Seva Bookkeeping
Client Information Form
General
Information
Please
complete the following (where applicable):
Name:
____________________________________________________________________
Business
Name: _____________________________________________________________
Address:
__________________________________________________________________
___________________________________________________________________________
Telephone
______________________________ Mobile
____________________________
Email
Address _________________________
Birth
Date: ____________________________
Bank
Account #(s)_______________________ Credit
Card #(s) _________________
Use below if more
than one account
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Type
of Business _______________________________________________________
Sole
Proprietor, Corporation or Other ________________________________________
Please provide
date of incorporation if applicable and attach incorporation documentation
Shareholder
Info (if applicable) _____________________________________________
please attach
sheet if necessary with shareholder breakdown and personal information
Business
# _____________________________ GST # _____________________
WCB
A/C ________________________________ Payroll
# ____________________
Year
End Date ____________________________
Accountant
Name _________________________ Phone #
____________________
Set Up List (what we will need to get going)
- Supplier
Invoices Outstanding/Paid (if not entered into system)
- Visa, M/C, Amex Receipts
- Cash
Receipts
Please
list all pre-authorized payments:
Company ___________________________ Withdrawal Date ______________
___________________________________ ____________________________
Please also bring:
Cheques/Cheque Stubs
Deposit Books
Bank Statements
Credit Card Statements
Letter Head
Customer List
Supplier List
Copy of last tax return (personal and/or corporate)
Back Up of your accounting files on USB
Tax Tips for the Sole Proprietor
If you have business activities to report as a
sole proprietor, here are some important
reminders and tips to help you with this year’s
income tax filing.
Filing
deadline is June 15th of the
following year - for you and your
spouse/common
law partner. Although interest on any unpaid tax balance still
kicks
in on May 1st, late filing
penalty will not start until June 16th. Best defense
is to
make a tax instalment on the estimated unpaid balance by April 30th.
Home office expenses - business
portion of qualifying home expenses includes
mortgage
interest, property tax, utilities, insurance, maintenance, minor repairs,
strata
fees, and rent. The amount is usually based on a percentage of square
footage
of your home office space, in relations to the total square footage of your
home.
Keep in mind these expenses can only be claimed against business
income.
You are not allowed to create or increase your business losses using
these
claims. It’s a good idea to keep track of unused home office expenses as
they
can be carried forward to apply against future business income.
Telephone and communications - don’t
overlook claims for extra telephone
features
(such as voicemail, call forward and call display) for business use, extra
phone
line for fax and internet access, cellular phone, pager, and internet access.
Of
course, business long distance charges are still 100% deductible.
Automobile expenses - using your
car for business purpose entitles you to
claim a
portion of its operating costs against your business income. Qualifying
items
include gas, oil, maintenance and minor repairs, insurance, car washes,
auto
club membership, aircare, car loan interest, depreciation, leasing costs and
parking.
To support your business claim, it is best to keep a car log documenting
your
daily business kilometres. Pay special attention on maximum allowable
limits
on certain car expenses such as interest, depreciation and leasing costs.
Wages for family members - consider
paying family members (spouse or
common
law partner and children) a fair and reasonable amount for their services
rendered
to your business. This is an effective mean to split income and can
result
in a more favourable overall tax bill for the family.
Asset purchases – buy or replace business
equipment as close to December 31st
as
possible to increase depreciation claim for the year. Most capital assets are
entitled
to 50% of the normal allowable rate in the year of purchase, regardless
of when
during the year the items are purchased. The best day to buy to
maximize
depreciation claim is, of course, December 31st!
Document retention - for tax
purpose, don’t forget to properly file and save all
your
business receipts for at least six years. They are the proof that you incurred
the
expenses claimed in the course of earning business income.
For
more information, consult a tax professional or visit the tax department’s
website