January Newsletter

Welcome to my monthly newsletter.

Happy New Year. As we begin a new calendar year, a few things to consider:

Ensure you backup your files regularly but also good to have a year end backup.

2015 Payroll
Ensure you download the new payroll tax tables for 2015 if you do your own.  Tables available from CRA or your accounting software if have payroll edition.

Payroll Remittances
Your January payment is the last remittance for the 2014 calendar year. Ensure you are up to date with your remittances and that it is correct to avoid showing a balance due when filing the T4 summary in February.

Taxable Benefits
Beware of gifts/taxable benefits from employers that could cost you money. Good time to visit your HR person to discuss this and any payroll status updates for 2015.

Employment Related Expenses
Ask your employer to sign form T2200 if you were required to pay for employment related expenses that you were not reimbursed, such as car mileage, cell phone, etc.

Car Mileage Log
Reminder, start your 2015 car mileage log for car expenses. Keep track of odometer, distance traveled, destination, business reason, etc. to support business mileage.

2014 Receipts
If you are self-employed or have rental properties, now is a good time to find and summarize all your 2014 expense receipts, if you have not already done so. Note that receipts are required for all deductions, in case of audit.

2015 Books
If your 2014 record keeping is causing you stress now, consider setting up a proper set of books for 2015 on QuickBooks. It can be fast and easy if trained properly.

HST Filing
Annual filers should have received the 2014 HST filing form with the access code. Keep this handy. Beware of your filing deadline to avoid penalties and interest.

Tax Free Savings Account (TFSA)
A new year means you can contribute $5,500 to your TFSA for 2015. If you have withdrawn funds from a TFSA check with your banker or accountant on rules if you want to put the funds back.

Web Site
Please visit my web site for various information, important dates, etc., and to sign up for monthly newsletter.  www.larosacga.ca

This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it’s right for you.