Chartered Professional Accountant, Experienced Bookkeepers, Personal and Business Tax Return Specialists - Whitby ON - Call - Toll Free: 1-800-942-5558 or Local: 905-666-5071 admin@kmpc.ca
10 Ways to Save Money

10 Ways to Save Money

Easy Ways For You To Save Your Money and Build Wealth

People are often under the impression that in order to save money you need to have LOTS of money, money to spare, and that leftover stuff is what you save.  I am here to tell you that impression is incorrect.  We can all save money!  The trick is finding ways to save tiny bits of money here and there.  Those little bits add up and over time they can add up BIG TIME!  If you follow some of these tips or put on your creative cap and think of a few of your own, you will be on your way to saving money.  That money can be used for things like: investing in savings, saving a down payment for a house or car, paying for that long awaited vacation, paying down debts or maybe even to saving for training or education.

Saving doesn’t have to be painful. You just need to see where you can save a few pennies here and there, have the discipline to do that consistently, and you are on your way!  Watch the video below to see some tried and true strategies that you can use to kick start your own saving behaviour habits!  

Happy saving!

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

How to Live Within A Budget

How to Live Within A Budget

How to Structure a Personal Budget

Today we are going to look at budgeting and how to create a budget for yourself.  The first task is to  assess your Wants and your Needs.  This task is always a really difficult part for anyone starting out.  When I’m dealing with couples, they often tend to disagree on the Wants. They often feel some of the Wants are their Needs, so it’s important to agree on your list before going any further. Once you have reached an agreement on Needs and Wants the next thing you will need  is the past three months of your bank statements so you can look at  your recent spending patterns…  

Watch this video to see how to, step-by-step, create a budget structure that you can use!

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

Mastering Your Money Headspace

Mastering Your Money Headspace

What Is Your Money Behavioural Style?

Today I’m going to be talking about how to build wealth, how NOT to live paycheck by paycheck, how  to live within your means and how to stay out of debt in this world.

Budgeting often gets a bad rap – a reputation of something that is either unattainable or punitive.  I challenge those perceptions!  I hear  people say they feel that budgets just don’t work because they feel they don’t make enough money to consider living on a budget.  As an accountant since 1993, I can tell you most assuredly, whether you  make a lot or a little,  budgets are definitely for everyone!  A budget is a dynamic tool that assists you to tell your money where to go so you are able to save money AND build your wealth  Who wouldn’t want that power?

In order to be a successful money manager it is necessary to be aware of how you behave with money. That requires taking a good look at how you handle and manage your spending and saving.  I am going to discuss 4 different behavioral styles and how they interact with money. You will need to be very honest with yourself  as you determine where you fall in these behavioural categories. With this awareness you are able to  equip yourself with strategies that will assist you.

Please take a moment to watch this video which goes into more depth on budgeting by behavioural style:

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

Seven Life Reasons Why You Need a Good Chartered Professional Accountant (CPA)

Seven Life Reasons Why You Need a Good Chartered Professional Accountant (CPA)

1) To Ensure You Are Obeying the Current Tax Laws

Tax laws change each year.  Some years there can be profound or sweeping changes that can change what and how you report income on your tax return.  If your return is filed incorrectly the lament of “I didn’t know I had to do it that way!!!” will fall on deaf ears with the CRA.  The Canadian Revenue Agency (CRA) doesn’t accept ignorance of tax law for a defense. So, if you aren’t willing to constantly pay attention, you could miss something important. Protecting your interests by hiring a knowledgeable tax accountant is the best way to ensure that you are paying only what you need to by accessing all available tax benefits and submitting a tax return that will be accepted by CRA.

2) You Owe Back Taxes to the CRA

If you owe any back taxes you really should hire a good tax accountant to help you sort things out. Owing back taxes or being audited by the CRA can be a confusing and frightening experience and it could take months to resolve. Having a good accountant in your corner can lessen the trauma and the time it will take you to get things back on track.  Once all is resolved, the accountant can help you to get organized so it doesn’t happen again.  Often if you have been audited, CRA will give your tax return file a closer look for a few years. Having an accountant who is familiar with your situation and can speak for you if CRA has questions on future tax returns will save you stress and sleepless nights.

3) Improve Your Credit Rating and Reduce Debt

Sometimes life just gets a little ahead of us and we can find ourselves in debt.  Being in debt can also lead to getting a bad credit rating.  Just ask anyone who has experienced these situations – they will tell you how much it can impact all areas of your life and how long it really takes to pay off debt or re-establish a good credit rating.  A knowledgeable accountant can show you things like how to consolidate debt to make it more manageable, negotiate with creditors and shorten your path back to good financial health.

4) You Are Starting A New Business or Are Self-Employed

If you are self-employed or own your own business, an accountant can help with that too. Hiring an experienced CPA can help you find ways to lower your taxes that you might otherwise miss. There are some big write-offs for the self-employed. Don’t miss out.

If you’re about to start your own business an accountant can help you prepare. With their help, you’ll be able to ensure that all the necessary tax forms are filed correctly and on time.

5) You Own Real Estate or Rentals

Owning several properties is becoming a popular way to grow wealth here in Canada.  While this is a great idea, you must ensure that you are also properly managing the revenue and tax side too.  You could be losing out on various tax benefits and not maximizing your money. If you own your own home, or own rentals, an accountant can help you manage them. There are some specific tax situations tied to rental properties, and some major benefits. You don’t want to miss out on those.

Your accountant can keep you up-to-date on all new tax laws so that you are submitting all the necessary data and reporting to CRA to ensure that you will not be hit with any penalties come tax time!

6) Saving For Your Kids

If you have kids, you will probably want to contribute money to a RESP (Registered Education Saving Plan) savings account, or even a trust. An accountant can help set all of that up. They have the tools to help you maximize your money as you look toward your family’s future.

7) The Road of Life

Life major events also come with financial issues that will need to be addressed. When you get married, divorced, retire or have children your tax situation changes as well. Your accountant will help you navigate the changes so you are always benefiting and protecting your financial health and security.

So, if you need financial or tax planning advice, accounting, bookkeeping, or tax return services please get in touch.  We’d love to help you out.  Take a moment and meet the team…

Kelly Melanson, CPA

kelly@kmpc.ca

905-666-5071

www.kmpc.ca

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

Tax Tips and Updates

Psst…. RRSP Contribution Deadline is NOW & Other Tax Time Tips and Updates!

In today’s vlog Kelly Melanson, CPA reminds us that time is running out to take advantage of RRSP contributions for this tax year.  Kelly also shares some interesting updates and information like: 

  • New CRA audit focuses that are VERY unusual, like matching your postal code with your house and comparing it to your declared income and seeking 3rd party data to track PayPal revenues 
  • Incorporation or Sole Proprietor? Which one suits you best?
  • Salary or Dividend – do you understand how each scenario would impact your tax planning?

So watch this vlog and hear it straight from Kelly.

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

Bill 148 – What Does it Mean to You?

In today’s vlog Kelly Melanson, CPA from www.kmpc.ca and Kourtney Thompson from www.newinitiativeshr.com discuss the impacts of Bill 148 and the recent updates regarding the issue of income sprinkling and other recently changed corporate taxation rules by CRA (Canada Revenue Agency). Here are some helpful links to provide information about the topics discussed today:

Bill 148 –  Fair Workplaces, Better Jobs Act, 2017 passed on November 22, 2017

This legislation makes many changes to both the Employment Standards Act, 2000, the Labour Relations Act, 1995, and the Occupational Health and Safety Act, including raising the minimum wage and providing employees with:

  • equal pay for equal work for casual, part-time, temporary and seasonal workers
  • one week’s notice or pay in lieu of notice for employees of temporary help agencies if longer-term assignments end early
  • fairer scheduling rules
  • a minimum of three weeks’ vacation after five years with the same employer
  • up to 10 individual days of leave and up to 15 weeks of leave, without the fear of losing their job when a worker or their child has experienced or is threatened with domestic or sexual violence
  • expanded personal emergency leave in all workplaces
  • unpaid leave to take care of a critically ill family member

For more in-depth information on issues addressed in Bill 148, click here

To find out more regarding the regulations surrounding the new Employment Standards Act poster click here.

To book an appointment with Kelly Melanson please contact her via her website.

To contact Kourtney Thompson please visit New Initiatives Human Resources Consulting.

Thank you for stopping by!

Kelly

 

Kelly Melanson, CPA, CMA is the founder and owner of Kelly Melanson Professional Corporation. She and her team specialize in helping companies grow via strategic financial management practices. Since 1993, Kelly Melanson, Chartered Professional Accountant (CPA, CMA) has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.

If you would like to speak to us regarding  Business Accounting, financial  retirement or tax planning, tax returns, bookkeeping or any of your other  please contact us anytime – we’d love to chat with you.

Kelly Melanson Professional Corporation – Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 Toll-free: 1-800-942-5558 – Email: admin@kmpc.ca  Web: https://kmpc.ca

Call Now Button

Pin It on Pinterest