{"id":566,"date":"2016-01-06T14:39:37","date_gmt":"2016-01-06T14:39:37","guid":{"rendered":"http:\/\/www.larosacga.ca\/?p=566"},"modified":"2016-01-06T14:39:37","modified_gmt":"2016-01-06T14:39:37","slug":"january-newsletter-2","status":"publish","type":"post","link":"https:\/\/www.larosacpa.ca\/?p=566","title":{"rendered":"January Newsletter"},"content":{"rendered":"

Monthly Newsletter \u2013 January 2016 Issue<\/strong><\/p>\n

Happy New Year. As we begin a new calendar year, a few things to consider:<\/p>\n

Backup<\/strong>
\nEnsure you backup your files regularly but also good to have a year end backup.<\/p>\n

2016 Payroll
\n<\/strong>New 2016 payroll tax tables are now available on CRA web site and will be\u00a0available for download from your accounting software by mid-January at latest.\u00a0Ensure you download the new payroll tax tables for 2016 if you do your own.<\/p>\n

Payroll Remittances
\n<\/strong>Your January payment is the last remittance for the 2015 calendar year. Ensure you\u00a0are up to date with your remittances and that it is correct to avoid showing a balance\u00a0due when filing the T4 summary in February.<\/p>\n

Employment Related Expenses
\n<\/strong>Ask your employer to sign form T2200 if you were required to pay for employment\u00a0related expenses that you were not reimbursed, such as car mileage, cell phone, etc.<\/p>\n

Taxable Benefits
\n<\/strong>Beware of gifts\/taxable benefits from employers that could cost you money. Good\u00a0time to visit your HR person to discuss this and any payroll status updates for 2016.<\/p>\n

2015 Receipts
\n<\/strong>If you are self-employed or have rental properties, now is a good time to find and\u00a0summarize all your 2015 expense receipts, if you have not already done so. Note\u00a0that receipts are required for all deductions, in case of audit.<\/p>\n

2016 Books
\n<\/strong>Self-employed individuals often keep poor records. If your 2015 record keeping is\u00a0causing you stress now, consider setting up a proper set of books for 2016 on\u00a0QuickBooks. It can be fast and easy if trained properly. You can recap 2015 too.<\/p>\n

Car Mileage Log
\n<\/strong>Reminder, start your 2016 car mileage log for car expenses. Keep track of odometer,\u00a0distance traveled, destination, business reason, etc. to support business mileage.<\/p>\n

HST Filing
\n<\/strong>Annual filers should have received the 2015 HST filing form with the access code.\u00a0Keep this handy. Beware of your filing deadline to avoid penalties and interest. If\u00a0you were required to pay HST installments last payment for 2015 is due January 31,2016.<\/p>\n

Tax Free Savings Account (TFSA)
\n<\/strong>A new year means you can contribute $5,500 to your TFSA for 2016. If you have\u00a0withdrawn funds from a TFSA check with your banker or accountant on rules if you\u00a0want to put the funds back. Note that the limit for 2015 only, was $10,000.<\/p>\n

This material is provided for general information and is subject to change without notice. Please consult\u00a0with your professional advisor before you act on any of the above information to ensure it\u2019s right for you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Monthly Newsletter \u2013 January 2016 Issue Happy New Year. As we begin a new calendar year, a few things to consider: Backup Ensure you backup your files regularly but also good to have a year end backup. 2016 Payroll New 2016 payroll tax tables are now available on CRA web site and will be\u00a0available for […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-566","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=566"}],"version-history":[{"count":1,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/566\/revisions"}],"predecessor-version":[{"id":567,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/566\/revisions\/567"}],"wp:attachment":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}