Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Bookkeeping Experts answers your Facebook Fanpage Questions

 

TrustedSaskatoon.com Talk to the Experts 

Q: Brenda Compton : If you have 2 smaller businesses under one roof can you write off double the amounts? eg: office space, utilities, vehicles? etc. 

A: No.  If you are writing off office space you are only permitted one office space per company.  For more specific clarification we recommend you speak with your accountant.

Q: M Liz Beisel: When CRA does an audit, how many years of receipts/data do you need to have? That year or more? 

A: When the Canada Revenue Agency does an audit it is typically for a specific time period.  But you should always keep 7 years.  Even after seven years, it is recommended that you keep all audited financial statements, GST, PST, payroll and any government forms that have been received.  Scanned copies have not been approved by CRA yet so be sure to keep originals of everything.  If your documents have been destroyed by fire, flood etc. you may be required to submit a Loss of Property Declaration to CRA.


Q: Ann Lyte-Maille: What receipts must be kept and for how long? 

A: Keep receipts, tax notices, government forms, invoices etc. for a minimum of seven years.  Even after seven years, it is recommended that you keep all audited financial statements, GST, PST, payroll and any government forms that have been received.

Q: Darryl Spokes: If I am just starting a new business and can’t afford a bookkeeper yet, what would you recommend are the best practices I can set up on my own before I get a bookkeeper

A: Stay organized!  Sorting takes the most time for our new clients.  We tell all our smaller or new companies they will save a lot of money by doing these easy steps.

1. Keep corporate documents like partnership or shareholder agreements in a safe and secure place. 

2. Keep all documentation for asset purchases like vehicles, office furniture, electronics etc. in a separate folder.  You will need these at the end of the year.

3. Write on your receipt what the item was for.  If you went for lunch with a potential client, write “Lunch with potential client” on the receipt.

4. Write on your invoices, “Paid with Cheque No. XX on XXXXX, 2013.” Or Staple the cheque stub to your copy of the paid invoice.

5. Match all the receipts and invoices that you wrote cheques for that are on the bank statement and put them in a folder marked “December 2013 on the Bank Statement”.

6. Take your receipts that you have paid with your own money and put them in an envelope marked “December 2013 Paid with Own Money”.

7. Staple your deposit slip to the invoices that have been paid with that deposit.

8. Put the deposits that are on the bank statement in your monthly folder.

9. Put all your monthly information in a folder or bin and keep it all together.  Lost receipts mean lost tax benefits.  You want to keep all your money in your pocket not the governments. 


Q: Deenna Dekker: Do you charge annually, hourly or is there a monthly set fee?

A: We typically charge by the ½ hour.  We work on an hourly basis and we have descriptive invoices that show you exactly what we have done.  We do work on a monthly basis with some of our clients but we would have to do their bookkeeping for a year before we decide on a monthly contract rate

Trusted Saskatoon Caterer Nicola from PickNics makes a yummy fruit Pavlova

What's the difference betweewn good food and absolutely incredible dining? Fresh, quality ingredients, generous portions, imagination and creativity! From a simple catered lunch with gourmet sandwiches, to a Picknic Box for 2 for a romantic evening in, to a fabulously catered wedding or event, let Picknic's Catering and Fine Foods create something special for you!

PIckNics Catering & Fine Food is a TRUSTED SASKATOON CATERING EXPERT

Check out this great demo - Nicola makes a yummy and easy dessert!

Find PickNic's Catering and Fine Foods at 210 33rd Street West or online here- or go to their listing in Saskatoon Catering & Bakeries to read all of the wonderful things her clients had to say about PickNics.

Trusted Saskatoon IT & Computer Systems Experts share a tip on windows

 

The End is Nigh:

 

 

A date that everyone should put in to their diaries. A date that is sending a shiver down the spines of many business owners and home computer users alike. A date that many columnists are calling the next Y2K, (not that they are scare mongering at all!!)

April 8th, 2014.

This is the day that all support for Windows XP, Microsoft Office 2003 and Windows Server 2003 ends. There will be no more security updates, no more security fixes and no more support from Microsoft and is expected that all the 3rd party vendors will cease support soon after.  

 

 

OK, so the world is not quite coming to an end but this will leave any users who are still using XP without security updates for what is already the most insecure operating system. Windows XP/Server 2003 will not cease to function, but as Microsoft drops support so will the industry. Most of the software now produced is incompatible or untested with XP, new pieces of hardware fail to work with this ageing operating system and as time goes by there will be less and less available which will function on XP.

With 6 months to go, what is your plan? Initially, let’s find out if you do have XP/Server 2003.

On your computer click on the Start button – Right Click on ‘My Computer’ – select ‘Properties’ – on the window which appears it should say on the first few lines which operating system you are using. If it mentions XP or Server 2003, it is time to start the process of changing.

For Office 2003, open a Word document, click on Help and About, it will tell you here which version of Office you are using. If it is 2003 of any variant, time to change.

If you are a home user then hopefully not much of a plan is needed. Buy a Windows7/8 machine, move your data across to the new platform, and your life will improve immensely. You will have a secure operating system on a faster machine which will react when you want it to. Let’s be honest, any machines out there that are still running XP are somewhat slow anyway. My recommendation – do it now!! 

 

 

 

Business – time to get your skates on!! Microsoft do say that, depending on the size of network obviously, it can take up to 18 months to plan and rollout a desktop upgrade from XP to Windows 7/8. Most business don’t have the internal skills to complete a pain free transfer from XP, at this point your best plan is to pick up the phone and contact an IT support company…

 

Kari Calder a Trusted Saskatoon Realtor and a Saskatoon Real Estate expert shares exciting news -The Saskatoon skyline is about to change

The decision to purchase your home is one of the most important decisions you will ever make, and will also be one of your largest investments. Done right, it can also be one of the most exciting and fulfilling times in your life! Kari Calder a saskatoon Realtor with Century 21 Fusion is there to help you through the process, and provide you and your family with the peace of mind that comes with knowing that you have a realtor working with your best interests in mind.

 

Here Kari shares an exciting tip that Saskatoon’s skyline is about to change:

The corner of 22nd Street and 3rd Avenue is changing very soon. It has been announced that North Prairie Developments has purchased the lot of the Affinity Credit Union and is planning on building a 27 storey tower in it’s place. This City Centre Tower will possibly become Saskatchewan’s largest building.

 

 

The Tower will be a condo/hotel mix complex with close to 200 condo units available. Included in the complex will be underground parking, an attached parkade, fitness centre, meeting facilities, and restaurant. It will also attach to Discover Plaza, the home of BHP Billiton.

With downtown Saskatoon becoming one of the it places to be, this building will only add to the attraction and continue to spark the activity drawn to the area.

 

  

 

Construction is set to begin in March 2014 once the Affinity Credit Union has moved, city council approval is not needed. The Tower is expected to reach a cost of $80-$100 Million and rise to almost 90 metres in height. Currently, the tallest building in Saskatchewan is in Regina; the Mosaic Potash Tower measures in at 84.5 metres.

I believe that this will become a very popular condo project once complete. Downtown Saskatoon has limited options for housing in the city centre area and more recently has noted the conversion of warehouses/retail space into residential condo units. This area hasn’t seen a new residential condo building in a number of years and with the vibrancy and rejuvenation of the area well underway, this will be a very attractive place to call home.

If you are interested in this project and have any questions regarding the future sales of the units, please contact me and I’d be happy to find out more information.

 

Kari Calder Saskatoon Real Estate Agent

Century 21 Fusion

kari@saskatoonrealestate.net

Kari Calder is one Saskatoon's top Century 21 Fusion real estate agents. Kari can assist with all of your Saskatoon buying and selling real estate needs and she is a TRUSTED SASKATOON REALTOR

 

 

Wheatland Fireplace your Trusted Saskatoon Fireplace Experts share a Trusted Tip on Stuv Brand Fireplaces

Your first step into the beautiful Wheatland Fireplace showroom will help you understand why Wheatland Fireplace has been given the Thumbs up by Trusted Saskatoon.

This really is where your Saskatoon Outdoor living and Fireplace dreams meet in spectacular surroundings! Wheatland Fireplace Saskatoon is a TRUSTED Saskatchewan company that sells products that make your life better. Wheatland Fireplace services and installs their high-quality fireplaces, barbecues (bbq), grills and smokers from industry leading manufacturers. They love their customers and as a result,their customers love and TRUST them. Wheatland Fireplace are your Exclusive Trusted SASKATOON FIREPLACE store and they are Trusted SASKATOON OUTDOOR LIVING & RECREATION Experts.

 

Here they share a tip on Stuv Brand Fireplaces:

 

Stûv 21/105

 

The Stûv 21/105 is the height of innovation. Through design and technology, Stûv has created a fireplace that focuses on the most essential element: the fire itself.

 

 

Stûv 21/85

 

The Stûv 21/85 Single Face is simple performance and design combined with unmatched elegance. A designer favourite.

 

 

Stûv 21/85 DF

 

The Stûv 21/85 Double Face is one of the most elegant wood burning fireplaces available today. Its sleek and simple qualities are sure to catch your eye.

 

 

Stûv 30-compact

 

Because of its smaller combustion chamber, the Stûv 30-compact is perfectly suited to the smaller and very well insulated homes of today. Most of the stoves found on the market are too big. Consequently, these stoves are too powerful and are not used efficiently: because they burn slowly, their performance decreases and their combustion is not as clean.

 

 

Stûv 30-in

 

Impressive combustion and high efficiency make the Stûv 30-in an ideal wood heating solution, whether it is used as a primary heating system, for back-up heating or simply for enjoyment.

 

Visit the Wheatland Fireplace' showroom at 625 1st Ave North or see their listing in the SASKATOON OUTDOOR LIVING & RECREATION category. They are your Trusted SASKATOON FIREPLACE Experts! 

Categories

Previous Posts

ADDRESS

S & E Trusted Online Directories Inc
TrustedSaskatoon.com
310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150

GET THE APP

App Store Google Play
Follow us on Facebook Instagram Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting