Modern Financial Consulting

01/27/2022

I have had a lot of people asking me this year when the earliest they can file their taxes are, so I made this sheet for the 2021 tax filing deadlines.
I love having so many people want to be ahead of the game this year!

11/08/2021

This is a notice to my valued clients and followers that Modern Financials is completely booked up for any clean ups for the 2021 tax year. If you are not a current client of Modern Financials (receiving monthly billing), the books are closed for clean ups/catch ups.

I am sending this notice out now so you have ample time to reach out and develop a plan to have your books completed for the 2021 tax year.

Please email me direct if you have any questions. Thank you.

02/01/2021

Are you sick of scrambling at year end to find all of your receipts, print those bank statements and apologizing to your accountant yet again for the "shoebox" of information? Are you sick of paying your accounting team large fee's to catch up your bookkeeping each year? Do you wish you had a better idea of where your company was at financially on a regular basis?

Book a technology consult with Modern Financials today and let us get you set up on an accounting platform. Receipt management can be as easy as snapping a picture on your smartphone. Let us show you how easy and stress free tax time can be :)

01/13/2021

We all knew this time was coming. The time we will be taxed or those who were deemed non eligble will be forced to repay their CERB payments.

For those of you who received CERB you will be receiving a T4A from CRA. Make sure you are submitting this to your tax professional.

There is more info in this article:

The Canada Revenue Agency began sending out T4A slips today to Canadians who have received COVID-19 benefits, reminding them that the money is taxable income and must be recorded on their tax returns.

12/17/2020

Just a reminder that the applications open tomorrow for this Government payment of $500 - $1000 for individuals who made under $62,500 in 2019 or families who made under $125,000. Must be a BC resident.
https://l.facebook.com/l.php?u=https%3A%2F%2Fwww2.gov.bc.ca%2Fgov%2Fcontent%2Feconomic-recovery%2Frecovery-benefit%3Ffbclid%3DIwAR2TBKLnFIyaA5nHMkrnCiFPcbU5GDfYywOp5YQ4tb_oTXGu4p9EfMF5ITE%23eligibility&h=AT01zQ3xFhb3WNByoB73_8La_ybZAjT4mCWuPktEasoEH73L8gDZEqurcE_HPl_s8KklguGz1W2ZLUAm4G09pBUgi08sozrLmetfaE3teOHOi4Sp1-h4mSjvZsAeVOPyf7E

The BC Recovery Benefit is a one-time tax free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.

11/26/2020

Modern financials offers more than bookkeeping!
We are happy to set you up on your preferred accounting software properly the first time, and train you on how to use it most effectively for your business.
If you have been using QuickBooks and you are having issues with any of the following, we can help with that too.
- reconciling your accounts
- setting up your chart of accounts or products and services
- understanding your P&L or Balance Sheet
- cleaning up your bank transactions , AP, or AR
- syncing QBO to your apps
- remitting your GST

Your financial statements are only as accurate as the inputted data. We make sure you are set up on the right system for your business and your transactions are recorded properly so you have no issues at tax time.

09/15/2020

Calling all sole proprietors and small business owners ....

Fall is here !! Which means tax season is looming around the corner. Filing for 2020 may be a bit more complicated than any other year if you or your small business collected any government subsidies, so it's best you get your information to a bookkeeper now ..

Fall is always the calm before the storm that is tax season

If you need help getting your books in order to file for 2020, Modern Financial is currently accepting new clients.

06/23/2020

Just received my fourth call from "CRA" wanting my SIN and tax info in regards to my CERB payments that I am not even collecting .... so just a reminder to everyone that CRA would never call you from an automated voice asking for personal info.

CRA will send any info they want you to know to your online account, or by mail.

05/23/2020

I feel very blessed about the amount of clients Modern Financials has received through strictly word of mouth. I wanted to start doing something to say thank you to those that have recommended us.

So, I am pleased to announce that we have started a referral program.

Anyone who refers Modern Financials and the referral leads to a client will receive a personalized gift made up of goodies from other local businesses. Most likely it will be made up of food and alcohol, but I promise it will all be BC made :) This one went out to Teri from , thank you so much for thinking of us ❤️ @ Victoria, British Columbia

04/15/2020

My clients often ask me questions to better understand their shareholder loan. I found this article very helpful in understanding what it means to have either a debit or credit balance in your shareholder loan, or "due to shareholder" ledger.

After reading this article you’ll understand what a shareholder loan is and how to use it.  You’ll also be aware of potential tax issues that can arise with CRA and how to avoid them.

04/06/2020

For anyone looking to support local at this time, or for anyone wanting to promote your local business and the changes you are making during this self isolation period, this website is great!

Local businesses are finding innovative ways to serve our community. Show your support in a time that has turned our whole world upside-down.

04/02/2020

There are TONS of questions floating around right now about all of the relief plans. I found this document very helpful.

If you plan on applying for the CERB Benefit, make sure to get your online CRA account set up ASAP - you will need it to qualify. It can also take a couple days to set up, so start now!