Let's start with tax breaks
https://financialpost.com/personal-finance/taxes/buying-first-home-top-3-tax-strategies-use
HBP
FHSA
First Home Buyers Credit
Building, Major Renovation- HST rebate
Reno, for Disabled and Elderly
Afordability
Mortgages
taxes (20)
Todays FAQ was about rsp deductions and the impact of taxes.
"Greetings Tim,
I need your expertise to help me understand how RRSP withdrawals & taxes held back by the government work.
The government website indicates that anyone withdrawing RRSP's over $15000.00 is required to pay a 30% holding tax to the government. How is this tax calculated at the time of withdrawal? i.e. $30,000.00. What would the taxes withheld by the government be on that amount?
When given the figures something didn't sit right with me. Want to make sure prior to signing anything."
******
For RSP withdrawals. The government mandates that taxes be withheld at source. The amount ( percentage) depends on the total gross withdrawn.
For amounts over 15,000, 30% is deducted and sent to CRA and you receive the net amount.
For your example of $30,000 , 30,000 X 30% = 9000 tax , net to you is 21,000.
The 30,000 becomes taxable income in the year you do the withdrawal. So if your doing this now, it would be year 2023. You will then be taxed for your total income in the year and what we call a marginal tax rate would kick in. You will receive a T4RSP tax slip for year 2023 next year usually by end of Feb 2024. Depending on your taxable income you may or may not owe additional taxes. You get credit for the withheld taxes.
I did a quick example, let’s say your income was 30,000 and all the taxes had been paid up. Your income would now be 60,000 and you would get a refund of 1580. If your income was 60,000 before the RSP income you would owe 186
So the withholding tax kind-a protects you from owing a large amount next tax time.
The next thing to consider, is sometimes people want to have a certain amount of money , so let’s say you want 30,000 to be deposited into your account. The RSP issuer would have to redeem 30,000/(1-.3) = 42857.14 , net (42857.14 * 30% = 12857.14 in taxes, ( 42857.14-12857.14) = 29999.998 =30,000 deposit.
In this case, let’s say the income is 60,000, this brings taxable income to 102857 and amount of tax owing = 1014
If your income was 30,000 pre rsp, then your refund = 1475
Hope that helps you in your decision making process.
We provide a family office service at my firm, so we can give guidance on all these matters. Perhaps we can be of service for your future tax and investment needs.
****
"Thank you so much Tim.
Your explanation is excellent. It really helped me better understand the calculations behind RSP withdrawals & the taxes that are withheld.
Really appreciate that our friend sent me in the right direction.
Thank you for offering your services. Will certainly keep that in mind.
Sincere gratitude & appreciation"
***
FYI
RSRP withdrawals up to 5000, the withholding tax is 10% = 500 on 5000, so you net 4500 ( 20% in Quebec)
Between 5001 to 15,000, the withholding tax is 20% son let's say a 10,000 request woudl be 2000 deducted, yo net 8000 ( 25% in Quebec)
If you wanted 10,000 deposited in yoru account 10,000 / (1-.2) = 12500 total reemption required ( 12500 * 20%=2500, net 12500-2500=10,000
With smaller amounts , depending on your income , you are m,ore likely to owe taxes due to teh marginal tax calculations, expecially if you have a mid to larger income. If your income is lower, not so much.
Hope that FAQ is helpful. If you have a question, please email me at advisor@timothyross.com and will see if we can do up a good FAQ article for you.
Have a blessed day !
Timothy Ross, Family Advisor ©, CEO & Founder,
Brock Shores Financial, Family Office providing Omega Stewardship ©
Mutual Funds offered through PEAK Investment Services Inc. Life & Travel, Insurance, Seg Funds & Banking offered through Financial Horizons Group. Tax Services offered through Timothy Ross & Associates & Brock Shores Income Tax Corp; Planning Services offered through Brock Shores Planning Corp.
This transmission is intended solely for the individual or entity to whom it is addressed and is confidential in nature. Please be advised that any distribution, reproduction or other use of this document by anyone other than the addressee is strictly prohibited. If you have received this communication in error, please notify us immediately. Thank you for your assistance. Please feel free to share our contact info below with those who may benefit from our services. All rights reserved.
PS: We welcome your Google Review, please click on this link https://g.page/r/CXYJPvedYlz0EBI/review
Be sure and register to keep track of your credit bureau, we use Borrowell for this free service, click through at https://improvingfutures.ning.com/blog/free-credit-check-borrowell
"The beauty of being in business is that your business engages all aspects of your mind, I think that is why you become successful, business challenges you to be more than you are, and that is where the miracle takes place." Timothy Ross, May 2004
I like Winston Churchill, he had the incredible ability to move the English language into action. My mentor Jim Rohn, say's , "Don't be afraid to borrow if someone else has said it well. Winston Churchill said, "The truth is incontrovertible. Malice may attack it and ignorance may deride it, but in the end, there it is." That's so well said. You could stay up all night and not think of that. " ~ Timothy Ross
Wow, there is a lot there ! Click on the PDF below and you can download the 1+Gigabite of data for your own review. This husband and wife are well diversified. If you think your taxes are complicated, there not. Compared to his, they ar probably very simple. However, reveiwing his returns can give you many perspectives on the challanges of being in business, the role of diversification and many others valuable insights.
“I predict that Donald Trump’s tax returns are going to show that he made a lot of money, but didn’t pay a lot of taxes because he took advantage of all of the loopholes in the tax laws passed by the very people who are releasing his tax returns,” Stone wrote. “This makes him smart, not dumb.”
The tax returns do, indeed, support that view.
Trump Tax Return Details
The documents (pdf) indicate that Trump’s businesses at times reported significant losses on tax returns, which can be used to offset tax liabilities.
Trump’s Tax Returns Contain a Major Revelation (theepochtimes.com)
NEW CLIENT ONBOARDING FOR TAXES
- Once we get T1013 processed with CRA we can continue
- Next will send them an engagement letter once cra authorization is in place
- Then we can down load prior yr to start comparisons so we do not miss anything
- Review prior year physical tax returns for familiarity of file
- Get 2020 info as available from client or cra
- Finalize tax returns, review any items of concern with client
- Get T183 signed
- Process tax return with CRA
- Check assessment once processed, compare with submission
- Documents along with tax return and assessment to be given to client, copy may be scanned if business, rental, or emailing to client or high probability of return to e required in future for third party, ie mortgage renewals, etc.
V2-4-2021 BSF-TRA-TLR
Good news on Child Care Expenses
https://www.knowledgebureau.com/index.php/site/kbr/temporary-relief-for-claiming-child-care
CEBA Loans , reporting catch to be aware of
https://www.knowledgebureau.com/index.php/site/kbr/forgivable-ceba-loans-reported
CERB Audit Tips
https://www.knowledgebureau.com/index.php/site/kbr/cerb-audit-tip
Media Tax Credits
https://nmc-mic.ca/public-affairs/funding-programs/non-refundable-tax-credit-for-subscriptions/
Working From Home Tax Tips
All geared up for 2020 taxes and prior years
EFILE HELP LINK
The EFILE and ReFILE services are open for transmissions from February 24, 2020 at 8:30 a.m. (Eastern time), until January 22, 2021,
for the electronic filing of your clients' 2016, 2017, 2018, and 2019 T1 personal income tax and benefit returns.
Form T183
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t183.html
Represenative Authorization
https://www.canada.ca/en/revenue-agency/services/tax/representative-authorization/overview.html
your on a roll here Ceci Ball
https://www.facebook.com/groups/fungifun/permalink/330168751334851/
, these are Shaggy Manes, they are delicious, ( I was told they were no good when I was young, so I ignored them all my life, did some research and they are a good find, easy to identify, tasty ) and do not last long, they will turn inky quickly, ( you can make a dye from them ) they would need to be eaten or preserved quickly after harvest as they decompose quickly. I fried the last ones I found, I have 2 spots that I visit on our place in Tincap, just thinking, I put gravel on the one spot this fall, so that might be rough next year, the other spot was near the apple tree , ooooh that's good, I wasn't thinking when I laid that gravel down out back. Little tip, one should make it a policy to cook your mushrooms, that cooking process makes them safer and potential for an upset tummy goes way down, eating raw can have its challenges. Also, don't mix your mushrooms, if you have a problem, you want to know which type has that effect on you. If any doubt don't consume, you can pick and study, even if you don't end up eating it, you will learn, you don't want to tax your system. this reminds me of an old saying in taxes, if in doubt , deduct, I would still be careful, you have to be reasonable and it's best to seek some professional guidance along the way ( one of my core disciplines that pays the bills,) It's always better to do it under the guidance of an experienced professional with a good supportive team, continuity, responsive, bigger refunds, less tax overall, strategy, audit proofing, peace of mind, just a few things that should be considered, I'm not just a fun fund guy, Tim the Tax Man 
, that's why we have developed a family office, one stop cover the financial bases, there is a lot to think about, it's all intertwined
Like taking a spore print, we like to check the assessment of a persons tax return, it reveals a lot that is important to your tax health
In case your compliance cruising, full stop, see, read, digest disclosure
https://improvingfutures.ning.com/blog/peak-dealership-representative-disclosure
READ THE FINE PRINT
Tax Disclosure, if in doubt, deduct, however, count the cost, ( note you do not have to write off any or all of your expenses) make sure it's right, makes sense, seek professional help for that determination and preparation, heed their advice, make that investment, it's not really a cost, it can save and make you money either way, if they say no, don't, as you are responsible to them and your country to do it right, see the notice to reader in the engagement letter, plus, note, you do sign off, and you do acknowledge, that it is a serious offence to make a false return, and you will certify that the information given on your return and in any documents attached to it is correct and complete and fully discloses all your income, and there is more related to various acts that provide for the imposition and collections of taxes and duty's, with failure to compliy ressulting in interest payable, penalties or other actions ( it's those other actions that could and would mess with your peace of mind ) , so let's do it right ok.
Mushroom Disclosure, if in doubt, don't eat , it's that simple.
Interesting article that raises some good commentary . I think this is a topic that will expand on, please check out comment section for future additions. - Tim
PEAK Disclosure - Click to Study
Came across this video on Sweden socialism, it's not what we think, check it out.
PEAK Disclosure- click for value
Business Valuation, Taxes & Everything In Between – What You Need To Know
In today’s business climate, understanding value and the factors that contribute to it are critical for companies regardless of size or industry, as well as their stakeholders and their trusted advisors. Ongoing changes in financial reporting standards, tax legislation and policies, legal and regulatory requirements (e.g., family law, shareholder remedies, securities, probate, etc.), debt and equity markets, the business law framework and case law have brought business valuations to the core of corporate decision making.
Spend a worthwhile PD Day with Melanie Russell to hear how and why her and her team of valuation specialists determine the value of business interests including various types of securities, derivatives and various ownership interests, as well as tangible and intangible assets and liabilities.
Melanie's approach is practical, efficient, insightful and logical, reflecting her team’s extensive experience in a variety of valuation situations including:
- Tax-related valuations (planning and disputes): corporate reorganizations; income tax planning, filings and compliance; tax disputes; intellectual property migration; allocation of value on asset purchases; ESOPs
- Financial statement measurement, disclosures and reserves; purchase price allocation; impairment testing; contingent tax liability estimates; financial instruments; ESOPs and restricted shares
- Transaction-related valuations: corporate reorganizations; acquisitions/divestitures; evaluation of financing; Formal Valuations (MI 61-101); fairness opinions; pricing analyses; quality of earnings; disputes arising from transactions
- Dispute-related valuations: matrimonial/family disputes (whether in litigation, alternative dispute resolution, or “kitchen table” negotiations); corporate/commercial disputes (e.g., contract disputes); shareholder/partner disputes; estate disputes; second opinions and critiques of other valuation reports; expropriations
- Strategic valuations: succession/estate planning; income tax planning; estate planning; shareholders' agreement development and compliance; establishing management / employee remuneration; co-habitation agreements; business modelling.
Seminar Outline:
Valuations 101:
- Purposes of valuations
- Value definitions/reference points
- Generally accepted valuation principles
- Overview engagement considerations
- Basic valuation steps
- Valuation basics
-
- Principles
- Approaches and methods
- Common valuation adjustments
- Value components
- Cash flow
- Discount / Cap rates
- Redundancies
-
- Valuing equity directly vs. indirectly
- Case study
Valuations 201
- Issues specific to private companies
- Critical engagement issues
- Various key valuation issues
- V-date selection
- Reliability of financial info
- Projections/forecasts
- Personal goodwill/key person
- Economic value added
- Minority/lack of control discount
- Marketability discount
- Special securities
- Contingent liabilities
- Disclosure/required documents
- Valuation standards & levels of assurance
- Key valuation issues & common errors
- Expert reports
- Common problems with DCF
- Valuation issues relating to shareholders’ agreements
- Maximizing values
- Dealing with disputes
FMV from a Tax Perspective
- Purposes of valuation
- Keeping it simple - the basics of valuation
- FMV means what, exactly?
- Generally accepted valuation principles
- A brief technical review:
- Valuation approaches and methods
- Common valuation adjustments
- Valuation standards and levels of assurance
- Key valuation issues and common errors
- The practical side - is a formal valuation and/or an external valuator always required?
PEAK Disclosure - Click to Study
Working on the professional development course to become a CEA
The first item is to review the foundation which supports everything, ethics and your code of coduct. I started my code many years ago, first it was 4-H, later Boy Scouts Leadership, when I started my business many years ago, I adopted the CGA codes for my practice, later it was CAIFA, Kiwanis, Rotary, Advocis, IFB and many more since then. Many of these hang on the walls of my office to this very day, they guides and remind me and our team of the wonderful trust and care we aspire to. ~ Tim
Code of Conduct
Introduction
The Canadian Institute of Certified Executor Advisors (CICEA) Code of Conduct outlines the principles and expectations governing the conduct of its members.
Understanding and acceptance of this code is a requirement of membership in the CICEA.
CICEA retains the right and responsibility to investigate claims against its members and take appropriate action (as outlined below) while providing fair and due process to its members.
Rules of Conduct
1. Integrity
Certified Executor Advisors:
1.1 Will act in an ethical manner at all times.
1.2 Will not engage in anything illegal or anything detrimental to the best interests of the public or which harms the integrity of the institute and its members and affiliates.
1.3 Will provide all requisite due diligence without omission, misleading or false information.
1.4 Will, at all times, act objectively to the best of their ability, and in the best interests of the client.
2. Confidentiality
Certified Executor Advisors:
2.1. Will strictly protect client’s information at all times. If there is any doubt as to the confidentiality of information shared, treat it as confidential until such time as the ambiguity is cleared.
2.2 Will disclose their client’s personal information to third parties only with their client’s consent, or as provided for by law. In such cases take all reasonable steps to inform clients of the imposed breach.
2.3 Will avoid public discussions or comments about clients that could reasonably be seen as revealing confidential or identifying information.
3. Competency
Certified Executor Advisors:
3.1. Will perform only those services for which they have the necessary knowledge, skills, and experience.
3.2 Will refer clients, in all other situations, to competent professionals in the occupations required by the client. (Use the Find-A-CEA directory to locate CEAs by occupation and geographical region.)
4. Communication
Certified Executor Advisors:
4.1. Will provide timely communication in whatever means is preferred by the client, and based on the level of urgency perceived by them.
4.2 Will provide clients with the information they need to make informed decisions, including disclosure of any conflicts of interest, and answer their questions to the best of your ability.
4.3 Will cooperate fully with the institute and provide timely and accurate information as requested.
Disciplinary Action
Certified Executor Advisors being reported to be or perceived to be conducting themselves in a dishonourable or questionable manner, may be subject to disciplinary action from CICEA.
All informal disciplinary actions are considered personal information as defined in Section 3 of the Privacy Act. As such, disclosure is governed by the Privacy Act and information is generally only provided to the parties involved. Informal disciplinary actions can range from counseling to reprimands.
When informal discipline is insufficient, a formal disciplinary committee will be convened to consider information provided by the complainant and the member, ensuring fair and due process. Formal disciplinary actions may include reprimand, suspension or expulsion.
Conclusion
The Code of Conduct is in place to protect the public, the institute and its members and affiliates. Adherence to the code is in everyone’s best interest to provide the very best level of care for clients and ensure strong reputations and healthy business practices.Peak Disclosure - Click Here Please
One of my esteemed thought leaders that I know posted this early this morning.
"understand that taxes will be the largest expense during your lifetime
understand the tax code and rules
and get a good tax planner, not a tax preparer (Know the difference)
tax planning is part of financial planning"
It's so true, it's one of the reasons we run a family office, it gives us the full picture of a clients financial life, plus important insights in other aspects of their life as well. We are able to make sure all the pieces of the puzzles fit and a big part of this is to maximize the tax efficency's that my be possible, everyone's sitution is different.
For many, taxes are number one, even those with modest incomes will find that they are paying a lot out in various taxes, even if there personal federal and provincial taxes is nil or minimal.
Taxes are part of our Mission, Vision and Core Values , incase anyone ever wonder , we get it
Will expand on this topic in the future.
Tim
Mission - Vision – Core Values
“Serving our clients and community since 1988”
OMEGA STEWARDSHIP
* One Stop Process Driven Approach for Retirement & Income Planning
* Personalized Tax Management Solutions for Individuals & Business Owners
* Confidential Wealth Management Solutions
www.BrockShoresFinancial.ca www.TimothyRoss.com #ImprovingFutures www.ImprovingFutures.ca
Helping Families Achieve ... Life's Major Goals
1. Tax Smart Planning & Investing
2. Worry Free Retirement
3. Education of Our Children & Grandchildren
4. Quality Care for Our Parents
5. Meaningful Financial Help for Our Loved Ones
6. Meaningful Legacy
Well, today we got an update on CRA timelines for adjustments, agent say's " We don't give out deadlines anymore as we are unable to respect them" .... So .... waiting for an adjustment to process is an unknown once again. It has been our experience, if you owe money, they will get right on it, if you are getting a refund, they have no idea.
Have a wonderful day!
Tim Ross
“Moonlight drowns out all but the brightest stars.”
―
http://realestatetaxtips.ca/answered-your-most-burning-tax-questions-about-building-a-new-house/
some great tips on building , taxes and hst
Working From home tips
Some great ideas I came across
I encourage people to work from home if they can.
There is some good tax deductions that you can take advantage of as well.
Tim
6. I cut myself some slack.
5. I log out of my email during a particularly pressing project.
4. I eat well.
In addition to helping you maintain a healthy weight, eating well helps increase energy levels as well as your ability to focus. What "eating well" looks like will differ to everyone, but for me it includes a lot of fresh vegetables, a moderate amount of protein, and a diet that's high in healthy fats and low in carbohydrates and sugar, which can cause crashes in excess.
3. I listen to ASMR videos on YouTube. ( I like this, I actuay invested in Premium YouTube so I can listen and work on my phone without it cutting out, speakers to hear better as well)
2. I get up from my desk at least once an hour.
1. I set a schedule.
Personally I work from home a bit, mainly when I am doing research and planning for my meeting schedules and business planning. Tips 2-3-4-6 are what I practice :)
Be blessed
Tim
Word of the day - Recalcitrant
https://www.merriam-webster.com/word-of-the-day/recalcitrant-2018-11-13
Code for "Stubborn like a Mule " !
1 : obstinately defiant of authority or restraint
2 a : difficult to manage or operate
b : not responsive to treatment
c : resistant
Did You Know?
Long before any human was dubbed "recalcitrant" in English (that first occurred in the 18th century), there were stubborn mules (and horses) kicking back their heels. The ancient Romans noted as much (Pliny the Elder among them), and they had a word for it: recalcitrare, which literally means "to kick back." (Its root calc-, meaning "heel," is also the root of calcaneus, the large bone of the heel in humans.) Certainly Roman citizens in Pliny's time were sometimes willful and hardheaded—as attested by various Latin words meaning "stubborn"—but it wasn't until later that writers of Late Latin applied recalcitrare and its derivative adjective to humans who were stubborn as mules.
previous profile, profiling one pet project for another
the original picture
Chaga , a little older, having a relaxing moment
Got a copy of these tonight in my meeting notes from last weeks meeting. During our Rotary meeting, we have a joke master and Don DeGroot provided these for our enjoyment.
The love of my life made me puff ball bread sticks tonight and a smoothie, that’s pretty good for a 9 pm snack on a Sunday night!
Answers to questions about Love and Marriage from six to ten year olds
HOW DO YOU DECIDE WHO TO MARRY?
"You got to find somebody who likes the same stuff. Like if you like sports, she should like it that you like sports, and she should keep the chips and dip coming."
- Alan, age 10 ....... {Smart Guy}
"No person really decides before they grow up who they're going to marry. God decides it all way before, and you get to find out later who you're stuck with."
- Kirsten, age 10
WHAT IS THE RIGHT AGE TO GET MARRIED?
"Twenty-three is the best age because you know the person FOREVER by then."
- Camille, age 10
"No age is good to get married at. You got to be a fool to get married."
Freddie, age 6 ......... {Even Smarter Guy}
HOW CAN A STRANGER TELL IF TWO PEOPLE ARE MARRIED?
"Married people usually look happy to talk to other people."
- Eddie, age 6
"You might have to guess, based on whether they seem to be yelling at the same kids."
- Derrick, age 8
WHAT DO YOU THINK YOUR MOM AND DAD HAVE IN COMMON?
"Both don't want no more kids."
- Lori, age 8
WHAT DO MOST PEOPLE DO ON A DATE?
"Dates are for having fun, and people should use them to get to know each other. Even boys have something to say if you listen long enough."
- Lynnette, age 8
"On the first date, they just tell each other lies, and that usually gets them interested enough to go for a second date."
- Martin, age 10
WHEN IS IT OK TO KISS SOMEONE?
"When they're rich."
- Pam, age 7 ............ {Girls Sure Start Early}
"The law says you have to be eighteen, so I wouldn't want to mess with that."
- Curt, age 7
IS IT BETTER TO BE SINGLE OR MARRIED?
"You got to find somebody who likes the same stuff. Like if you like sports, she should like it that you like sports, and she should keep the chips and dip coming."
- Alan, age 10 ....... {Smart Guy}
"No person really decides before they grow up who they're going to marry. God decides it all way before, and you get to find out later who you're stuck with."
- Kirsten, age 10
WHAT IS THE RIGHT AGE TO GET MARRIED?
"Twenty-three is the best age because you know the person FOREVER by then."
- Camille, age 10
"No age is good to get married at. You got to be a fool to get married."
Freddie, age 6 ......... {Even Smarter Guy}
HOW CAN A STRANGER TELL IF TWO PEOPLE ARE MARRIED?
"Married people usually look happy to talk to other people."
- Eddie, age 6
"You might have to guess, based on whether they seem to be yelling at the same kids."
- Derrick, age 8
WHAT DO YOU THINK YOUR MOM AND DAD HAVE IN COMMON?
"Both don't want no more kids."
- Lori, age 8
WHAT DO MOST PEOPLE DO ON A DATE?
"Dates are for having fun, and people should use them to get to know each other. Even boys have something to say if you listen long enough."
- Lynnette, age 8
"On the first date, they just tell each other lies, and that usually gets them interested enough to go for a second date."
- Martin, age 10
WHEN IS IT OK TO KISS SOMEONE?
"When they're rich."
- Pam, age 7 ............ {Girls Sure Start Early}
"The law says you have to be eighteen, so I wouldn't want to mess with that."
- Curt, age 7
IS IT BETTER TO BE SINGLE OR MARRIED?
"It's better for girls to be single, but not for boys. Boys need someone to clean up after them."
- Anita, age 9 .................. { A Lot Of Truth Here}
"Single is better, for the simple reason that I wouldn't want to change no diapers. Of course, if I did get married, I'd just phone my mother and have her come over for some coffee and diaper-changing."
- Kirsten, age 10
HOW WOULD THE WORLD BE DIFFERENT IF PEOPLE DIDN'T GET MARRIED?
"There sure would be a lot of kids to explain, wouldn't there?"
- Kelvin, age 8
HOW WOULD YOU MAKE A MARRIAGE WORK?
"Tell your wife that she looks pretty even if she looks like a dump truck."
- Ricky, age 10 ............... {Huh?}
Brock Shores Financial
Formerly Timothy Ross & Associates
|
4502 Airport Road – Tincap Elizabethtown, ON K6T 1A2 |
“Serving clients since 1988”
|
Voice: 613-345-0016 Fax: 613-345-5231 advisor@timothyross.com |
Another year is upon us, “the sap is running” and we are beginning our tax season once again. Our biggest announcement this year is that we have happily made a name change. We hope you like the fresh look of Brock Shores Financial. I feel it better suits our path going forward and positions us into the next 30 years as we develop our growth and succession plans. We have expanded our team, hiring on additional staff to help keep the office balanced and efficient to meet our growing client’s needs. This is now my 30th year in business and it is still my pleasure to serve you and your family as a tax consultant and advisor. Our new staff members include Cody King, Katina King, Neil Norman, and Lisa Quenneville. Heather Kiley remains our Administrative Assistant and Megan Hough is our Client Support Service Coordinator. Peter Young continues to provide out of office accounting support. Bob Harper, has come on board as our Business Development Consultant, helping promote our year round business support services. Many may know Bob for his efforts in bringing great awareness to the area and abroad about the origins of our Canadian Maple Leaf Flag and our local connection to the historic events and loving hands that lead to our countries flag creation.
Brock Shores Financial is set upon a good foundation that has been built on the Family Office concept where you can get a variety of services and advice, a one stop place for the majority of your financial services and advice. We will continue to provide what we call Omega Stewardship ® which helps us help you reach your families major goals in life.
Things are always changing, just yesterday the Canadian Government announced a number of updates in the budget which we will be monitoring going forward as some of them may impact you and or the people you work for. There was also a number of changes last year and some of these changes will effect various credits which we will adjust this year while doing your taxes.
Some of the routine news for the tax season year is as follows:
“The hardest thing to understand in the world is the income tax.” ~ Albert Einstein
TAX SEASON OFFICE HOURS
We have now expand our front desk office hours for the next few months. Monday through Friday we open at 9:30 am and close at 8pm. This will be our goal during the weeks ahead. That being said, we take appointments beyond our “office hours” all the time throughout the year. Working Saturdays is an option as well especially during tax season if you cannot possibly make it in during the week or evenings.
If you do not require an appointment, please feel free to drop off your tax papers at the office. Staff are setup to receive and gather the necessary information. They will have you sign some papers and send some home for signing if required so we can get your returns prepared, reviewed and filed in a timely manner.
We also have had more people emailing their documentation to us from across Canada 24/7. This has been a very effective way to extend our reach and provide service across the country or simply down the street. This is not always convenient for everyone, however if you would like to, simply email a pdf of your slips or a clear photo from your smart phone. Please send them to advisor@timothyross.com and we will be able to start your returns that way.
CRA CONTACT
We will continue to select the e-filing option that CRA will contact us directly first vs you for any pre-assessment and post assessment requests for information. That has worked fairly well this past year. There has been occasions CRA didn’t cooperate with this policy and we had surprise reassessments, nevertheless we will work through those for you.
As noted last year, in the past we had CRA contact clients first after your returns had been processed (post assessments), this gave one a chance to respond on your own and avoid any additional professional charges. We found however over the last few years that people were typically bringing this to our attention anyway and sometimes completely not dealing with the matter. Then one would get reassessed, with a debt owed to CRA because no information was sent, or the wrong information was sent, missing information, etc. This causes too much stress for everyone, additional work and often requiring more expertise to sort out. So we are going to take on the responsibility of receiving these notices first and then responding to CRA on your behalf. This will involve gathering any documentation that is required from you or our records, making sure it is correct, make any necessary adjustments if it is determined it is in your best interest, submitting in a proper format to CRA.
We are now able to electronically submit documentation which gives us another level of assurance that they got it, eliminating a lot of questions regarding did they get? How long will it take? Or “they” lost it. You will always maintain the option to do it yourself, however there is often thousands of dollars on the line and we feel it best to invest in some professional service and protect your tax file for the year in question and by responding in a good manner, this often helps reduce future requests, so it protects you from future audits, not always, however from our experience, it often does. Often it can take longer to respond to even what I consider the simplest of tasks than it does for us to do someone’s tax return.
With 30 years’ experience, I use the words “simplest of task” from that perspective. To help you and our office, I have trained my team to help in this process. Everyone has different charge out rates and various experiences, so depending on the request from CRA and what they require, we will have the appropriate person work on your file and review with me to make sure that your tax file is protected.
“Thinking is one thing no one has ever been able to tax.” ~ Charles Kettering
CLARIFYING OUR “Dang It” POLICY
Every once in a while, we will make an error. No one wants to admit it, however I will. Frankly we are humans, and despite all our experience, and all the steps we take to make sure we input the correct information, it can happen. A number gets transposed, or put in the wrong spot, or gets missed… just being human. Last year it happened a few times, and worked out to be 0.25% of our work load. Property taxes vs rent happened on a couple this year, so if you’re getting too big of a trillium benefit let us know right away and will double check, it’s a very tiny box on our forms.
When any error happens CRA will probably pick up on the error and adjust it right away. Sometimes it takes longer, and they ask us or you to clarify, or they will send out a reassessment if they are sure they have the correct information. When this happens, we will do the necessary professional work to correct the problem at no cost to you, sometimes it is what it is. Always let us check whenever you get something from the government. Taxes are a big web and one thing leads to another, and CRA doesn’t usually connect the dots, especially if it is in your favor. We will look at the big picture and pursue it out of principle for you, because we take a lot of pride in what we do.
If we made the error, I will give you a credit on your tax returns for any interest you are charged related to the error we made, up to the time it is discovered and corrected. You are responsible for any tax owing, as you would have been if there had been no error in the first place. When the error comes from missing information that we did not receive, you are responsible for interest and taxes payable. Depending on the work required, we often waive the professional fee to clarify the matter, however, there are times when it takes a lot of work and it falls under our CRA contact procedure policies, and while we appreciate your business, unfortunately our staff do not work for free.
We feel there is value in knowing when you have had contact from CRA, as it triggers future questions for us next time we file your return (i.e., where is that tax slip from the bank?) You do not want to be missing stuff, because after just a few things missing with CRA, they can classify you as a delinquent filer, not reporting all your income, and when you miss something next time they penalize you in the future for forgetfulness. They call it the “repeated failure to report income penalty” and the numbers can get crazy. The government has implemented some changes for income under $500, but above that it is crazy expensive, (just google it you will see what I mean, various calculations), and it takes about 3 years to get off that list, so we will do everything that we can to keep you off the list in the first place, it’s not good for you or us. You may never see it, but rest assured that we take a lot of care and due diligence, so this never or rarely happens. However, if it does, I just want you to know in advance what we will do so you’re not left hanging and wondering. Our staff have clear direction to answer any questions that come up and implement a timely solution. That being said, we encourage you to check over your return, I think it is important that you understand your finances and how things generally work, and CRA makes it quite clear that in the end you are responsible for your taxes, so, if there is something missing, you have the responsibility to bring that to our attention, and we will adjust it. We will do our best to have it correct the first time, but if we made a human error, we welcome the opportunity to get it right. Jim Rohn said, “Accuracy builds credibility” and we are just keeping it real because we are here to serve you and your family and we look forwarding to having a long term relationship that is beneficial to us all. Our greatest compliment is when you refer others to us, it says a lot and is frankly how I prefer to do business.
Henry Ford once said, “Coming together is a beginning; keeping together is progress; working together is success.” ….. Thanks for continuing to work with us, your business and friendship over the years is sincerely appreciated.
We Like to Be TAX SMART
Things are always changing, yet our goal remains as always, to get you the highest refund possible and minimize your tax burden. Working with us has many other benefits as we are a full-service firm with many options available to service your needs.
We encourage you to be Tax Smart; Some new things to be aware of this year
- The sale of a residence must be reported on your taxes , since 2016
- The Seniors Pension Split is still available and we do not charge extra for that service
- We do not charge extra for e-filing, it’s now law that we e-file your return, and saves us time and postage, so we are not going to charge extra for that like some places do.
- Our basic fees are up on average 20% over last year, we have held off increases for several years now, unfortunately inflation continues to impact all of our cost of operations and we had to make an increase this year to reflect these realities.
- If you owe money, we can now setup a preauthorized payment for you with CRA, since 2016
- If you have a business or employment expenses there is great tax benefits, providing you keep track of things properly. One area that we continue to see deficiencies is in logging mileage. Please make this a habit, it is so very important to do this and protect your deductions. If you’re not doing this currently start today. I got an APP on my phone called MileIQ it works pretty good and is worth the deductible investment. There is others as well or the standard write it in a little book works as well, the important thing is to do it so you have the proof, document, and document.
- Fitness and Art credits are no longer a deduction
- Transportation credits ended June 30th last year, however if your 65 or over there is a seniors public transit tax credit in Ontario.
- Tuition credits and transfers from the kids are calculated a little different this year
- There is a number of other items that may impact you, please let us know of any questions you may have regarding your situation.
- Bonus …If we are not already friends on face book, be sure and send me a friend request, I post a lot, and there are many articles there that can save you money, create wealth, and encourage a more reflective life, but more than that, I just like connecting and even if it is just to wish you a happy birthday, that is worth it all. Many connect with me by private message as well, it’s a good way to communicate. We also have a couple pages setup, one for Timothy Ross & Associates which has a purely business related focus and a new one for Brock Shores Financial. Be sure to like it, and if you want adventure, do check out “Be The Adventure”.
PAYMENTS & FILES
Payments can made by cheque, cash or e-transfer. Our fees are based on the complexity of your tax return(s) as well as you’re your monetary situation. If you have a file you have dropped off or previous paper work that we have been holding, please be sure to pick it up once your taxes are done. Unfortunately, we do not have the space to hold everyone’s files for consecutive years.
Wrap Up
We value you, and we look forward to serving you once again this year. We hope you appreciate our name change and welcome our new staff as we build our service. We aim to bring value to your life, family or business. Please see the attached document introducing you to some NEW hydration that may improve your everyday living! Be sure and journey down to O’Mally Kourt & Fudgery at 55 King Street West Brockville , grab yourself a cold one and #BeTheAdventure
A little story about #ImprovingFutures , when we were working on the name change, I had a spot on the business card and it was calling me for some text, so I gave it some serious thought and I asked “What do we ultimately do for people ? After some reflecting we decided that Improving Futures is really what we do at the end of the day, then Megan said, “Put a hash tag on it”, and that is what we did.
PS: We are working on a new website, we have a lot of articles there already, we encourage you to simply check it out. The site is being setup as a member driven community site, so we encourage you to become a member while you’re there. www.ImprovingFutures.ca will take you there. It’s value will grow with time and as a member you will certainly hear about stuff first.
Looking forward to hearing from you; Call, Visit, and/or Email 24/7
Thank you
Timothy Ross
advisor@timothyross.com
Brock Shores Financial – Formerly Timothy Ross & Associates
www.BrockShoresFinancial.ca #ImprovingFutures
"Where Client Goals Become Our Goals" ®
"Helping Families Achieve ... Life's Major Goals" ®
OMEGA STEWARDSHIP ®
* One Stop Process Driven Approach for Retirement & Income Planning
* Personalized Tax Management Solutions for Individuals & Business Owners
* Confidential Wealth Management Solutions
Family Office providing Insurance Products in Association with Financial Horizons Group
Family Office providing Mutual Funds in Association with Professional Investments (Kingston) Inc."
Family Office providing Tax and Consulting Services
“Good timber does not grow with ease. The stronger the wind the stronger the trees” - John Willard Marriott
“We will receive not what we idly wish for but what we justly earn. Our rewards will always be in exact proportion to our service.” ~ Earl Nightingale
“The best way to find yourself is to lose yourself in the service of others.” ~ Mahatma Gandhi
“Be wary of strong drink. It can make you shoot at tax collectors... and miss.” ~ Robert A. Heinlein
“Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do.”
~ Rob Siltanen
“Never doubt that a small group of thoughtful, committed, citizens can change the world. Indeed, it is the only thing that ever has.” ~ Margaret Mead
“Be the change that you wish to see in the world.” ~ Mahatma Gandhi
"The beauty of being in business is that your business engages all aspects of your mind, I think that is why you become successful, business challenges you to be more than you are, and that is where the miracle takes place." ~ Timothy Ross, May 2004
EFILE system is currently closed for personal tax returns and will re-open on Monday, February 26, 2018 at 8:30 a.m. (Eastern time) for the electronic filing of our clients 2014, 2015, 2016 and 2017 initial personal income tax and benefit returns and 2015, 2016 and 2017 amended T1 returns.
EFILE Helpdesk Support
Sudbury Tax Centre
1050 Notre-Dame Avenue
Sudbury ON P3A 5C1
Local calls: 705-670-6499
Long distance calls: 1-800-361-6283
Fax: 705-670-6500 or 1-855-338-5495
Eastern Time
7:00 a.m. to 4:30 p.m.
The following services will still be available after January 19, 2018:
- Corporation Internet Filing for Corporation Income Tax (T2) returns.
- Electronic filing of Form T1013.
Note: You must use the current-year version of the tax software to electronically submit the 2016 form through the T1013 transmission web service until 8:00 p.m. on Friday, February 9, 2018. When the T1013 web service re-opens at 8:30 a.m. Monday, February 12, 2018 it will only accept the 2017 version of this form.
