INCOME TAX TIME

INCOME TAX TIME

NEED A BOOKKEEPER/ACCOUNTANT  http://www.jswerrybooks.com/

CALL JENNIFER WERRY – BOOKKEEPER AND LEGAL ASSISTANT

2011 Tax Information Checklist

Please check all that apply and keep receipts and information with checklist.

• Personal information about yourself, your spouse and dependents
  • Name
  • Address
  • Birth dates
  • Social insurance #
  • Email address
• T-slips
  • T4 – wages
  • T5 – Interest & Dividends
  • T5013 – Statement of partnership income
  • T600 – Canada Savings Bonds, etc…
  • T3 – Trust & mutual fund income
  • T4OAS – Old age security
  • T4E – Employment insurance
  • T4RIF, T4A, T4RSP – Pension and annuity income
  • T2202A – Tuition receipts (if transferring, signature and name of designation required)
• Union/ Association Dues
• Notice of Assessment for 2010
• Details of foreign property owned (shares of foreign companies, rental properties, etc…)
• Investments on which interest has been earned, but not received
• Capital dispositions (sale/redemption of mutual funds, sale of shares, real estate)
• Details of rental income earned and expenses
• Details of business income earned and expenses
  • Bookkeeping services available
• Child care expenses
  • Name, address and social insurance number of daycare provider required
• Children’s fitness receipts and sports club registrations
• Alimony/ child support paid/received during the year
  • Name, address and social insurance number of person receiving payments required, and a copy of the separation/ support agreement if not previously submitted
• 2010 income tax instalment receipt – including your December 15^th payment
• Property tax OR rent paid on your residence (receipts are imperative for claim)
• Interest on student loan payments
• Health and dental plan costs (self-employed)
• Ontario Senior Homeowners’ Property Tax Grant Notice

OTHER Information Slips

• RRSP Contributions
• UCCB (Universal Child Care Benefit – RC62)
• Charitable Donations (Registered Charities)
• Medical Expenses (certification required for prescriptions, travel over 40 kms, meals, etc…)

Business Use of Home Office

Compile these expenses for a yearly total to be prorated for the use of space in your house to earn business revenue

• Heat
• Hydro
• Mortgage interest
• Property tax
• House insurance
• Telephone and internet
• Repairs and maintenance

Business Use of Vehicle

Compile these expenses for a yearly total to be prorated for the use of your vehicle to earn business revenue

• Car insurance
• Parking
• Gas and oil
• Car/ lease payments with amount of interest if included
• Repairs and maintenance
• KM’S driven for the year total and KM’s driven for the year for business

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PAPER AVALANCHE!

IF THIS IS WHAT YOUR PAPER LOOKS LIKE CALL ME BEFORE YOU CALL YOUR ACCOUNTANT!

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Organizing your Vehicle

Organizing your Vehicle!  

 

 

Many of us spend a lot of time in our vehicle, commuting to and from work, driving children around, running errands and more. Some people are in their vehicle to make a living and need a mobile office.  In some families there are more than one driver so things move around, accumulate and change. 

 

This is a great time of year to take everything out of your vehicle to sort and purge. So lets get started!

 

1. First thing is to take everything out of the vehicle and categorize – Give Away, Put Away and Throw Away!  And I mean everything, don’t forget between the seats, the glove compartment, under the seats, pockets in doors, and yes the truck too!
2. Now, what is the purpose of your car?  For the family to get to work and use on a daily basis with toddlers in tow, for the salesman with samples and portable office in the back, for the tradesman with portable office, tools and client supplies, for the realtor that has clients you are driving around to properties or a combination of a couple of these things?  Now that you have determined the purpose we can get organized. 
3. Depending on your purpose for the vehicle will depend on what you need handy, and what you need in the truck for occasional use or when you get out of your vehicle.   Just like your closets, make sure you are not carrying around seasonal items, like an ice scraper in the summer.  When you bring in 3 new CD’s take out 3 that you have in there.  
4. When you have small children in the car, make sure you have things to keep them occupied while you drive and easy for them to reach.  There are great over the seat organizer that sits in front of them to reach and then can also be used for many other items. Have wipes and kleenex for messes.  
5. Make sure you contain your items in your car.  Just like in your closets at home, when items are in containers it is easier to keep it organizes.  Also, loose objects in cars can turn into dangerous items when a car accident happens.  If you think you cannot be hurt by loose objects during a car accident, think again.  The weight an d impact of an item changes when it is airborne.   Keep your dashboard and back window clear for this reason and also for visibility. If you need a portable office in your car for business there are great mobile file boxes for your papers and some of them have compartments for pens, clips, etc. 
6. Store items that you use regularly within reach.  Remember to have ownership and important information in you glove compartment.   Keep maps in the door pockets for easy access. Other items you do not need regularly like a first aid kit, roadside flairs and jumper cables you can store in truck and back compartments. 
7. Keep things off the floors and contained.  Have a garbage bag handy for garbage so that is does not end up on the floor.  If you keep it organized and take out what is not needed on a daily you will fill better driving in it. 
8. Remember a clear space is a clear mind!  

 

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