A-RCA, T4PS, T4RIF,

T4RSP, T5007, T5008, TFSA

FILED LATE

# slips filed late

Penalty per day

(up to 100 days) Max penalty

1 to 5 Not based on # days $100 flat

6 to 10 $5 $500

11 to 50 $10 $1,000

51-500 $15 $1,500

501-2500 $25 $2,500

2501-10,000 $50 $5,000

10,001 or more $75 $7,500

Legislated!

On CRA Dec 13/17

1-50, $10/day, Max $1,000

Same

Same

Same

Same

Late Penalties for: NR4, T4, T4A, T4E, T5, T5018

EACH SLIP IS AN “INFORMATION RETURN”.

hRps://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-overview/

penal=es-interest-other-consequences/payroll-penal=es/penalty-failure-file-informa=on-return-

date.html



MP,DB,RRSP,DPSP,YMPE,TSFA

Pension&incomeSplitting31

YEAR MP

Limit DB

Limit RRSP

Limit DPSP limit 1/2 MP

YMPE

Limit

2017 26230 2914.44 26010 13115 55300

2016 26010 2890.00 25370 13005 54900

2015 25370 2818.99 24930 12685 53600

2014 24930 2770.00 24270 12465 52500

2013 24270 2696.67 23820 12135 51100

2012 23820 2646.67 22970 11910 50100

2011 22970 2552.22 22450 11485 48300

TSFA

Limit

5500

5500

10000

5500

5500

5000

5000

2018 1/9 MP limit 26230

2010 22450 2494.44 22000 11225 47200 5000

2009 22000 2444.44 21000 11000 46300 5000

Type of Pension 65 or Older Under 65

Pension Annuity Payments Y Y

RRIF Payments Y N

RRSP Annuity Payments Y N (except death by spouse)

RRSP Lump-Sum WD N N (except death by spouse)

CPP Benefits N N

OAS Benefits N N

MP: Annual Money Purchase

DB: Defined Benefit RRSP: Registered Retired Savings Plan

DPSP: Deferred Profit Sharing Plan

YMPE: This Years Maximum Pensionable Earnings (also pg 5) TSFA: Tax Free Savings Account

Joint PENSION SPLITTING with SPOUSE Form T1032 (since 2007) hRps://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/

pension-income-spli4ng/eligible-pension-income.html



AUTOTaxableBeneAitonT4

1. Employee driving company car: Concerns everywhere you drive that is not 100% assigned by boss is a taxable benefit INCLUDING DRIVING TO AND FROM WORK. even if your boss insists you take car home!

♦ ♦ ♦ ♦ R��U�E ��LE B�NE�I�S ��X 14 �� T4

http://www.cra-arc.gc.ca/E/pub/tg/t4044/README.html T4044 Employment Expenses on T1! Get expert advice

��A �� NE �U�O ��LE B�NE�I�S "L#$�A�OR

http://www.cra-arc.gc.ca/ebci/rhac/welcome.do

Operating Cost Benefit: (when employer paying all costs)

(1) Fixed amount per km of personal use. Two rates depending on a general employee or shareholder and if in the cars sales business.

Taxable benefit is included in T4 Box 14 and posted in Code Box 34 = (Personal km x $0.24) minus amount employee paid employer within 45 days of year end plus GST!!! Standby charge must fill out RC18!

♦♦♦♦TIP! T2: Corpora=on Owner-Manager should buy the old company

vehicle that is also used for personal. (add .04 for NT NU YK)

(2) Standby charge also applies even if not used but is available for use! 2% of orig cost or 2/3 of the lease cost calculated monthly

[(2%) (Cost of car) (period of availability)]

or 2/3 lease expense. 12 month use = 24%! BeRer for employee to use own car and charge employer the NTCA It is usually wiser to use your own vehicle, post all business km in a log book, and get a cheque from employer for actual km driven.

2. Flat rate allowance (no km record) is a taxable benefit and EI & CPP deducted. No HST ITC taken. Use T2200—use Guide T4044.

Taxable

Benefit

2018 2017 2016 2013-2015 2012 2008-2011

General 0.25 0.26 0.27 0.26 0.24

Auto Sales 0.22 0.23 0.24 0.23 0.21

32



AUTO TaxFreeAllowanceT777&T2125Limits

LIMITS 2017 2016

2010-15 2009 2008

Max CCA B4 tax $30,000 $30,000 $30,000 $30,000 $30,000

Max

Interest expense

$300 /

month

$300 /

month

$300 /

month

$300 /

month

$300 /

month

Max Lease

Exp. B4 tax

$800 /

month

$800 /

month

$800 /

month

$800 /

month

$800 /

month

ITC GST province 5/105 5/105 5/105 5/105 5/105

NS, 15/115 15/115 15/115 113/113 13/113

ON 13/113 13/113 13/113 5/105 5/105

2018

COMPARE CLASS 10 vs 10.1 CLASS 10 CLASS 10.1

CCA Rate 30% 30%

Group all vehicles in one class Y N

List each vehicle separately N Y

Maximum capital cost $30,000 N (less than) Y “luxury”

50% rule on acquisitions Y Y

1/2 year rule on sale of auto N Y

Recapture on sale or trade-in Y N

Terminal loss on sale or trade-in N N

33

Tax Free Allowances per km

(use own car for business)

2017 2016 2015 2013 -

2014

2012

1- 5000 km $0.54 $0.54 $0.55 $0.54 $0.53

5001 + km $0.48 $0.48 $0.49 $0.48 $0.47

YK NU NT 1-5000 $0.58 $0.58 $0.59 $0.58 $0.57

YK NU NT 5001 + $0.52 $0.52 $0.58 $0.52 $0.51

2018



AUTOHowtoprorateKMT777&T2125

1. PRORATE KMS 2. REMOVE G-HST ITC 3. DEDUCT

Diana’s simplified AUTO tax calculations!

Essential for working papers in case of an audit

Gas $5,700

Oil & R&M $2,300

Car Washes $ 240

Insurance $1,000

Lic or Reg'n $ 150

Lease Pymt N/A

CCA $6,000

Prorate expenses by km ratio. From business km amt, minus G-HST ITC

2679.00 349.43

1081.00 141.00

112.80 14.71

470.00

70.50

2820 367.83

Expense TOTALS

Prorated Km 47%

- HST 15%

ITC

Loan Interest $ 600 282.00

Allowed AUTO Expense

2,329.57

940.00

98.09

470.00

70.50

282.00

2,452.17

TOTALS $15,990 $7,515.30 $872.97 $6,642.33

UCC

Jan 1

Rate CCA Pro-rated

New CCA

HST 15% NS ITC

20,000 30% 6,000 47% 2,820 367.83

Final CCA

2,452.17

UCC

Dec. 31

17,547.83

Record odometer Jan 1st and Dec 31st If: Log establishes business km = 15,000 km

Odometer Jan 1 55,005 Odometer Dec 31 87,050 TOTAL DRIVEN 32,045

To Prorate: 15000/32045= 47% biz km minus NS G-HST ITC = expense

34

Annual log



NASBA.CA2007,2008,2009

35

NASBA #1 June 8, 2007, Best Western Truro

Quoted comments: “Great to see what BusinessVision

can do for POS & multi-location inventory. Always

wanted to know but those guys never come here. Thank-

you for your two hr demo of the latest Simply

Accounting version—I learned a lot.”

NASBA #2 Jan. 17-18, 2008, Best Western Truro

Quoted Comments: “Excellent info about RDSP & Medi-

cal Deductions from The Tax Detective from BC. Barrie

Reid’s Going Global was very inspiring. Enjoyed the fun

rivalry btn SA & QB! RBC’s booth and presentation were

very helpful.”

NASBA #3 Jan. 9, 2009, Holiday Inn Truro:

Quoted Comments: “Very professional. Excellent Bind-

ers. CRA’s SR&ED credits info was new to me. Two law-

yers from Patterson Hunt, Tompkins and Harris, gave

vital info about liability and selling a business. Needed

IFRS in plain English. Your Simply Accounting Tips &

Tricks and What’s new in T1 Tax were great. Jeff Brown

from Alpha Social Media Inc has me ready to upgrade my

Microsoft Office.”



NASBA.'�2010A'SB’�GP�]E%^�P%�,CA,PEGAAP

36

NASBA #4 January 15 & 16, 2010 Hilton Garden Inn Halifax Airport Hotel Quoted Comments:

“Fabulous conference! Better location. Excellent food.

Thanks for going overboard with the prizes. Two prize

boxes of QuickBooks! E-Courier for email security ,

Bank of Canada about CID Theft and RCMP about com-

mercial fraud were tremendous. I will change my security

policies now. I needed to know the IFRS-Cdn GAAP info

for the university of which I am a controller. 5 CAs were

overdrive but to have AcSB was incredible...should have

had 300 not 30.” “Good to find out about TaxTips.ca”

NASBA#4 speakers including 5 Chartered Accountants

1. PE GAAP: Greg Edwards CA, Principal, AcSB,

2. Sell Cottage: Henry Visser CA, LLB, TEP;

3. Sell Business: Debi Peverill CA;

4. Paperless, QuickBooks: Peter Budreski CA;

5. Commercial Fraud: Cst Laurie Haines, CA

6. Quicken: Eileen Reppenhagen, CGA, . by Skype

7.The Tax Factor T1-T2: Diana Read-Miedema

8. Simply Accounting: Diana Read-Miedema

9. ID Theft Prevention: Bank of Canada, Alan Paquet



37



ACCOUNTING

Monthlyfeebookkeeping,payroll,remittancesusing….

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♦Corporate Responsibility Measureswere implemented

inBUSINESSCONTINUITY&DISASTERRECOVERYPLAN

forOFFICE,CLASSROOM,CARandBUSINESSSUCCESSION

ASSOCIATES. Supplier was www.72hours.ca for survival

backpacksforSimplyFinancials’of6ice,classroom,car,home

andbusinesssuccessionassociatesandasolarlamp/radio/

rechargerandasolarshortwaveradio.(SeePage10)

COURSES

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SUPPORT P FQR�RSQ� CT�SUQR�

Setup, trained, and been a 6inancial coach to over two hundred

businessesincludingPetroCanada,TimHortons,Brook6ieldLum-

ber,PyeRentals, retail,non-pro6its, farms,wholesalers,manufac-

turers, a famous Maritime magazine, tire shops, and a Halifax

brewery!Hourlyfee:$60/hrself-employed.$100/hrcorporate

ServicesofSimplyFinancialsDianaRead-Miedema

38



◊ 1980 Accounting: Georgian College Barrie ON

◊ 1988 Certified by Cdn School of Tax Accounting & open home office

◊ 1990 Join Assoc. Professional Accounting & Tax Consultants Inc

◊ 1992 Dalhousie U. Advanced Mgmt. Center-Entrepreneurship

◊ 1994 Started free e-newsletters - Tax & Simply Accounting Tips

◊ 1997 Simply Accounting Certified Consultant by ACCPAC U

◊ 1999 NSCC Truro. Wrote & taught Simply Accounting Essentials,

Cash Flow Management, Understanding Financial Statements

◊ 2001 Passed exam-Affirmed Accounting Member of the APATC

◊ 2003 May—host Atlantic Training Centre for Vertebrae POS

◊ 2004-2010 Annual Open House for Acctg Techs. #8 Nov 21, 2017

◊ 2005 TRADEMARK REGISTERED for SIMPLY FINANCIALS®

2005 May - CRA Halifax- HST Trust Examiners and Payroll Auditors

◊ 2006 JUDGE at Dal U. Norman Newman Centre Entrepreneurship

◊ 2007 NASBA #1 Friday June 8, Best Western Truro:

BusinessVision, Computer Networks, Simply Accounting

◊ 2008 NASBA #2 Jan 17-18, Best Western, E. Reppenhagen CGA new

DRSP; Simply vs QB in 30m; Going Global; RBC

◊ 2008 Sept. Diana profiled: Partner Pulse News by Simply Accounting

◊ 2008 Certified Professional Bookkeeper by IPBC.ca

◊ 2009 NASBA #3, Jan 9, Holiday Inn Truro * CRA SR&ED advisors; Patterson

Law, * T1-2008 + Simply Acctg + IFRS v GAAP for Bookkeepers by Diana

Read-Miedema; *RBC Erin & Allison *Office by Jeff Brown

◊ 2009 April-start Sage Accountants Network Partner Meetings

◊ 2009 1st in Atlantic! GOLD & Sage Certified Trainer by Sage U.

2010 NASBA #4, Jan 15 & 16, Hilton Airport Hotel

Keynote: Greg Edwards CA, Principal AcSB, PM of PE-GAAP

◊ 2010 “Role Models on Tour” with Black Business Initiative HFX

2011-12 Sage U Contract Instructor @ Hands-on labs HFX

◊ 2012 Apr 17: Sponsor: Truro Dragon’s Den with Bruce Croxon

◊ 2012 Oct 16: Speaker/exhibit at Truro Entrepreneur Forum

◊ 2013 Nov 18 Startup Canada – Speed Mentorship Lunch here

◊ 2014 NASBA #5, Jan 29: Glen Schmidt BA, FCGA -T1; two CRA experts

from GST-HST Rulings Halifax; Chris Zinck P.Eng., Sage One Georgia,

Brenda Parker CGA; Alison Morgan LLB; Sage50-Diana Read-Miedema

◊ 2014 March. Mentor at Startup Weekend, Perennia/Dal Agri Campus

◊ 2014 June FCC Certified in AgExpert Analyst

◊ 2015 July 4 + 2016 Aug 5-6 Business Continuity Planning Expos here

2016 Oct 12—Instructor @ CPA NB Prof Dev’t Conference Fredericton NB

◊ 2017 Fall 10 week course “PMP Exam Certification Prep” by Chamber

◊ 2017 Open House # 8, Nov 21 for NEW CONNECTED ERP + Sage50-2018

BioandAchievementsofDianaRead-Miedema39



F-.. PDF 12 S34567F38189316:.9;4. P-382.< 9;57 $25 + 5;:21>. + 21?

Simply Financials®, Diana Read-Miedema

20 Willow Street, Truro, Nova Scotia, B2N 4Z4

(902) 895-6074 [email protected]

www.SimplyFinancials.com

SIMPLY FINANCIALS - THE TAX FACTOR (c)2009 · 3/23/2018 · 2. Non-Group insurance plan that is...

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