Thomas Getliffe

📅 Changes that took effect as of Jan 1, 2024 include: - Changes to mandatory electronic filing thresholds - Changes to electronic filing for GST/HST registrants - New reporting requirements for trusts ℹ A quick reference tax tip that covers what you need to know. #2024tax #cra #smallbusiness

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Executor Estate Settlement Services (EESS) QUESTIONS AND ANSWERS (PART2) Q1) Can siblings force the sale of inherited property in Quebec? A1) The simple answer to this is, yes. If your sibling, or siblings, wants to sell the property and you want to keep it, they can apply to the court for a partition action. It's often better to buy them out. Q2) Do you have to report inheritance money to CRA and Revenue Quebec? A2) A common misconception among people is that they can be taxed on money they inherit. The truth is, there is no inheritance tax in Canada. Q3) Who is entitled to see a copy of a will in Quebec? A3) If the testator, the person who made the will is still alive, he or she is the only person who can request a copy of his or her will from the notary. Q4) Is a handwritten will legal in Quebec? A4) You can draw up the will yourself by hand or using a computer. You must declare that it is your will and sign it in the presence of two witnesses. These types of wills will have to be probated before a court. Q5) Can I sell my house to my son or daughter for $1 in Canada? A5) In Canada, it is not advisable to transfer ownership of real estate to family members for anything other than fair market value. However, an alternative would be to give the person cash that they can then use to purchase the property at fair market value. Settling an estate can be an overwhelming process and with many steps involved - you may not know where to start. I work closely with many clients to ensure the estate settlement process is smooth while they are going through a difficult time. Whether you need guidance on the settlement process or need the estate settled from A to Z, I'll be your right hand person. To learn more about the Executor Estate Settlement Services (EESS), head over to our website: https://jgrossman.ca #estatesettlement #estateadministration #estate #estateplanning #cpa #consultant #executor #liquidator

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I made a video for you! How's your summer season coming along? I made a video for you but you didn't see it. View this video I recorded about your tax debt and a few loopholes I've found HERE: https://buff.ly/3wXg4MI THEN, -- >> Click here to schedule your call: https://buff.ly/3UBhsxM For a limited time… if you need your case analysis completed, click here to book a free call with me/my team:https://buff.ly/3UBhsxM or call 443.741.4188 Or call 443.741.4188 during business hours to schedule with the team. NOTE: Your tax debt must be over $15,000 to qualify for this 3-step process. Learn more by scheduling your intro call.

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✨ Freedom Starts with Knowing ✨ With clear, reliable bookkeeping, you can truly feel the freedom to make decisions confidently. Control your finances, and you’ll control your future! 🌱📘 👉 Read the full blog to see how bookkeeping creates the freedom to grow! https://lnkd.in/gX-yEDaF

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Don’t let business tax deadlines sneak up on you! Whether you’re a sole proprietor, partnership, or corporation, knowing when to file and pay is key to avoiding penalties and interest. From June 15th filings to April 30th payments, getting it right can save you time and money. 📈 Want to make sure you're on top of your tax obligations? Visit our blog for the full breakdown of key deadlines and tips for staying compliant.👇 🔗 https://lnkd.in/gfq2KffW #BusinessTaxes #TaxDeadlines #TaxTips #EntrepreneurLife #FinancialPlanning #AvoidPenalties

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Do you know the different retirement incomes available in Canada? Check out my blog which explains them all. You can never be too prepared for retirement! Have you started planning for retirement? https://ow.ly/TNir50TZS68 #accountant #CPP #GIS #OAS #otherincome #stayinformed

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In today's Gazebo Coffee Tax Chats, we explore Capital Gains in Canada: A primer on the Principal Residence Exemption and what you should know, especially if you have multiple properties that could qualify. Snippet of the video below. Link to full video: https://lnkd.in/g_XKQBvV Highlights include legal vs. beneficial ownership and use of the exemption, foreign properties qualification possibilities, land size issues, and making decisions about which property to designate in the year of a sale. #themoreyouknow

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Tune in to this Week's Episode of The Finance Cafe Podcast where I sit down with Crystal Kelly, CFP® a Certified Financial Planner® and Financial Wellness Coach, to dive deep into the importance of financial planning for women entrepreneurs. In our conversation, Crystal sheds light on the unique challenges faced by women in the entrepreneurial landscape and offers actionable advice to help women prioritize their financial well-being. Here’s what we’ll cover: 🔹 Financial Challenges for Women Entrepreneurs: We delve into the gender pay gap, access to capital, and the impact of the motherhood penalty on women entrepreneurs. 🔹 Empowerment through Financial Literacy: Crystal emphasizes the significance of financial literacy, explaining how understanding options, weighing pros and cons, and knowing the "why" behind financial decisions can empower women to achieve their goals and gain financial security. 🔹 Key Financial Planning Considerations: We discuss essential aspects such as cash flow management, retirement planning, and exit or succession planning. Crystal highlights the importance of setting clear goals for both business and personal finances. 🔹 Leveraging Financial Tools: We explore the benefits of using financial tools, software, and resources to optimize business finances and streamline decision-making processes. Crystal also shares practical tips on how to prioritize financial planning amidst our busy schedules, including a financial wellness assessment that any business owner can take to understand where to start on this journey. This episode offers invaluable insights and practical tips to help you prioritize your financial well-being and set the stage for long-term financial success. Tune in and let's empower each other on this journey! #TheFinanceCafe #WomenEntrepreneurs #FinancialPlanning #FinancialWellness #FinancialLiteracy #Empowerment #Entrepreneurship #Podcast #TuneIn

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Tax planning checklist for high-income earners Depending on your province or territory of residence, you may be subject to tax at a rate of about 50% or higher when your income exceeds around $200,000. This article discusses a number of tax minimization strategies to consider. Tax planning should be an ongoing, dynamic process so that you don’t overlook opportunities to minimize tax. Advance planning is a key part of the process. https://lnkd.in/g6spEJpw

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🌟 Did you know that small businesses with regular financial updates are 60% more likely to thrive in their first five years? 📈 Consistent bookkeeping is key to unlocking insights into cash flow and profitability. At AZON Bookkeeping Services Inc., we offer expert guidance to help you maintain accurate records and make informed decisions. Let us handle the numbers while you focus on growing your business! 💼✨ #SmallBusinessSuccess #Bookkeeping #FinancialManagement #AZONBookkeeping #CashFlow #BusinessGrowth #EntrepreneurLife #BizTips

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Let’s take a moment today to appreciate the little things and spread that joy. What are you grateful for today? . . . #Gratitude #Grateful #BusinessBookkeeping #BusinessAccounting #Bookkeeping #Accounting #SmallBusiness #smallbusinessowners #vancouverbookkeeper #vancouveraccountant #washingtonbookkeeper #washingtonaccountant #thebookkeepingcompany

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Updated and enhanced Capital Gains Tax Planning Report courtesy of Jamie Golombek Have a look! #tax #taxplanning #canadiantaxplanning #capitalgains

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The tax season can be overwhelming for small-business owners, but fret not as there are 6 tax-saving opportunities you shouldn't miss out on, especially if you have 1–49 employees. Here's how you can save big: 1️⃣ Amend 2021 Returns: You could potentially claim up to $32,220 in federal tax credits for sick/family leave by filing amended returns. 2️⃣ Section 105 Plan: Secure deductions for 2024 and beyond by reimbursing expenses monthly through this plan. 3️⃣ Set Up a QSEHRA: Implement a QSEHRA promptly to avoid $50/employee penalties. 4️⃣ Consider an ICHRA: Explore the flexibility of an ICHRA for enhanced coverage options. 5️⃣ S Corp Health Insurance: Deduct premiums by paying/reimbursing them before Dec. 31 and reporting on your W-2. 6️⃣ Group Health Insurance Tax Credit: Qualify for a 50% credit on employee premiums in 2024 or prior years. 📞 Need assistance navigating these opportunities? Reach out for guidance and support! https://lnkd.in/dHVYBpEf

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🌟 Are you a small business owner feeling overwhelmed by bookkeeping? Let AZON Bookkeeping Services Inc. take the stress off your shoulders! 🌟 Our Monthly Bookkeeping Package is designed with you in mind. We provide comprehensive services including accounting system setup, monthly transaction recording, bank statement reconciliation, and GST/HST filing, just to name a few. You'll also benefit from year-end financial statements and unlimited email support. 💼 Imagine how much more you could achieve with an extra 13 hours a week! 💼 Our meticulous bookkeeping ensures your finances are always up-to-date, allowing you more time to focus on growing your business. No more late nights crunching numbers; let us handle that! Not sure how your business is performing? Enjoy monthly 60-minute virtual consultations where we discuss your business performance and assess your financial health. Visit our website to learn more and book your free consultation today. #SmallBusiness #Bookkeeping #EntrepreneurLife #FinancialFreedom #AZONBookkeeping #BusinessGrowth #StressFreeFinances #TimeManagement #BusinessOwner #Accounting

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