Thank you, {{contact.first_name}} - Quinte Business Accounting Newsletter - February Edition
Jan 24, 2023 7:55 pm
Hey ,
At Quinte Business Accounting, we understand the importance of being proactive when it comes to small business accounting and personal taxes. As we begin the new year, it's important to review and update your practices to ensure compliance and financial success. In this edition of our newsletter, we will be focusing on important accounting information for January that will help your small business and personal taxes thrive.
Personal Tax:
Year-end tax planning: As we approach the end of the fiscal year, it's important to review your financial statements and discuss any potential tax savings strategies with your accountant. By being proactive about your taxes, you can make sure you're taking advantage of all the deductions and credits available to you.
Document Gathering: Start gathering all necessary documents such as T4s, charitable donation receipts, and any other income-related documents for your personal income tax return. The deadline for most individual Canadians to file their personal income tax return is April 30th.
Business Tax:
GST/HST remittance: Don't forget to remit any GST/HST collected in the previous quarter by the end of January. Being on top of your GST/HST obligations will help you avoid any penalties or interest charges.
T4 and T5 slip deadlines: Employers have until the end of February to issue T4 slips to employees and T5 slips to shareholders. As a small business owner, it's important to ensure that these slips are issued on time to avoid any potential fines.
Employee vs. contractor classification: With the new year comes a renewed focus on employee vs. contractor classification. It's important to ensure that your workers are classified correctly to avoid potential penalties.
By being proactive about these and other accounting issues, you can set your small business and your personal tax up for success in the year ahead. And as we mentioned before, communication is the key, we want to make sure we are always listening to our clients and that's why we conduct regular pulse checks to ensure we are providing the best service possible. If you have any questions or concerns, please don't hesitate to contact us. We're here to help and support your small business and personal tax compliance.
Regards,
Here's our monthly update for February 2023...
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Tax season is just around the corner. As a business owner, are you prepared? Don't let the stress of T4's weigh you down. Balance the money you pay to the CRA for payroll each year and save time and money. Let us take care of the rest - hire QBA to handle your tax prep. #taxprep #businessowners #T4s | ||
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Keeping track of your expenses can be a headache for small businesses. But with QuickBooks Online, it's a breeze! No more lost receipts or manual data entry. Simply input your expenses and QuickBooks Online will keep them organized and ready for tax time. And with Quinte Business Accounting by your side, you can be sure you're on the right track. #expensetracking #QuickBooksOnline #smallbusiness #businessadvice #canadasbusiness | ||
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"Warm wishes to our friends, family, partners, and all those celebrating Ukrainian Christmas! This special holiday is a time to come together and celebrate the season's joys. From the delicious traditional foods to the beautiful decorations, Ukrainian Christmas is a true celebration of culture and heritage. We are honoured to be a part of this community, and we wish you all a very happy and blessed Ukrainian Christmas. From your friends at Quinte Business Accounting #UkrainianChristmas #Celebrate #Culture #Heritage #Blessed" | ||
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Enjoy,
The QBA Team
