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
Spring 2021 Newsletter – Tax Season is Just Around the Corner!

Spring 2021 Newsletter – Tax Season is Just Around the Corner!

Tax Season is Just Around the Corner…

It is hard to believe that tax season is here already! Covid 19 has made the past year challenging on so many levels. The pandemic has even impacted the complexity of tax returns this year.  In order to make the process of filing your taxes less confusing, I have recorded a video to explain how our office is managing the client tax return process, as well as giving some insights on topics like CERB and work from home tax claims.  Please take a few moments to watch the video so you can be prepared for the upcoming tax seasonClick this link to watch the video.

STOP THE PRESSES!!!!

CRA has just announced some updates that could affect YOU.  Watch this 3-minute update so you have the information you need for your tax return this year… click here for the update

KMPC is now offering online consulting services. Conveniently accessible from our website, you choose which timeslot works best with your schedule and book it right on our website!
Take a look… 

New Webinar – Coming Soon!

In response to the many discussions I have had with clients over the past few months regarding the pressures of the Pandemic on businesses, I will be offering an online webinar series that will showcase concrete strategies that business owners can use to lessen the strains resulting from the challenging new landscape of the pandemic. Please visit the information page on our website to learn more about the webinar series and to sign up for the series.

The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC 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.

KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9  (905) 666-5071 

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:

The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC 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.

KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9  (905) 666-5071 

Email: admin@kmpc.ca  Web: https://kmpc.ca

Should I Incorporate My Business?

Should I Incorporate My Business?

This is a question I have been asked many times by small business owners during my 26 years as a Chartered Professional Accountant. The answer, however, is not a straightforward one. Recent tax law changes have removed some of the benefits but there are still some key advantages that warrant serious consideration for incorporating a small business.

When you incorporate your business, it is considered to be a legal entity that is separate from its shareholders. As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation. It is always wise to seek legal advice before incorporating.

Benefits of Incorporating:

  • Limited liability
  • Ownership is transferable
  • Continuous existence
  • Separate legal entity
  • Easier to raise capital than it might be with other business structures
  • Possible tax advantage as taxes may be lower for an incorporated business

For more details visit the government’s webpage on this topic.

If you do decide to incorporate and you have a lot of value in your sole proprietorship business such as, receivables, inventory and fixed assets, you need to do something that’s called a Section 85 rollover. That’s basically where you take those assets and transfer them into your incorporated business. You can’t simply start an incorporated business and ignore all the assets and issues from your sole proprietor because it doesn’t simply magically disappear in a puff of smoke. You must shift those assets into an incorporated company.

It’s important to follow the proper process while making the shift because you do not want CRA (Canadian Revenue Agency) auditing your transfer protocol. In CRA’s eyes this needs to be tracked on paper as though it was a sale of a company.  CRA may interpret any lack in protocol as an intent to evade some taxation issues if you do not properly addressed all of the issues with your sole proprietorship before starting an incorporated company. Be sure you understand the process and follow it to the letter of CRA so that you don’t create unnecessary problems for yourself. Click here to learn more about the process

If you are considering moving your company from a sole proprietor to an incorporated company and are not sure about all of the ins and outs of the proper process please contact us for an appointment to sit down thoroughly review your options and which path is best suited to your company.

 KMPC: Outstanding Chartered Professional Accountant, Bookkeeping and Tax Preparation Services

The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC 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.

KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 – Email: admin@kmpc.ca  Web: https://kmpc.ca

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