JLG Accounting & Consulting

03/10/2015

Last month we got Bill C-518 passed (law revoking taxpayer funded pensions from ciminal politicians) by a vote of 257-13 in the House of Commons.

The next step for this bill is to be passed by the Senate. It’s imperative that the Senate pass this bill before they recess for the summer; otherwise it will die on the Order Paper once the election is called and former Senator Mac Harb’s trial will have come and gone.

Not to get into all the technical details, but because it’s a private members bill, very little time is allotted for debate. And as of last week there was a very good chance that this bill could have been pushed off to April for a final vote. Thankfully, NDP House Leader Peter Julian arranged to trade one of the NDP time slots with the sponsor of C-518, John Williamson.

That swap ensured the vote on C-518 happened this past week and will guarantee the Senate has enough time to debate and pass this bill into law.

Can you take two minutes and send Peter Julian a quick note of thanks. He arranged the trade that ensured C-518 could get passed two months sooner. His email is: [email protected]

Thanks to everyone that sign the petition and please sign if you haven't already. Let's take our Country back and join the fight www.taxpayer.com/join-us/

03/10/2015

I want to thank everyone for a great first year of business.

Over $24,000 in income tax returns.
Over $250,000 in non-taxable income saved.

Let's make 2014 an even better year for tax savings.

12/23/2014

I would like to wish everyone a Merry Christmas and a great New Year!

06/08/2014

05/28/2014

Hope everyone got their taxes done right and received the maximum refund possible. If you have any questions or would like a second opinion, feel free to message me.

04/30/2014

Less than a week for the Tax Deadline. (Ends May 5)

Top 10 Tax Tips

1. Receiving a refund means your tax return is correct.
2. Procrastinating.
3. The Canada Revenue Agency will correct mistakes.
4. Carrying forward old receipts.
5. Income splitting.
6. Overpayment of CPP and EI.
7. Fix errors from prior years .
8. Report all income, the right way .
9. Missed capital losses :
10. Doing it yourself when it comes to taxes

I hope these tips have helped everyone. I want to make sure you get back every penny (nickel now a days) of your money.

04/28/2014

Revenue Canada decides to audit Grandpa, and summons him to the Canada Revenue Agency office.
The auditor was not surprised when Grandpa showed up with his attorney.The auditor said, Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling. I’m not sure CRA finds that believable.
I’m a great gambler, and I can prove it,’ says Grandpa.
How about a demonstration?
The auditor thinks for a moment and said,
Okay. Go ahead.
Grandpa says,
I’ll bet you a thousand dollars that I can bite my own eye.
The auditor thinks a moment and says,
It’s a bet.’Grandpa removes his glass eye and bites it. The auditor’s jaw drops.Grandpa says,
Now, I’ll bet you two thousand dollars that I can bite my other eye.Now the auditor can tell Grandpa isn’t blind, so he takes the bet.Grandpa removes his dentures and bites his good eye.The stunned auditor now realizes he has wagered and lost three grand, with Grandpa’s attorney as a witness. He starts to get nervous.
Want to go double or nothing?
Grandpa asks ‘I’ll bet you six thousand dollars that I can stand on one side of your desk, and p*e into that wastebasket on the other side, and never get a drop anywhere in between.
The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this old guy could possibly manage that stunt, so he agrees again.Grandpa stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much p*e’s all over the auditor’s desk.The auditor leaps with joy, realizing that he has just turned a major loss into a huge win.But Grandpa’s own attorney moans and puts his head in his hands.
Are you okay?’ the auditor asks.
Not really,’ says the attorney.
This morning, when Grandpa told me he’d been summoned for an audit, he bet me twenty-five thousand dollars that he could come in here and p*e all over your desk and that you’d be happy about it!
Don’t Mess with Old People!!

A little humour to hopefully brighten your day!

04/22/2014

Hope everyone had a great Easter weekend.

Reminder that you have until May 5th to file your taxes do to the heartbleed hack.

04/02/2014

Tax Tips

Report all income, the right way .

Taxpayers make lots of mistakes reporting their income, from double reporting taxable benefits that are already included in Box 14 of your T4 slip to failing to report tips and gratuities. Common problem areas also include the reporting of foreign pensions and the interest your adult child paid you on the mortgage you are holding for him.
This year there are two issues of particular note for business people and real estate investors:

1 - Avoid the underground economy.
Statistics Canada says the three industries most likely to participate in the underground economy are construction, retail and hotels and restaurants. If you are in these industries, CRA may want to review your filings, so make sure you can justify all income reported and all deductions claimed.

2 - Be careful flipping homes.
If the home you sell is your primary residence, there is no tax paid on the sale. That’s right, the $50,000 gain on the home you bought for $500,000 last year and sold this year for $550,000 is tax exempt. But here’s the lesser-known trap: If you buy and sell those principal residences too often, you could face a tax problem. You’ll lose the principal residence exemption, and even the 50 per cent capital gains inclusion break if the tax department thinks you’re in the business of buying and selling homes.
In short, 100 per cent of the resulting gains could be added to your income. Talk to a tax pro if you’re worried.

Please "Like" & "Share", this information will be helpful to someone you know. Who doesn't want to save money?

03/31/2014

Fix errors from prior years .

You can recover missed tax refunds and credits by filing an adjustment to prior filed returns up to 10 years back in the case of the federal T1. You can even do this online.

I heard about this woman: A widow caring for her cancer-stricken husband over many years left little time to review tax savings opportunities. She claimed for previous years to correct for the missed credit and received a five figure bonus that helped pay for funeral expenses. Think about what lucrative deductions and credits you might have missed, filing past returns?

Please "Like" & "Share", this information may help someone you know.