News & Views

As the year is coming to a close, it is time to do a year-end review, if you have not yet done so, and start planning for 2019.

The joy of being your own boss comes with extra responsibilities.

Extra important items to consider for entrepreneurs & investors:

• Bookkeeping: December 31^st means statements, invoices, receipts, etc.
  May I suggest that you put aside some time during the holiday and get a head start with your paperwork gathering, if you have not yet started during the year. This will make your tax time much less stressful.
  I would like to remind you that we offer bookkeeping & tax preparation services. Please contact me directly to schedule an appointment.
• Depreciable Asset Purchases: the CRA has a first-year rule on most of depreciable properties. That means you can’t deduct the full cost of depreciable property for the year in which you acquired the property. You can reduce your “loss” portion by planning your purchases near the end of your fiscal year.
• Legal, Accounting and other Professional Fees: in most cases, these fees are tax deductible. Make sure your invoices are dated by or before December 31^st 2018, if you wish to claim these fees for the 2018 tax year. Same goes for other deductible expenses.
• Income: if you wish to defer your income to 2019 tax year, consider dating and sending out your invoices on or after January 1^st, 2019.
• Year-end Tax Loss/Gain: December 27^th, 2018 is the last trade date for the 2018 tax year. Remember that loss can carry back 3 years, or carry forward indefinitely. Make sure to watch out for the superficial-loss rule. Consider utilizing this rule to shift unrealized losses between spouses.

Click here to view more year-end tax planning for all taxpayers.

I trust that you find these highlights useful.

If you need a hand, or simply would like to discuss these and/or other tax planning strategies and how they affect your financial plan, contact me directly.

Remember to always “Dream It. Plan It. Live It.”

I am here to help you on your journey. Reach out if I can be of any assistance.

Thanksgiving has arrived and it arrived early.

On September 21st, our region was hit with not only one but six tornadoes. I am so proud of our Ottawa/Gatineau region for shining our humanity by pulling together and showing kindness through adversity. We opened our homes and our hearts to ensure our neighbours/community were taken care of.

We have shown that not only are we survivors but also some of the best in humanity. To the men and women who worked tirelessly to get things back to normal for us, we are extremely grateful.

As we get ready for Thanksgiving, I take great pleasure to personally express my deepest gratitude for your trust, your friendship, your continuing business relationship, and most of all, YOU. It is a privilege that I get to work with you, my wonderful people, to turn your dreams into realities. Thank YOU!

For this season, I would like to challenge you into having smaller celebrations and donating food, money or volunteering your time to the Food Banks. Let’s continue this spirit of kindness and help those who were left without homes and who have to start fresh.

For those who are traveling for the holidays, out of province or overseas, make sure to invest in travel insurance. Make sure the insurance covers your entire trip, including the day you leave and the day you return.
Please follow this link for our Holiday and Travel Tips – “Bon Voyage, But…”

Remember to always “Dream it. Plan it. Live it.”

It is that time of the year again:  the RRSP season and the income tax return season. I would like to remind you that we do offer bookkeeping & tax return services.
Please contact us directly to schedule appointments and discuss how you can benefit from our services.

Important items/deadlines for the 2017 tax year:

RRSP Contribution Deadline: March 1^st 2018 for the 2017 tax year. Yes, it is just around the corner. Why wait until the deadline? Do it as early as you possibly can.
RRSP Maximum Contribution Limit is $26,010 for 2017 tax year, or 18% of your earned income, whichever is lower, plus any unused contribution room from previous years.

T4/T4A/T5 Return Deadline: February 28^th 2018, for the 2017 tax year.

Interest Payment Deadline: January 30^th 2018, for interest payment on employee loans and prescribed rate loans.

Income Tax Return Deadline: April 30^th  2018 for most taxpayers. If you or your spouse carried on a business in 2017, you have until June 15^th 2018 to file your return. However, your balance, if any, still has to be paid no later than April 30^th 2018 to avoid interest and penalty.

• If you are expecting a refund, file your return now and get back your money as soon as possible.
• If you are expected to pay, send in your return before April 30^th 2018 even if you can’t pay your balance, to avoid late-filing penalty.

Business GST/HST Return Deadline: June 15^th 2018, for most GST/HST registrants, if you have an annual reporting period. However, your balance, if any, has to be paid no later than May 1^st

Got married/divorced in 2017? Had a baby in 2017? Change in these statuses can impact your taxes and benefits. Make sure to mention these changes to your income tax professional.

Home Accessibility Credit: You can claim up to $10,000 of eligible expenses. If an eligible expense also qualified as a medical expense, you can claim both the medical expenses tax credit and the home accessibility credit for that expense.

Bought your home in 2017? For qualified first time home buyers or eligible persons with disabilities, you can claim the home buyers’ amount of $5,000 for the purchase of a qualifying home. You may also be eligible for a new housing rebate for some of the GST/HST paid.

Sold a house in 2017? Starting 2016, you have to report the sale on your tax return in the year you sold it. However, if it is your principal residence, you usually do not have to pay any capital gain tax.

Moved in 2017? You may be eligible to claim moving expense if your new home is at least 40 kilometers (by the shortest usual public route) closer to your new work/school.

Most companies and institutions have started sending out the receipts and T-slips.
I suggest you start a brand-new folder for those and keep them all in there as they arrive. This will make it much easier when the time comes for filing your income tax returns.

Remember to always “Dream It.  Plan It.  Live It.”
I am here to help you on your journey. Do not hesitate to reach out if I can be of any assistance.

Despite the Canadian dollar being at its historical low, many Canadians are still finding value in visiting the United States for bargain hunting or catching discount flights.

Whatever the reason for you to cross the border, you will need travel insurance! US and international medical costs continue to rise, and it’s in your best interests to be covered.

Why should I get travel insurance?

“BON VOYAGE, BUT …”, published by Foreign Affairs, Trade and Development Canada, states: “Do not rely on your provincial or territorial health plan to cover costs if you get sick or are injured while abroad, or even out-of-province.”

Your provincial health care plan provides only limited coverage for medical treatment and hospital costs. Expenses such as ambulance services, emergency dental treatment and prescription drugs may not be covered.

Out-of-country healthcare can be costly, and your health plan may not cover any medical expenses abroad. You might need to get some top-up travel insurance.

Some credit cards do offer travel insurance, but these plans often have limited benefits and coverage.

Without travel insurance, a broken arm or even the flu could turn into a substantial medical bill, potentially costing you hundreds or thousands of dollars more than you thought you would spend on your trip.

For a few cents a day, travel insurance protects you, the ones you love, and your belongings from the financial nightmare of an accident or sudden illness on a trip, and from unexpected expenses if you miss a flight or if your luggage is stolen.

Spend a little NOW — and save a whole lot later.

When should I purchase travel insurance?

Buy insurance coverage from the time you purchase your ticket to be on the safe side or before leaving on your trip at the latest. Make sure the insurance covers your entire trip, including the day you leave and the day you return.

If you normally take more than one trip annually, you can save money by purchasing a Multi-Trip Travel Insurance.

Which travel insurance plan is best for you?

There are many choices and options available. Whether you′re looking for a little peace of mind or a lot of travel protection, you can have a customizable insurance plan that fits your needs, for just about any kind of trip, anywhere in the world.

Here are some of the choices:

Trip Cancellation / Trip Interruption Insurance
Provides coverage in case your travel plans are cancelled or disrupted due to unforeseen reasons including a new government formal warning regarding the travel destination, missed connection, unexpected medical emergency or death.

Baggage Insurance
Pays for the loss, damage, destruction or theft of personal effects owned by you while in transit, or while in any hotel or any other building, en route anywhere in the world, on water, land or in the air.

Accidental Death and Dismemberment Insurance
Provides coverage in the event of your death or dismemberment as a result of an injury while riding as a fare-paying passenger on an airplane, helicopter or common carrier (bus, train, boat).

Emergency Travel Medical Insurance
Provides coverage in case of injury or sickness requiring an emergency hospital stay or emergency medical treatment while traveling outside of your home province or territory abroad or within Canada.

Additional benefits include: licensed ambulance, emergency dental expense, prescription drug reimbursement, emergency medical transport, family transportation expense, board and lodging for you or your traveling companion while you or your traveling companion is confined to hospital, escort home of insured children and more.

All-Inclusive Insurance – the most popular plan
Provides you extensive coverage for your trip. The All-Inclusive Insurance combines all of the above insurances.

Student Travel Insurance
Provides coverage for international students studying in Canada, Canadian students studying either abroad or outside their principal province of residence.

Visitors to Canada Travel Insurance
Provides coverage for people visiting or applying for a Super Visa, people in Canada on a work or student visa, new immigrants who are waiting for government health insurance plan coverage and returning Canadians who are waiting for the reinstatement of their government health insurance plan coverage.

How much does travel insurance cost?

Contact us directly for more choices. We are more than happy to serve you.
If you wish to do your own research, here are a couple of links to get you started:

 Regardless how you do it, make sure you enjoy your trip to its fullest.

Bon Voyage!

Remember to always “Dream It. Plan It. Live It.”
I am here to help you on your journey. Reach out if I can be of any assistance.