Choice Payment Solutions, led by Nelson Crowder, is your Trusted Saskatoon payment solution provider serving Saskatchewan. In this business tip, they share Point Of Sale options.
What Point of Sale system is right for your business?
There are a few different points of sale brands that we as consumers typically see in our daily purchases at merchant locations, Verifone or Ingenico are very common. Regardless of which brand they all do the same thing which is process electronic payments (Credit / Debit cards).
There are various flavours of terminals, There are stand-alone terminals that connect directly to the internet or phone line, Alternatively there are terminals that are Bluetooth or WIFI terminals, Furthermore, there are wireless units that communicate via cellular signal... So, What does this mean??
Working with clients they learn about the business and once they fully understand what their clients do then they recommend the best solution that suits their needs.
Info on Choice Solutions POS products can be found HERE:
Terminal solutions are just one of the solutions they offer! They have e-commerce solutions to help businesses and we also have a new product called "CLOVER FLEX" This is a unique system that is not your typical terminal.
To Learn more, click the link below and watch the videos or better yet connect with Nelson to arrange a demo!!
The Trusted Saskatoon directory team are thrilled to welcome Wiegers Financial & Benefits to the Trusted Saskatoon community. You will find their listing in the Saskatoon Financial Services and Saskatoon Insurance categories on the Saskatoon directory you can Trust.
It's easy to brag about Wiegers Financial & Benefits!
Established 25 years ago by Cliff and Deb Wiegers, the company grew from humble beginnings to a level of success that puts it on par with some of the largest financial planning companies in Canada!
Their approach to working with clients is personal and they are dedicated and committed to getting to know their clients and what they want and need, both at the beginning of the working relationship and as their personal and professional lives change or as their businesses evolve. This commitment is reflected in a process that involves regular contact and a client/advisor relationship that is both comfortable, familiar and special in an industry not often associated with warmth!
Award Winning Community supporters!
Wiegers Care for Kids actively fundraises year-round and has already hosted five major fundraising events, raising over $800,000 for the Jim Pattison Children's Hospital
Wiegers Financial & Benefits came highly recommended.
Many of the Trusted Saskatoon partners are already long-standing clients of Wiegers Financial & Benefits, in fact, they were nominated by Trusted Saskatoon Salon owners, Laddie & Shelley James of Hairstyle Inn Salons - that in itself is a great testament to the high standards and level of care that the Wiegers team bring to the table!
Don't take our word for it - hear from more of their happy clients here!
"The people at Wiegers take care of me personally as well as the group benefits at Reed Security. They're helpful, friendly and always offer a variety of options. I'm also impressed with their community values and the huge dollar amounts they continue to raise for the Children's Hospital. They care!" Virgil Reed, Reed Security, Trusted Saskatoon Alarm & Security Professionals.
"My wife and I have been accessing investment advice, long-term planning and portfolio management from Wiegers and company for several years. I have found the services to be personalized and tailored to the needs that we have, which wouldn't be the same for people of a different age. Attention is paid to our financial circumstances and our advisor, which in our case is Cliff Wiegers, keeps in touch personally or through others at the company. You have more confidence that people are taking care of the financial affairs under their watch in a careful way when you know that they do not resent making personal contact and obviously see it as an important part of making sure that they understand your needs. They take the time to discuss things which is not always case with service providers. Whether times for investment are good or bad, the need exists for competent guidance and we have received that. It is good to deal with a local company that is also linked in with large financial organizations which offer a range of products that may fit the particular client. I have appreciated the personalized service and attention we receive from the company." Eric Cline, Saskatoon
We are proud to promote and give the thumbs up to Wiegers Financial & Benefits as Trusted Saskatoon Financial and Insurance advisors!
Check out their listing on the Saskatoon Directory of Excellence by clicking on the links below:
Saskatoon Directory in our Trusted Saskatoon Financial Services category
YEAR-END TAX PLANNING CHECKLIST:
Financial planning is time sensitive. While the following list is not exhaustive, here are some items that must be considered, incurred or paid prior to year-end in order to be included in your 2014 tax return.
Prior to December 24, 2014:
Put tax loss selling strategies to work by following these steps:
- Calculate the capital gains that you have realized for 2014.
- Identify and sell investments that are in a loss position. Trades entered by December 24th will settle funds in the account prior to December 31st.
- Net your capital losses against capital gains on your 2014 tax return. Note:
If your spouse has unrealized capital losses, extra steps can be taken to incorporate them in your tax planning. In all cases, you should be aware of the superficial loss rules when employing these strategies.
Prior to December 31, 2014:
- Make charitable donations. Donating qualifying securities instead of cash can increase your tax savings.
- Contribute to your child’s RESP/RDSP.
- Withdraw funds from a TFSA, if needed. Any withdrawals will increase your contribution room in 2015.
- Withdraw funds from your RRSP if you are in a low tax rate for the 2014 tax year.
- If you are age 71 this year, you must convert your RRSP to a RRIF. Consider the following:
- Use your younger spouse’s age for minimum payment calculations.
- Make an advance contribution to your RRSP for earned income from this year.
- Pay all tax deductible expenses.
- If you are a trustee of a testamentary trust, consider triggering income (like capital gains) before the end of the year as income retained inside the trust will be taxed at the highest marginal tax rate starting in 2016.
- Stock Option Rules – Special Relief: If your taxes are higher than the proceeds upon the sale of your shares following the exercise of your stock options, there is some relief if you sell the shares prior to 2015 and make a proper election prior to December 31st, 2014.
- If you are selling the assets of your corporation, be sure to complete the transaction by December 31st, 2014. the tax treatment on the sale of eligible capital property will be changing in 2015.
- Consider paying an employee a non-cash gift or award of up to $500. This amount may be deductible to you and non-taxable to the employee. For January 2015: Remember to pay interest on prescribed rate loans (e.g. spousal loans) prior to January 30th.
- You have until March 2nd, 2015 to make your RRSP or a spousal RRSP contribution, and deduct the amount on your 2014 (subject to your RRSP contribution limits) tax return.
Ongoing reporting obligations:
- If you hold foreign property with a cost base greater than $100,000, file the Foreign Income Verification Statement (CRA Form T1135). As of June 2014, new rules apply to disclosure of this information.
- If you are a U.S. Person for tax purposes, understand your IRS reporting requirements. U.S. Persons (even those who are resident in Canada) have tax reporting requirements in the U.S. For example, U.S. persons are required to report any holdings in Passive Foreign Investment Companies (PFICs).
Note: Beginning in 2014, Canadian financial institutions are required to report certain information on U.S. persons as a result of the U.S. Foreign Account Tax Compliance Act (FATCA).
New tax measures:
Family Tax Cut – Income Splitting:
- In the October 2014 Federal Tax Update a new non-refundable tax credit of up to $2,000 was introduced for eligible couples with minor children. The new credit will be effective for the 2014 and subsequent tax years.
Child Care Expenses and The Universal Child Care Benefit:
- Effective 2015 there will be an increase in the Child Care deduction by $1,000. The Universal Child Care Benefit (UCCB) will also increase to $160 per month for children under the age of six, and $100 per month for those ages six to sixteen. As a result of the UCCB changes, the Child Amount Tax Credit is being repealed in 2015.
We recommend you discuss these strategies with your professional investment, tax and legal advisors prior to implementation to ensure they fit.
Saskatoon Directory in our Trusted Saskatoon Financial Services category.
tip on Insuring our Families:
No one likes to talk about it because no one wants to entertain the thought. Parents dare not imagine for a single moment the possibility of one of their children receiving the diagnosis of a critical illness or passing away.
Yet, not talking and not thinking about the financial consequences of unfortunate events such as a critical illness or the death of one of our children, does not make the possibility of these situations less likely. Having sufficient and appropriate insurance coverage for parents and children is an integral part of family financial planning.
Besides providing funds to cover funeral expenses, insurance for children will provide a financial cushion in the event of a disaster. This will allow parents to take the additional time off work needed to cope with such an ordeal.
Acquiring insurance for minor children also provides several advantages:
· Low premiums when children are young and in good health
· Guaranteed future insurability
· Protection against possible health exclusions
· Additional savings for education, first home or other needs in the future
Of course, parents should ensure that their own insurance program is in place prior to considering insurance for their children.
Saskatoon Directory in our Trusted Saskatoon Financial Services category.
tip on Renting your U.S. vacation property - Be sure you know the tax implications:
Like many Canadians, you may own a vacation property in the United States (U.S.). And, you may be considering renting it out for the purpose of earning income or to defray the ongoing maintenance expenses. Before you begin renting your U.S. vacation property, however, you should take into account both the U.S. and Canadian income tax consequences.
Is your property subject to U.S. income tax?
If you are a Canadian tax resident, you must pay U.S. income tax on the rent you receive from your U.S. vacation property whether you or your agent:
arranges the rental while in the U.S. or Canada,
receives rental payments while in the U.S. or Canada, or
rents the property to Canadians or others
If you are NOT a U.S. person1, you must pay U.S. income tax on the rent you receive in one of two ways:
1. withholding tax, or
2. tax on net rental income.
If you ARE a U.S. person2, you declare the rent as income on your U.S. tax return and you may deduct your ordinary expenses and a depreciation charge from this income. You then pay tax on your net rental income according to U.S. tax rates.
Foreign tax credit helps avoid double taxation
As a Canadian resident, you pay tax on your worldwide income, including the rent you receive from your U.S. vacation property. However, you should receive a credit on your Canadian tax return for any tax you have paid in the U.S. on rental income. This is referred to as a“foreign tax credit” and by claiming the credit you avoid double taxation on the same rental income.
Also, remember that you may need to report the cost of your U.S. vacation property and the net rental income you have received. This is required when the cost of your specified foreign property (your rented vacation property and other foreign investments) exceeds $100,000 at any time in the taxation year.
As with any tax planning, you should consult a tax advisor about your own unique circumstances.
Any discussion of U.S. tax matters in this communication (including any attachments) cannot be used for the purpose of avoiding tax penalties.
1. You are a non-resident alien for U.S. Tax purposes.
2. You are a U.S. citizen or resident alien (green card holder), or have elected to file a U.S. income tax return.