Platinum Books / Five Star Accounting is proud to be a supporter of Habitat for Humanity. This is a great organization that provides a hand up to families that have earned the privilege. These families are very thoroughly screened and personally put in hundreds of volunteer hours helping build other homes in addition to their own home. Each year since its inception – 12 years ago – Greg Libbrecht has been part of Ride Around the Lake. Greg will be riding his road bicycle on Sept 14-16 2018 to support Habitat again this year – Click Here https://www.habitat.mb.ca/events-ratl/donate.cfm?kwofrid=J72MS27 to help us help Habitat – Thank you in advance for your support.
Midnight June 15 is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failing to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months.
Wanted to share with you all an article in the Winnipeg Free Press talking about Bonnie’s Manitoba Woman Entrepreneur of the Year Excellence in Service award!
Congratulations again to all the winners! Manitoba is stronger because of strong women entrepreneurs like you who bring so much to our province and economy.
It is with extreme pleasure that we proudly congratulate Five Star’s President and Owner, Bonnie Kawka. Bonnie was the winner of the Excellence in Service Award which she won at last night’s 2014 Manitoba Woman Entrepreneur of the Year Awards hosted by the Women Business Owners of Manitoba!
While the competition was stiff, it cannot be left unsaid that all the women entrepreneurs in attendance last night were worthy of recognition. As a watchdog over her numerous clients, in addition to the challenges of her own company, Bonnie can appreciate first hand the hard work and dedication needed by all business owners to survive and prosper. We would therefore like to send out a big Five Star Congratulations to all the Finalists at last evening’s event.
Finally, we are certain you will join us in congratulating Bonnie on this achievement, one which is a decade in the making. From a small office of 3 to this award, Bonnie is proof that perseverance and dedication to client service eventually gets recognized and rewarded!
Well Done Bonnie and the Five Star Team!!!
Recognizing that reporting to the Canada Revenue Agency can be time consuming and expensive, detracting from small business owner’s ability to do what they do best – provide goods and services to their customer base, this year’s Economic Action Plan builds on the successes of the past in delivering more efficient ways to deal with the government. Here are the highlights:
Starting in April, small businesses will be able to file amended T2 Corporate income tax returns online, and to submit electronic requests to the CRA instead of filling out paper forms.
In October, registered My Business Account holders will be able to pay their taxes online, for free, for the first time. As well, payment history and other records will be accessible in one easy to access digital location.
Remittance thresholds are being revised for employer source deductions, which will result in businesses having to make fewer payments to the government, reducing costs to employers by streamlining the payment process.
Taxation rules for individuals who operate both fishing and farming businesses will be simplified, allowing for more understandable and consistent rules.
For small businesses, these changes serve to reinforce the CRA’s commitment to making it easier to operate a small business in Canada. Tax preparation, as well as the monthly paperwork employers must provide to the government will become a little less onerous, so that you can spend more time making customers happy and less time appeasing the Canada Revenue Agency.
Did You Know? The Canada Revenue Agency has some good news for charitable organizations, and for taxpayers who haven’t been taking advantage of their charitable donation tax credits in recent years.
Starting with the 2013 taxation year, individuals who have not claimed a charitable donation tax credit in the previous five years will receive a bonus 25% credit on donations up to $1000 that they make in any one year between now and 2017.
Without the Super Credit, a charitable donation of $700 would receive CDTC of $145 (15% of the first $200 and $29% of the remainder.) The First Time Donor’s Super Credit raises the total non-refundable tax credit by 25%, another $175. The total credit received for a $700 donation would be $320.
For individuals, keeping track of charitable donations pays better than it used to. Many people make donations, but never request a receipt, or just don’t bother reporting them because they’re “small potatoes”. Well, the potatoes will be a little larger in one year, making it a tiny bit easier to keep the government’s hand out of your pocket!
For tax preparers, the change is a single line on the tax return that calculates the credit. There are only a couple of small things to remember about it:
1) Like the CDTC, the FDSC is non-refundable. The maximum donation allowable is $1000.
2) It can only be claimed once, in the first year that the CDTC is claimed between 2013 and 2017.
3) The Super Credit is only available for financial contributions to charity. You cannot claim services or goods donated.
4) Only taxpayers who have not claimed a CDTC in the previous five taxation years qualify for the Super Credit.
5) The credit can be shared between spouses, just like the CDTC.
To use the CRA’s online calculator to see how much the First Time Donor’s Tax Credit could affect a tax return this year, visit the online calculator. For a complete description of the new credit, visit the CRA website.
The Five Star 10 Year Anniversary Party was a huge success! We want to extend our gratitude to our friends and clients who made an effort to attend and celebrate this special occasion with us. We hope you all had a good time; we sure did!
Here are a few photos from the event:
Wendie, Trish and Bonnie
Our Five Star cake from Oma’s Bakery
Some prizes for our guests!
Thank you from the Five Star Accounting Team!
Time flies when you’re having fun! This year, we are celebrating Five Star Accounting’s 10th anniversary. While we’ve experienced many changes over the years (new staff, new clients and now, a new office!), many other parts of our business have stayed the same. We’ve worked hard over the years to ensure a high level of service for all our customers while implementing changes that keep us competitive and relevant in this fast-paced and demanding industry.
Bonnie and the team at Five Star Accounting would like to wish you, your family and friends a wonderful holiday season filled with joy and meaning. Please note that we will be operating on a limited schedule throughout the holiday season. Should you require our assistance, our operating hours during the holiday season are:
December 23rd 8:00 am to 4:00 pm
December 24th 8:00 am to 1:00 pm
December 25th Closed
December 26th Closed
December 27th Closed
December 30th 8:00 am to 4:00 pm
December 31st 8:00 am to 4:00 pm
January 1st Closed
We wish you all the very best for 2014!