Teya Mali talks books with Globe and Mail

small business vancouver, slamm business, bookkeeping, Quickbooks, income tax return, taxes, efile, business, sole proprietorship, corporation, books

If your box of receipts is shapeshifting into a pot of paper flowers, exuding a musty book smell, this article is for you. Use the most cost-effective and fast categorizing approach so that you can account for every receipt when it matters the most, and save some dough for real flowers.

Paul Attfield’s article points out the key to winning your bookkeeper’s heart

“It’s actually faster to sort that way as opposed to trying to find the date on each receipt,” said Homeroom’s Lady in Charge Teya Mali in the recent Globe and Mail article on the importance of record-keeping in business. Teya was not talking about the throw-and-forget approach illustrated in the above left photo.

Find the best way to categorize receipts, why you should keep a mileage logbook, and more handy tips, to run a healthy business in the full article, “In record-keeping, consistency is king,” by Paul Attfield.

 

Job Alert: Looking for a fabulous bookkeeper!

career search, job search, bookkeeping, quickbooks, small business, income tax, vancouver bookkeeping, vancouver careers, hiring Vancouver

Riding on the back of the shear excitement of another successful tax season, we knocked down a chunk of the back wall and increased our office space by an entire room. The Lady in Charge Teya finally gets the much needed privacy of her own office, and we get more legroom.

Yes, more room for awesome!

So, what does that mean for you?

We are looking for a fabulous part-time bookkeeper to join our growing  team of six, and take over the lonely, soft, leathery chair with your name on it.

Our hiring process is simple. We don’t bother with resumes, and wasting paper.


Do this instead:

  1. Click the pink button below
  2. Follow the instructions carefully

Reply here by answering the following questions:

  • Where do you see yourself in 5 years?
  • If you could be an animal what would you be and why?
  • How many years experience do you have working with Quickbooks?
  • Why do you want to work at Homeroom?

Homeroom Small Business Solutions is a growing, fast-paced tax preparation and bookkeeping company based in Vancouver. We pride ourselves on providing quality customer service, accurate and honest bookkeeping and great employee benefits.

We love what we do and want to find additional team members who are passionate about providing great customer service, set and achieve high standards of work, pay close attention to detail and who are loyal, motivated and passionate about life and business.

In return we will offer you a stable, flexible, supportive workplace with opportunities for growth.

We currently have a part-time position available, with a potential for full-time, for a qualified bookkeeper starting mid May.

Salary + Benefits will depend on experience.

We also pay commission for any clients you bring to the company.

Must have:

  • Min 1 years experience using Quickbooks Desktop
  • Strong understanding of GST and PST
  • Strong understanding and ability to troubleshoot bank reconciliations
  • Patience to train and answer questions from junior bookkeepers on our team
  • Experience processing payroll
  • Excellent customer service skills
  • Excellent communication skills
  • Ability to quickly learn and adapt to changing technology
  • Ability to work well within a team environment
  • A willingness to learn new bookkeeping procedures
  • An optimistic, friendly & supportive attitude
  • Ability to enter data in a timely and accurate manner

Bonus:

  • Experience using Client Track or similar databases
  • Experience using Quickbooks Online
  • Ability to generate and read reports

If you believe you are the perfect fit please send us an email answering the questions at the top of the ad. No phone calls or drop ins.

Job Type:

Part-time

Required experience:

  • Accounting: 1 year
  • Bookkeeping: 1 year

 

Tax tip: Claiming childcare expenses

Ryan Gossling, income tax, childcare expenses, child care expenses

A lot of new mamas (and dadas) come to Homeroom unsure about what childcare expenses they can and can’t claim come tax time. 

Below, we look at eligible childcare costs, the amount you can deduct and which parent claims the costs. 

So, what constitutes a childcare expense?

Childcare expenses are amounts you or another person paid to have someone look after an eligible child so that you or the other person could:

  • carry on a business either alone or as an active partner
  • earn income from employment
  • attend school under the conditions identified under Educational program
  • carry on research or similar work, for which you or the other person received a grant

The child must have lived with you or the other person at the time the transaction incurred for the expense to qualify. Usually, you can only deduct payments for services provided in Canada by a Canadian resident. See other situations for exceptions.

What are eligible childcare expenses?

  • Daycare/ day nursery schools or caregivers providing childcare services. An official childcare expense receipt must be provided.
  • If you employ a nanny, those costs are deductible. Contact us if you need help with payroll source deductions here.
  • Boarding school or overnight sports schools/ camps where lodging is involved (see note in Part A of Form T778)
  • Day camp/ sports school expenses where the primary goal of the camp is to care for childrenNote: An institution offering a sports study program is not a sports school.

Who claims the childcare costs?

When the child lives with both parents, the parent with the lower net income (or zero net income) must claim the expense deduction. The supporting parent with the higher income may claim a deduction only during the period in which the lower income spouse or common-law partner is mentally or physically infirm, confined to a bed or a wheelchair, attending full- time at a secondary school or a designated educational institution or incarcerated in a correctional facility.

The amount that can be claimed for childcare is subject to special rules when the lower income spouse or common- law partner is in part-time attendance at a designated educational institution. Special rules also apply for single parents and those who have separated during the year or are divorced.

How much can you deduct?

You can deduct up to $8,000 annually for each child who is aged six or under at the end of the year, and up to $5,000 for each child aged seven to 15 at any time in the year.

This limit goes up to $11,000 annually for each child who is eligible for the disability tax credit (see topic 80). Also, the total deduction can’t exceed two-thirds of the salary or business income of the parent who is required to claim the deduction. However, it’s limited by the actual amounts paid in the year for childcare.

Still have questions? Comment below for a quick response, or call us at 604-739-9536.

The truth and lies about GST/ HST

GST pinata

Launching a small business can feel like swinging blindly at a big, colourful, juicy piñata: a hit or a miss, but if it’s a strike, you get all the yummies and toys inside, along with some lame confetti and papier-mâché filler.

The lackluster, more boring, of the bunch become the key steps and financial decisions to starting a new business. But, without careful planning, you might as well be that person with their eyes shut, hopelessly flailing their stick into open air.

One of the things you need to consider is whether or not you need to charge Goods & Services Tax (GST).

We hope our handy tips and our clarification of some common myths helps you move forward in your small business planning.

 What is GST?

  • GST is an input tax: Meaning that the amount that you PAY to others reduces the amount that you OWE.

Why would you register for GST before making sales of $30,000?

  • If you are starting your small business and incurring high start-up expenses. You can get a refund on the GST that you pay on those expenses.

  • Some potential clients might not want to do business with you if you don’t have a GST number.

Why would you hold off from registering?

  • Keep your paperwork simple for as long as possible. If you register you will need to hire a bookkeeper to make sure your returns are correct, filed properly and on time.

  • When you bill your clients your total will appear cheaper than a competitor who charges GST.

 It’s July and I’ve just made sales of $30,000. What do I do now?

  • By law you have 3 months AFTER you have made sales of $30,000 to register and start charging GST.

  • You must include your GST number on all your invoices.

  • You must keep all records of GST charged and paid for 7 years

Here are four common myths about Goods and Services Tax:

Myth: Every small business must register for GST.

Fact: Every small business that has made GROSS SALES of $30,000 in a calendar year must register.

Myth: I am registered for GST but my sales are less than $30,000 so I do not need to charge my customers the tax.

Fact: If you are registered, then you are obligated by law to charge all of your customers GST.

Myth: GST and HST are two different taxes.

Fact: In fact they are the same tax being paid to the same agency (Canada Revenue Agency). The only difference is that in BC we now charge GST of 5%; before we charged HST of 12%.

Myth: My Business number is different from my GST number.

Fact: Your GST number is your Business number (9 digits) with the ending RT0001.

Avoid CRA penalties

Income Tax Filing Vancouver

Unleash your inner beach diva mid tax season, and rejoice!

Whether you’re ripping the waves in Tofino, or lounging at home with a bird’s nest do, file you e-return whenever, wherever.

Our quick and easy electronic tax filing option is a great alternative for anyone who prefers hassle-free, no appointment necessary service.

April 30th filing deadline is approaching as quick as the Easter bunny. Save time and paper, and avoid CRA penalties.

And don’t let taxes stop you from quality time on the beach.

Fill out the form below, and request an e-return today!

If you know someone who needs help with their taxes, please forward this post to them. We always appreciate your referrals. 🙂

Request an e-return

 

Fix and flip: Three things you need to know about house-flipping in Vancouver

house flipping vancouver

I see a  beautiful, white 10-bedroom villa, with a long, spacious veranda that leads to a vineyard, overlooking a flowery hillside. The birds are playing in the field, chirping my favourite tune, with crops that are gently swaying in the warm summer breeze. Life is awesome. 

They say, “One person’s trash is another person’s treasure.”  When it comes to flipping houses, it comes down to this:

  1. Have a vision
  2. Be brave
  3. Sell for profit

What the flip?

It’s when you see that junky house or an apartment and envision something different in that space, be it new, shiny tile floors and a fresh coat of paint, or a complete and utter gutting of the space.

So you buy it, spice it up, and sell it for profit. Flipping easy, right?

Suddenly, that run-down house becomes a mansion and that dude refreshing himself with a cold beer in front of it turns into a swimming pool. At least in your imagination they do, for now…..

Here’s the bare bones of house/ apartment-flipping:

  1. Find cheap land/ apartment. Without a good deal, there will be no margin for profit once the renovations are complete and all the other fees are paid out.
  2. Don’t spend more than 40-50K. If you are flipping an apartment that is 500-800 square feet, you should not be spending more than 40-50K on the renovation before you sell or you won’t be able to sell it for a high enough price and you might lose money.
  3. Rent it, don’t sweat it. House-flipping is less popular in Vancouver than apartment-flipping. Developers and homeowners can usually make more money just buying and holding the land for 6-12 months or more while renting the house, and making a significant profit of the appreciation of the land.

Tip: Like anyone engaged in the intricate art of renoing, you will need a cool bookkeeper to manage your expenses, file your GST return and make sure your taxes are filed properly.

That’s where we come in.
We can definitely connect you with some kick-ass professionals in the industry, or just take on your books!
Happy house-flipping!

 

 

 

 

Avoid procrastination, after reading this

IMG_5835

Even The Number Cruncher, Allysia Lewis gets occasionally sidetracked by the internet……

Virtually everyone is prone to procrastination. A new Donald Trump meme can induce low-brow fun and hysteria even for the most focused cat person ….and put that important tax preparation on the back burner.

The Lady in Charge Teya was interviewed by the CBC about the topic of procrastination. This was fitting for two reasons:

A lot of people procrastinate about organizing their bookkeeping and taxes. As a the owner of a bookkeeping company Teya’s job is to help business owners become more organized and meet their CRA submission deadlines.

As perpetual pro-casters, we have found that Teya has an impeccable ability to avoid distractions (such as social media) and get things done. (If we could nominate her for the “least likely to procrastinate” award, we would.)

You can get there, too–we all can! Stick to the following five tips to really increase your productivity.

1. Outsource

Starting a new business can be quite costly so it is common for business owners to take on the initial roll of “everything to everyone” in order to keep costs low.

Although this isn’t a bad way to start, as time goes on and the business grows this workload can begin to become unbearable. This is where the procrastination starts.

According to an article by Phyllis Lokki in the New York Times the larger your workload the more likely you are to become overwhelmed and start procrastinating.

This is why outsourcing certain tasks is really important. It allows you to reduce your workload, free up some of your time and focus on your strengths.

For example: Teya has outsourced writing this blog to me because she is so busy making sure your taxes are filed on time 🙂

2. Lists, lists, lists and more lists

Write everything down and prioritize your important tasks. It is easy to use small tasks as a method of procrastination because they give a false sense of productivity.

Think about the revenue each task will bring you and then prioritize accordingly.

For example: Vacuuming your bedroom floor, although necessary, will bring $0 to your business so it should be last of your list. Completing work for your client will bring in revenue so it should be a priority (you can then use this income to outsource your vacuuming)

3.Limit your social media usage

This is easier said than done, especially when social media is so prominent in most people lives.

Time your usage. Create a social media plan that allows you to fit your daily social media into 20 minutes per day and stick to it OR outsource your social media management to an employee or to a firm.

It is very easy to get caught in a social media vortex. All it takes is for you click on a one link and before you know it 2 hours have passed.

4. Make sure you take breaks

Breaks allow you to refresh your mind. There are several studies that reveal taking a break to eat your lunch or to go for a walk actually increases your productivity.

So stop eating at your desk and enjoy some fresh air.

5. Only check your emails twice a day

Emails are often a procrastinators drug of choice. Don’t get me wrong they are important. However,  it is easy to fall into the trap of checking them 300 times a day.

You need to limit the time you spend with your emails so that you can focus on other important tasks.

Most people are happy/ pleasantly surprised by a same day turnaround. So even if you only respond to emails once in the morning and once in the afternoon that is usually all you need to ensure positive feedback from your customers.

A great tip suggested by Timothy Ferriss author of The 4 Hour Work Week is to set up an email response that lets your clients know exactly when and on what day you check and respond to your emails so you can manage their expectations.

End of Year Preparation for Salaried Employees

Most people think that preparing for the year-end is only something that business owners have to worry about. However, that is not the case as year-end preparation is beneficial for everyone.

So if you aren’t self-employed what steps do you need to take to prepare?

Evaluate your Income

You should evaluate your income and current RRSP contributions.

This will allow you to determine if you need to make or want to make any additional contributions before the RRSP deadline March 1.

Making the correct amount of contribution can help to decrease or eliminate any balance you may end up  owing on your 2013 taxes

Book a Massage

This is the perfect time of year to use up any unused portions of your extended health coverage as chances are low that your insurer will roll over any unused benefits into 2014.

So book that massage you have needed all year or buy that funky pair of glasses you have had your eye on since you saw them on the cover of Vogue!! You pay for your benefits; make sure you are getting your money’s worth.

Defer Your Bonus

Depending on how much income you have earned over the year it may be in your best interest to ask your employer to defer your end of year bonus until January 2014.

Not only will this allow you to revive your bank account after Christmas left it on life support, it will also allow you to defer your tax liability.

The Homeroom Challenge

It’s the challenge of all challenges. Five employees—and their blood, sweat, and tears—duke it out over 30 days for glory, for fame, and perhaps a trendy new bag.

Some will fight until the end, keeping their eyes on that sweet, sweet prize, while others may pack it in early, unable to go on.

Regardless, we’ll all come out changed—a little wiser from the things we’ve seen, a little stronger, both mentally and physically.

Read more