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Category Archives: Accounting Issues

Postal Strike possible, Minimize cash flow issues

It’s been a long while since I blogged, and I am hoping to get back to it this summer.  I love to write, but sometimes life gets in the way.

You may have seen the news that our postal services may get disrupted next week.  There is the possibility for either a strike or a lockout.  This has the potential to cause serious issues with cash flow for small business owners.  Be proactive with the following steps:

  1. Offer alternative payment options to cheques.  I have started placing a sticker on all my invoices (mailed, emailed and hand delivered) advising client’s that in lieu of mailing a cheque, they can call/fax/email me with their visa or mastercard info or pay by email transfer.  Don’t take credit cards yet, look at some of the inexpensive merchant service providers such as Square.
  2. Prepare those monthly invoices now and get them in the mail, or consider emailing invoices rather than mailing them.
  3. Get in the habit of delivering your invoice with the completed job.  Frequently, clients will cut me a cheque when I deliver the job.
  4. If you use Canada Post to courier out items, you may have to use an alternative like FedEx, Purolator or UPS.  Make sure to reflect these additional costs in your shipping fee.
  5. Personally deliver jobs.  Gives you a chance to get facetime with your clients and allow discussion about additional services/items you could provide.

Hoping that this contract issue gets resolved before a strike or lockout occurs.

Tuesday Tax Tips – Week 2 – Family Caregiver Amount

The second in a series of weekly blog posts till the end of April with some tax items you may not be aware of. If you are supporting a dependent who is physically or mentally challenged, you may be eligible to claim the Caregiver amount. From the Canada Revenue Agency(CRA) website:  The family caregiver amount (FCA) helps Canadians… Keep Reading …

Minimum Wage increases June 1, 2014 in Ontario!

Minimum wage is going up on June 1, 2014.  The new rates that must be paid to an employee are as follows:              General minimum wage –            $ 11.00 per hour (currently $10.25)             Student minimum wage –            $ 10.30 per hour -under 18 (currently $9.60)             Liquor servers minimum –           $ 9.55 per… Keep Reading …

Mileage Rates for 2014

Mileage Rates for 2014 There are no changes to the mileage rates for 2014.  Rates in existence for 2013 remain. Check out the Government of Canada Press Release for full details. http://www.fin.gc.ca/n13/13-170-eng.asp         Keep Reading …

I’m a mean mom, just ask my kids, or “How I taught my kids to save for post-secondary education”

My husband Brook wanted to be an electrical engineer.  We met as he was heading off to Ottawa University.  Unfortunately with little money saved and parents unable to help, he had to leave at Christmas time due to lack of funds.  He ended up going on to college and graduated an engineer technologist. Fast forward… Keep Reading …

2013 Federal Budget

Finance Minister Jim Flaherty presented the 2013 Federal Budget today.  Jobs, Growth and Long-Term Prosperity the Top Priority of Canada’s Economic Action Plan 2013 Connecting Canadians With Available Jobs by equipping them with the skills and training they require to obtain  high-quality, well-paying jobs. Helping Manufacturers and Businesses Succeed in the Global Economy by enhancing… Keep Reading …

Mandatory WSIB for the construction industry in Ontario

The Ontario government has changed the law to expand coverage in the construction sector.  The new rules began on January 1, 2013. WSIB coverage is mandatory for the following people who carry on a business in construction: independent operators, sole proprietors, partners in partnerships and executive officers in corporations. For more information and an online… Keep Reading …

New Mileage rates for 2013

Government Announces 2013 Automobile Deduction Limits and Expense Benefit Rates for Business 2013 Automobile deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2013 are as follows: The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable… Keep Reading …