Tax Fraud –
A note to our corporate clients about trying to expense personal items paid through your company. It is very important that you understand the risks you are taking. The corporate tax rate for most of you is 20%, gross negligence penalties can be up to 100% of the income. So by attempting to claim your ski lift tickets as a professional fee or putting your dog’s vet bills in repair and maintenance your risk is far greater than your reward. Also, if you are ever audited and they find fraud, odds are good they will come back to have another look in a few years. When we find these personal items, we add them back to you personally.

It is with a heavy heart that we begin 2013. My dad, Barry Mitchell, passed away on his 70th birthday, December 12. It has made for a difficult finish to 2012 for the Omni Family. My dad had been semi-retired, spending a part of the year fishing in Montana, and another chunk of the year soaking up the sun in Arizona, before he passed away. Brenda and I will continue to run the business as we have for the last several years, but he will be missed.

Bernadette

 

We have had a chance to speak with a few CRA auditors this year (less than last year), and these are the areas they are currently advising us in:

 

                I cannot believe that it is already October, where has 2012 gone? Our office has already started talking about winter holidays, so here are our holiday hours: Closed November 12 (for remembrance day), Close at 11:00 am on December 7th for a staff function, then closed from noon on December 24 to reopen at 8:00 am December 27th, then closed on December 31st and January 1st. We have also switched back to our winter hours: 8:00 am to 5:00 pm Monday to Friday closed from 12:00 to 1:15 each day for lunch.

 

It is an exciting time, 100th anniversary of the stampede, and the oil patch is picking up speed, looks like we may be in for another wild ride this summer. So let’s take a minute, find some shade, and think about our taxes.

There is a bill being put forward right now that will make it law that all personal and corporate federal tax returns must be filed electronically. As you all know, we cannot electronically file your personal tax returns

Well we are in the midst of yet another busy tax season. I just wanted to take a moment to give you guys some information. 

When you are keeping receipts for business expenses it is very important that you keep your detailed receipt, not just the debit or credit receipt. Especially gas and meals receipts! When the CRA is looking at your receipts they are trying to determine the validity of your expenses, so they need to see what you are spending your money on in addition to where you are spending it. In the case of meal receipts, there

Omni Business Hours

Monday
08:00 - 17:00
Tuesday
08:00 - 17:00
Wednesday
08:00 - 17:00
Thursday
08:00 - 17:00
Friday
08:00 - 17:00
Saturday
Closed
Sunday
Closed

Personal Tax

At Omni Management we have over 20 years of experience in filing all levels of personal income tax. We have personal income tax clients from all across Canada, as well as into the United States. Our diversified staff members each bring important knowledge to the table, and I am sure that we will be able to take care of all your personal tax filing needs.

Corporate Tax & GST

We consider ourselves to be small business specialists, after all, we are a small business too! Our knowledge of corporate tax, bundled with our corporate registry services really makes us the complete package for the small business owner. We make every effort to maintain an excellent relationship with the Canada Revenue Agency, and therefore stay abreast of any changes or trends in the corporate tax world.

 

Bookkeeping

If you find that you are to busy working your business to handle your paperwork, or you just plain hate doing it (like most people), we can help. We offer a variety of bookkeeping services, and can even go onto your site, whatever is going to be easiest for you. We go to many seminars and workshops throughout the year in order to experience the newest accounting software packages available. We would rather work with your system than try and convert you to ours. We also offer payroll services at very competitive rates. Give us a call and we will design something to meet your needs.

Corporate Registry Services

Omni Management Services Ltd. Is one of the few accounting office to offer corporate registry services. We will help you get your business up and running, and can be there for you to maintain your registration with the province. We find that having knowledge of both the corporate registry rules and provisions and the tax act puts us miles ahead of your corner registry service. If you are thinking about starting a business, please come talk to us first.