The Bookkeeper's Blog ... Blogs on Good Bookkeeping Practices

Sep 8, IRS News For U.S. Work From Home Business Owners

Wed, 08 Sep 2010 18:32:46 GMT

IRS news and other information that would be of interest to U.S. business owners who do their own bookkeeping or work from home bookkeepers.

Sep 5, Claiming Business Use of Home

Sun, 05 Sep 2010 00:00:35 GMT

Unregistered Business Needs Deductions For the past 5-6 years I have run a computer repair business, I have made no more that $25,000 in any given year,

Sep 3, Retiring Allowances Reporting Changes

Fri, 03 Sep 2010 04:54:36 GMT

Starting in January 2011 (for the 2010 taxation year), use the T4 slip instead of the T4A slip to report retiring allowances. The T4A slip will still be used to report these types of income for 2009 and prior years.

Sep 3, Password Protection

Fri, 03 Sep 2010 03:52:40 GMT

PCMag.com has recently published a helpful guide on How to Create Strong Passwords by Eric Griffith. With vacations over and everyone back at work, now is the time to review your current passwords.

Sep 1, What About Internal Controls? Small Business Accounting Decisions

Wed, 01 Sep 2010 23:24:25 GMT

Internal controls help protect you and your business against the possibility of fraud. They also reduce the likelihood of a bad tax audit. Here are some simple internal controls to implement.

Sep 1, Tax Filing Deadlines in Canada - Tax Filing Due Dates

Wed, 01 Sep 2010 03:12:47 GMT

Updated for September 2010, Canadian tax filing deadlines and due dates for GST/HST, PST, payroll source deductions, T4 and T4A information returns, WCB, business income tax returns.

Sep 1, Taking a Salary

Wed, 01 Sep 2010 00:10:44 GMT

I am an incorporated company. I want to start taking a salary. Do I need to apply for a payroll number with the CRA? Do I have to deduct EI and Income

Aug 26, GST HST Quick Method Rates

Thu, 26 Aug 2010 06:43:10 GMT

Information on Canadian GST HST Quick Method rates useful to work from home bookkeepers and business owners.

Aug 25, I notice you are in Canada?

Wed, 25 Aug 2010 14:26:20 GMT

I notice that you are in Canada? Are you? And if I am in the U.S. will I be able to use your site as a reference? Because I hope so, it is AWESOME!!!!!

Aug 21, T2125 Form and Sales Tax

Sat, 21 Aug 2010 13:30:28 GMT

Entering Expenses Into T2125 Form When entering expenses into the T2125 form, do I include the GST in that expense? Hi Clare, It depends on whether

Aug 19, Office Manager

Thu, 19 Aug 2010 17:28:06 GMT

Hi, My husband owns a small painting company. I do all his paper work and talk to a lot of customers. Sometimes I have to fill out papers that ask for

Aug 18, Used Car Bookkeeping

Wed, 18 Aug 2010 18:18:33 GMT

Used Car Lot Trade In Hi, When I am doing an entry for a used car sale with a trade in I debit the bank, credit sales and HST and what is my other debit?

Aug 18, Hire-Purchase & Lease

Wed, 18 Aug 2010 15:59:38 GMT

How do I record a hire-purchase transaction? What is the difference between hire-purchase and leasing? I have to say I had never heard of the term

Aug 16, Payroll Liability Refund

Mon, 16 Aug 2010 18:06:19 GMT

Recording Tax Agency Credit in Quickbooks Hi, Our church uses Quickbooks Pro for accounting but we don't use the payroll module (only 1 paid employee).

Aug 16, CRA horror stories

Mon, 16 Aug 2010 04:16:28 GMT

Do you publish the stories that people have sent you? If so, where can I view them? Thank you & I like your site! No one has submitted any CRA

Aug 14, Sales Invoices for GST/HST Registrants

Sat, 14 Aug 2010 17:11:06 GMT

I am just wondering if you could site a CRA reference for your info ( from Creating An Audit Trail ) re: A legitimate business receipt for CRA purposes

Aug 10, GST HST in Canada - Canadian Sales Tax Guide

Tue, 10 Aug 2010 00:53:24 GMT

I have reorganized some of the GST HST information on this site ... so there is no new information for my regular visitors. This is "The GST HST in Canada" page. It is The Bookkeeper's Handy Reference to Quick Links ... an index ... to articles and sidebars on GST (goods and services tax) and HST (harmonized sales tax) found on Bookkeeping-Essentials.

Aug 9, Starting a Business in the U.S.

Mon, 09 Aug 2010 19:52:58 GMT

If you are starting a business in the U.S., you want to have the IRS Publication 583 Starting a Business and Keeping Records as your reference guide. You

Aug 4, CCPC Small Business Deduction

Wed, 04 Aug 2010 18:23:22 GMT

CCPCs are taxed favorably on active income through the small business deduction. Hello: We have started a small business incorporated in Ontario that

Jul 31, Businessman

Sat, 31 Jul 2010 18:49:48 GMT

When are Corporate Income Taxes and GST Statute Barred. ie how many years from what date? Hi Gary, D. Laurence Armstrong, of Armstrong Wellman,

Jul 29, The Employers' Advisers

Thu, 29 Jul 2010 14:00:51 GMT

The Employer's Adviser is a free newsletter published by The Employer's Advisers Office. Their purpose, at no charge to you, is to provide

Jul 29, Personal Money - Company Bills

Thu, 29 Jul 2010 04:39:08 GMT

Transferring personal money to pay company bills Hi, I have been buying material and supplies for my small business. I also got a farm loan to purchase

Jul 27, GST/HST $30,000 Threshold

Tue, 27 Jul 2010 17:28:19 GMT

How does the $30,000 GST/HST rule actually work for a sole proprietor with employees? If a sole proprietor's company takes in $200K in sales, but pays

Jul 27, HST/PST over $10 million revenue

Tue, 27 Jul 2010 00:57:13 GMT

Do I need to set up a separate general ledger account to separate the PST portion (8)from the HST general ledger if my annual revenue is over $10,000,000.00

Jul 27, Phone and Internet Expenses

Tue, 27 Jul 2010 00:39:06 GMT

Split phone line and internet expenses for home office I am a sole owner who works from home and am set up with a single phone line with two numbers (one

Jul 25, Corporation Dissolution - Final Transactions

Sun, 25 Jul 2010 22:52:43 GMT

Hopefully visitors to the site who have experience with dissolving a corporation will be able to respond to this post. I probably could find answers

Jul 24, How To Claim BC Energy HST Rebate

Sat, 24 Jul 2010 03:03:19 GMT

BC HST Notice#10 has now been updated with information on how to claim your energy rebate if you have a home office ... as you do NOT qualify for the residential energy credit. You must notify your energy suppliers that you do NOT qualify to avoid fines and penalties.

Jul 24, Online Quiz For Employee Gifts or Awards

Sat, 24 Jul 2010 02:16:21 GMT

CRA has created an online tool to help employers determine if employer provided awards and gifts are taxable benefits to employees. It is a series of nine questions for YOU to answer with the click of your mouse ...

Jul 22, Tax Compliance in Canada - The Bookkeeper's Handy Reference

Thu, 22 Jul 2010 17:53:23 GMT

Canadian tax compliance due dates updated to September, 2010. Also notes and references for 2010/2011 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB.

Jul 22, Payroll Tax Rates For Bookkeepers - Canadian Bookkeeping

Thu, 22 Jul 2010 03:40:45 GMT

Payroll tax rates information for bookkeepers ... so you can meet your Canadian payroll compliance obligations. Includes employee taxable benefits references and how to pay employees with cash.

Jul 21, Tax on New Land Purchase

Wed, 21 Jul 2010 18:06:01 GMT

We recently purchased some land and are having it subdivided and then wish to sell each piece separately. My question is...will we have to pay capital

Jul 21, Personal Vehicle Use in an Incorporated Business

Wed, 21 Jul 2010 00:49:26 GMT

My husband owns an incorporated business along with a partner. My husband uses our personal vehicle to do all of his business, as well as his personal

Jul 18, Non-Deductible Expenses

Sun, 18 Jul 2010 01:29:17 GMT

I've read on your site about being able to claim net GST paid on a personal tax return. I am self-employed and file an annual GST return, I always pay

Jul 16, Income Tax Entry For Prior Year

Fri, 16 Jul 2010 20:08:38 GMT

We paid income tax for 2008 in 2009 on filing 2008 return. However no adusting entry or accrual has been booked in 2008 financial statement. How we can

Jul 16, TFSA Contribution Room

Fri, 16 Jul 2010 18:31:41 GMT

If you have a Tax Free Savings Account (TFSA), be sure you understand your contribution room. TFSAs allow Canadian residents to contribute $5,000 annually where ...

Jul 15, Transferring From Proprietorship To LTD

Thu, 15 Jul 2010 01:44:19 GMT

I am doing books for a company and I need to transfer account balances of vendors from proprietorship to ltd company. How do I enter a transaction for

Jul 11, Booking Meals & Entertainment Expenses

Sun, 11 Jul 2010 17:31:44 GMT

Hi There, I am using QB and was wondering how I should book the meals and entertainment expenses given that they only have a 50 eligibility. Do I

Jul 11, Best Small Biz Help.com

Sun, 11 Jul 2010 00:24:40 GMT

Dawn Fotopulos's site Best Small Biz Help is the The Solopreneur's Lifeline. Dawn explains the site's mission is to "train and support the very small business owner who makes under $50K per year ...

Jul 10, HST Rebate for Charities

Sat, 10 Jul 2010 17:38:14 GMT

I stumbled across your site and have appreciated the wealth of information there. I am a bookkeeper for a charity in BC. Prior to July 1, 2010 we were

Jul 8, HST Invoicing Presentation Requirements

Thu, 08 Jul 2010 14:09:26 GMT

Do your customer invoices meet CRA's GST/HST information requirements? You'd hate to lose your ITCs during an audit because the sales receipts you have do not have the proper information.

Jul 7, Canadian Sales Tax Summary By Province and Territory

Wed, 07 Jul 2010 15:46:17 GMT

The current place of supply rules are based on the customer's location ... which means many small business owners now need to know the sales tax rates in all of the provinces and territories. I have put together a summary as a handy reference for you.

Jul 6, Is Your Home Office in B.C.?

Tue, 06 Jul 2010 18:03:39 GMT

This a reminder that you have to notify your energy suppliers if you have your home office in B.C. ... as you do NOT qualify for the Residential Energy Credit.

Jul 2, New Simplified Logbook For Vehicle Expense Provisions

Fri, 02 Jul 2010 23:19:24 GMT

On June 28, 2010, the Finance Minister announced a new simplified logbook for vehicle expense provisions. I took a quick glance at the new "simplification" ...

Jul 2, GST/HST Quick Method Rates Released

Fri, 02 Jul 2010 21:51:36 GMT

GST/HST remittance rates for business registrants using the Quick Method of Accounting have been released by the Department of Finance. It includes the GST/HST rates for the Quick Method in BC and Nova Scotia. I have updated my rate table ...

Jun 25, Intuit Webcasts on HST

Fri, 25 Jun 2010 16:49:31 GMT

Intuit has two webcasts available for viewing ... one for BC and one for Ontario ... on how to setup the more advanced aspects of HST ... like split transactions and recapture of input tax credits (RITC). You can find them at: http://community.intuit.com/posts/intuit-hst-webinars

Jun 25, CRA's Harmonized Sales Tax Transitional Guide Released

Fri, 25 Jun 2010 16:41:03 GMT

CRA released the spring edition of Excise and GST/HST News - No. 76 this week. Publication News76 gives a good summary of all the important HST announcements ...

Jun 22, Corporate Dividends Payable

Tue, 22 Jun 2010 01:22:35 GMT

Bookkeeping Entries For Corporate Dividends Paid When a corporation pays dividends to it's shareholders, what are the bookkeeping entries? You would

Jun 18, Work-In-Progress Billing Reminder

Fri, 18 Jun 2010 05:10:48 GMT

This is a reminder to all BC and Ontario service businesses to create work-in-progress billings up to and including June 30, 2010 so as to capture all work that is GST eligible. The billings should not include billings for work to be done after June 30, 2010 which will be billed at HST rates.

Jun 15, GST Overpayment

Tue, 15 Jun 2010 03:44:06 GMT

I did my GST at the year end and sent the cheque to Revenue Canada...somehow I made a mistake and ended up getting a refund. How do I put this refund

Jun 14, BC Carbon Tax Set To Increase July 1

Mon, 14 Jun 2010 05:47:17 GMT

For anyone interested, you can find a schedule of all carbon tax increases by fuel type on the BC government website www.sbr.gov.bc.ca at ...