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.

Tammy Wandzura a Trusted Saskatoon Mortgage Broker Expert shares some great information and tips on mortgages

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy shares some great information and tips on mortgages:

As a Mortgage Broker October & November are the months that our lenders & insurers take the time to come and meet with us and introduce us to new products and information that can be useful to our clients.

As YOUR Mortgage Broker I am here to share information that pertains directly to you!

A few things to think about going into the tail end of the year and 2014. 

The government has mandated further rules for our lenders to follow in 2014.  What does this mean to you?

If you have Line's of Credit or Credit cards that have a minimum interest only repayment-lenders will be forced to use a 3% repayment in most cases
EX: $10,000.00 Unsecured Line of credit=Currently $50.00/month minimum payment
NOW: the Banks will require us to use a $300.00/month payment

**This will significantly impact the approval & qualification of many clients.

Thinking of restructuring your mortgage OR buying?  Call me today.  We can talk about your options TODAY and in the future!

1)  Buying a HOME?
 

Have you considered PURCHASE + IMPROVEMENTS
 
With the new Government rules regarding refinancing (only able to restructure your mortgage up to 80% of the value) it will take some significant time to build enough equity; allowing you the flexibility to do that upgrade to the kitchen, bathroom, shingles, driveway, basement, furnace etc

We can set up your mortgage as a Purchase +
This allows you to do the upgrades now and include the improvement costs into your mortgage!

Call me today to discuss how this program can work for you!

2) There are special programs available for Professionals (such as: Doctors/Residents & Engineers) Call me for more details. 

  

3) Variable Rate Mortgages are Making a Comeback!

Many of our lenders are re-introducing the deeper discounts on the Variable rate mortgages.
This type of mortgage is not always best suited for the first time home buyer. Qualifications are different. **However this is a great option for a qualified borrower to work with the LOW Prime rate (still sitting at 3%) 

  

4) Self employed - Stated income
Are you Self employed? There are still STATED income programs available with as little as 10% downpayment.
Approval is subject to qualification.   
 

  

5) New To Canada?
New to Canada as a Permanent resident OR on a Work Visa- we can qualify you with as little as 5% downpayment.
Pre-approvals are required
Call me today for further details!
 

 

Call Tammy Wandzura today at 933.3386 for all of your Saskatoon mortgage needs OR visit www.elitemortgagechoice.com

Make an appointment with Tammy Wandzura at TMG, #1-511 1st Ave N or check out her listing on the SASKATOON DIRECTORY in the SASKATOON MORTGAGES Category..she is a Trusted SASKATOON MORTGAGE BROKER Expert!

Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3

 

 

 

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…

 

Trusted Saskatoon Water Experts Culligan share a tip on Protecting Your Groundwater

From simple bottled water to Reverse Osmosis systems and Water Softeners, Culligan Saskatoon has solutions for you –The team are hard working, honest and understand the value of relationships and excellent customer service .. pure and simple, and that's why they have Given The Thumbs Up by Trusted Saskatoon!

Culligan are your Trusted Saskatoon Water Experts!

Here they share a tip on Protecting Your Groundwater:

 

 

 

Simple ways everyone can act to protect groundwater

 

Everyone can and should do something to protect groundwater. Why? We all have a stake in maintaining its quality and quantity.
  • For starters, 99 percent of all available freshwater comes from aquifers underground. Being a good steward of groundwater just makes sense.
  • Not only that, most surface water bodies are connected to groundwater so how you impact groundwater matters. 
  • Furthermore, many public water systems draw all or part of their supply from groundwater, so protecting the resource protects the public water supply and impacts treatment costs.
  • If you own a well to provide water for your family, farm, or business, groundwater protection is doubly important. As a well owner, you are the manager of your own water system. Protecting groundwater will help reduce risks to your water supply.
Groundwater protection
There are two fundamental categories of groundwater protection:

Before examining what you can do to protect groundwater, however, you should know that sometimes the quality and safety of groundwater is affected by substances that occur naturally in the environment.

Naturally occurring contamination
The chemistry of the groundwater flowing into a well reflects what’s in the environment. If the natural quality of groundwater to be used for human consumption presents a health risk, water treatment will be necessary.
 
Examples of naturally occurring substances that can present health risk are:
  • Microorganisms (i.e., bacteria, viruses, and parasites; these tend to be more common in shallow groundwater)
  • Radionuclidesradon (i.e., radium, , and uranium)
  • Heavy metals (i.e., arsenic, cadmium, chromium, lead, and selenium).
Public water systems are required to treat drinking water to federal quality standards. However, it is up to private well owners to make sure their water is safe.
 

Contamination caused by human activities
Human activities can pollute groundwater, and this is where every person can help protect groundwater — both in terms of groundwater quality and quantity.
 
Some common human causes of groundwater contamination are:
  • Improper storage or disposal of hazardous substances
  • Improper use of fertilizers, animal manures, herbicides, insecticides, and pesticides
  • Chemical spills
  • Improperly built and/or maintained septic systems
  • Improperly abandoned wells (these include water wells, groundwater monitoring wells, and wells used in cleaning contaminated groundwater)
  • Poorly sited or constructed water wells.

An emerging concern in recent years is the occurrence of pharmaceuticals and personal care products in water. Much research remains to be done to assess the health risks of trace amounts of these items. Nevertheless, disposal strategies for these substances are increasingly being advocated.

Water conservation
Americans are the largest water users, per capita, in the world. In terms of groundwater, Americans use 79.6 billion gallons per day — the equivalent of 2,923 12-oz. cans for every man, woman, and child in the nation.

Agricultural irrigation is far and away the largest user of groundwater in America at 53.5 billion gallons a day followed by public use via public water systems or private household wells at a combined total of 18.3 billion gallons per day. More efficient use of water in either of these areas could save a huge amount.

At the household level, the greatest amount of water used inside the home occurs in the bathroom. The remainder of indoor water use is divided between clothes washing and kitchen use, including dish washing, according to the U.S. EPA. Calculate your household water use here.

Depending on where in the country you live, outdoor water use can vary widely.

If you want to get an ever better idea how much water you use, find out your “water footprint” by calculating the amount of water it takes to produce some of the food you consume.

ACT — acknowledge, consider, take action

On Protect Your Groundwater Day, NGWA urges you to ACT. Use this day to begin doing your part for protecting one of our most important natural resources — groundwater

​1. Acknowledge the causes of preventable groundwater contamination

2.​ Consider which apply to you
3. Take action to prevent groundwater contamination 
  • Everyone
    • When it comes to hazardous household substances:
    • Store them properly in a secure place
    • Use them according to the manufacturer’s recommendations
    • Dispose of them safely.
    • When it comes to water conservation:
  • If you own a water well

For more information

To discuss groundwater protection and other groundwater-related issues, follow NGWA’s Facebook page and post your comments or questions on the discussion board.

For more information on Protect Your Groundwater Day, contact NGWA Public Awareness Director Cliff Treyens at 800 551.7379, (614 898.7791), ext. 554, or ctreyens@ngwa.org. 

 

 

 

Culligan are your Trusted Saskatoon water experts!

 

Check them out on Facebook Here

 

 

 

 

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