Newsletter - October 2012

                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.

 

 Some of you may have received some of your back up back from us by mail this summer. An increasing number of our clients are not coming in to pick up their documents after their taxes have been filed. We, unfortunately, do not have the room to store your paperwork for you. We have adopted the policy that if you have not picked up your back up 30 days from your invoice date we will be couriering it back to you at your cost. The rate for a standard size package within Calgary city limits is $25, and outside the city is $50. If there are multiple packages, large packages, or the destination is outside of Alberta, you will be billed at a quoted cost from the courier company. Due to the confidential nature of these packages, we will be sending them out signature required.

The end of 2012 is approaching quickly, and we would like to remind you that all of your recommended 2012 payroll remittances must be paid by the 15th of January 2013. If you are unsure about your amounts, please give us a call and we can pull that information for you. All T4, T4A, and T5 slips must be filed with the CRA by February 28th!

 It has been brought to our attention that the Canada Revenue Agency has begun to severely penalize people and corporations that habitually file late. We have seen penalties as high as $10,000 for late filing.  Here are some filing dates for you to remember:

 

 Last date to pay any 2012 payroll remittance - January 15th

T4’s, T4A’s (for anyone who employs subcontractors), and T5’s – February 28th

 WCB Annual Report – February 28th

 Personal Tax Payment & Regular Filing Deadline – April 30th

 Self-employed persons Filing Deadline – June 15th

 

Corporate Tax 90 days after your year-end date (unless your corporation is in a loss)

Annual GST – 90 days from your period end date

Quarterly GST – 30 days from your period end date

 We are in the process of switching over to an IP based telephone system, and this has caused us to have a few days with no phones. We apologize if you have been unable to reach us on one of these days. If in the future you cannot reach us by phone, please try emailing our main reception mail box at This email address is being protected from spambots. You need JavaScript enabled to view it.

 I am going to take this moment to speak about insurance. As most of you are aware, we have been struggling over the past year with Barry being in the hospital. He was in and out of the hospital for 11 months. It has caused me to have to take a better look at our own insurance, and I am going to remind you all to do the same. There is more out there than just life insurance, not that life insurance is a bad thing. We have seen families have to borrow money just to bury a loved one; no one wants to leave their family in that situation. Something else to consider though is, what if you get sick? There is also critical illness insurance to consider (if you get sick and cannot work), or long term care insurance (if you can no longer perform 2 out of 6 functions for yourself for a period of at least 30 days). The long term care policy that we are looking at would cover you if say, you broke your legs dirt biking and had to be off work for several months. For all of us that are self-employed, it is well worth a conversation with your insurance agent. If you don’t happen to have an agent, please call our office and we can give you a couple of different names. One of these agents has also agreed to leave some information at our office, so next time you’re in you can grab a brochure.

I know that I remind you guys of this all the time, but the end of the year is coming. If you are planning on making charitable donations this year, you need to do it before the end of December. Also remember that charitable lottery tickets are not deductible. The rule of thumb is, if you receive something besides a receipt for your money, it is probably not deductible. The Canada Revenue Agency maintains a searchable list of approved charities on their web site: http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html. Another good website is http://www.canadahelps.org, this site makes donations simple. You can set up monthly donations amounts, gift donations, and even donate anonymously, so you are not continually bombarded by charities. Their charity gift cards are great gifts for the people in your life who already have everything.

Hope you all have had a great Thanksgiving, and got to spend some quality time with your loved ones. You’ll hear from me again in December!

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.