Category Archives: Uncategorized

Five Star in the Media

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.

Five Star Accounting

Bonnie Kawka – Woman Entrepreneur of the Year Winner!!!

 2014 Woman Entrepreneur of the YarIt 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!!!

Economic Action Plan 2014 – Reducing Red Tape for Small Business

Economic Action PlanWith the release of the Economic Action Plan for 2014, the government is staying the course they laid down in 2006 – the reduction of the burden of bureaucracy on the Canadian small business.

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.

The First Time Donor’s Super Credit – Charities get a Four-Year Kick-Start

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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.

A Five Star Thank You!

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:

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Wendie, Trish and Bonnie

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Our Five Star cake from Oma’s Bakery

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Some prizes for our guests!

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Thank you from the Five Star Accounting Team!

Celebrating our 10th Anniversary!

CelebrateTime 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.

Five Star Accounting Holiday Hours

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:

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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!

We’re Expanding to Calgary!

Calgary

We are pleased to announce that Five Star Accounting will be opening up a new office in Calgary, Alberta.  After ten successful years of operating in Winnipeg and serving our Winnipeg clientele, we are very excited to be expanding our services to Calgary small businesses.

The new office will begin operations in November of 2013 and will be headed by Trish Kawka, a seasoned CA Accountant and bookkeeper.  Trish has worked for many years in the private sector, accumulating experience across many industries including the oil and gas sector.   Trish will continue providing her expertise and experience to small to medium-sized businesses in Calgary, especially those that uses Quickbooks.

Our Calgary services will include:

-  Preparation of Financial Statements
-  Year End Preparation including compiling lead sheets for the year end package
-  Preparation of bank and credit card reconciliations
-  Accounts Receivables and Accounts Payables
-  Related Administrative Services such as entering customer invoices, vendor statements, deposits, payroll and sales tax

Trish is currently accepting new clients.  Do you know a frustrated entrepreneur in the Calgary area that can benefit from some assistance with their day-to-day bookkeeping and accounting?  For any referrals that successfully signs up with Five Star Calgary for their monthly or annual bookkeeping and/or accounting needs, we are pleased to offer referral benefits to you through our Client Referral Program.

We thank all of our clients for their continued support of Five Star Accounting throughout the years.  We are looking forward to more exciting changes to come.

Remembrance Day 2013 – Notes for Employers

This year, Remembrance Day falls on Monday, Nov 11. If you are a small business owner, what does this day mean for your business?

In Manitoba, only certain businesses can operate on this day. Restaurants, gas stations, medical services can all be open. However, businesses revolving around commerce have limitations.  If you are a retailer, you are unable to sell your products until 1:00 pm on that day. So, your business can be open at 1:00, but not earlier. However, you will have to pay your working staff at time and a half. In addition, for those staff working, holiday pay is also required and therefore is treated the same as any other long weekend holiday within Manitoba.

Do you operate within a service industry? By law, your business has to remain closed for the day, unless your business is specifically exempted. To view a listing of the industries still able to operate on this day, check out the Manitoba Employment Standards Fact Sheet.  Here, you can get more information on the rules of operation on Remembrance Day for your specific business.

It is important to note that based upon the Manitoba Labour Laws, Remembrance Day is NOT an official holiday in Manitoba. As a result, employers do not really have to pay their employees for this day if their business remains closed. This would be applicable to small businesses not in the retail or restaurant businesses. Note that most employers do pay employees for this day off even though legally, they do not have to. To prevent disgruntled employees, you may want to think twice if you decide otherwise.

As a business owner, regardless of what you decide for Remembrance Day, please don’t lose sight of what this day really means for Canadians. The freedoms we take for granted each and every day are exchanged for the lives of many Canadians who have been denied of the chance to grow old. Hopefully, we will all ‘remember’ to thank them in our own way.

Remembrance-Day

 

Understanding Financial Statements – Winnipeg Chamber of Commerce Presentation Oct 17, 2012

Five Star Accounting Senior Accountant, Wendie Karlowsky discussed the basics of Financial Statements at a presentation for the Winnipeg Chamber of Commerce on October 17th, 2012.  Financials statements including Balance Sheets and Income Statements are important for business owners as together, they can provide a much clearer picture of a company’s performance.

Understanding Financial Statements

A copy of Wendie’s presentation is available for download Understanding Financial Statements Chamber Presentation.