Newsletter - January 2013

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:

 

 Medical expenses:

Most medical expenses are deductible on your personal income tax return, as long as they are not elective.  Before you see a deduction for your medical expenses on your personal tax, they must total more than 3% of your income. Some things that count towards your medical expenses that you may not realize are: travel medical insurance, and payments to a private group health insurance plan (i.e. great west life). We must claim medical expenses in a 12 month period that does not stretch past the end of the tax year being filed, but can begin within the previous tax year if you have some missed receipts.  

When it comes to paying for medical expenses if you have your own limited company, there are rules. You cannot just pay for your medical expenses out of your company; you must set up a health insurance program. If you are just paying for your medical from your company it is considered a taxable benefit in your hands personally, and will be subject to personal income tax. However, if you pay an insurance company, then it becomes a deduction for your corporation. If you would like more information, or some referrals for insurance companies’, please call our office.

Missing Slips:

            This time of year, many people are being reassessed for missed information slips. When it comes to your investment accounts, it is difficult for us to know if you are missing a T4,T3 or T5 slip. You must be very diligent with your investment companies in making sure you have received all of your information slips, and submitted them to us, as there is no way for us to tell if one of these slips is missing. The penalty for missed information slips is 20% of the income reported on those slips.

 Donations:

            Please remember that things like home lotto tickets do not count as a charitable donation. A good rule of thumb is that if you have received a benefit (or the chance at a benefit), then it will not be deductible as a donation. In recent years we have also seen them disallow silent auction purchases, and any type of donation program where you are given a receipt for a higher dollar value that what you had actually contributed.

 New Accounting Software:

            We attended a recent seminar and will be testing several new accounting software packages that have built to run on a mac (or ipad). This is an exciting development, as we know many of our clients have switched over to this operating system. We will let you know in future newsletters what we think of this development.

End of Year Stuff:

             If we file your WCB annual returns, we will require the web access code that WCB will be sending out to you.

             If we file your T4 and T5 slips, we will be requiring the web access code that CRA is currently sending out.

You should have received blank e-file consent forms in the mail from us in December. We will need you to sign parts E & F, and then return them to us with your 2012 personal tax. Please do not date these forms.  If you did not receive yours, give us a call and we will resend them, or you can come in and sign the forms.

 

            We will not file any personal tax without signed consent forms.

We will begin e-filing March 2.

The last date to make 2012 payroll remittances is January 15th.

            T4’s, T5’s, T4A’s, and WCB annual returns must be filed by February 28th.

            RRSP purchase deadline – March 1, 2013.

Personal tax for non self-employed persons is due to be filed by April 30th.

            Personal tax for self-employed persons is due June 15th.

 Tax Season Hours:

            Beginning March 1, our office hours will switch to 8:00 am to 6:00 pm, please give us a call before popping in at noon , as some days we will close for lunch. We will be open Saturdays beginning March 16th from 10:00 am to 2:00 pm. We close for the Easter long weekend (March 29 to April 1st). This is going to impact any of our December 31st corporate year end clients, so please make sure you bring your taxes in as soon as possible.

 

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.