Profit Wise Bookkeeping & Tax Services
830 Kloppenburg Court S7W 0P3 Saskatoon, SK, Canada

Hard to believe people would go through preparing and filing their taxes and forget to cash their cheques! I will have to check to see if my name is on the list.

I do a few tax returns every year for individuals who have not filed their taxes for several years. Occasionally someone comes in who has not filed for quite a few years. It's not a problem if you have a refund coming, but I have seen some horrendous tax bills that are owed to Revenue Canada. This interesting article explains how late filing fees can have a major impact in significantly increasing your tax bill. Filing your return on time eliminates the late fees and will only result in interest charges on the balance owed. We are here to help you file your taxes on time. Please check out our website at https://profitwisebookkeepingservices.com/ for our contact information.

On February 24, we will be able to start e-filing 2019 tax returns.If you have all your 2019 tax slips and need someone to prepare and e-file your return, please call our office at (306)290-7480. Another important deadline to remember for anyone wanting to take advantage of purchasing RRSP's, is March 2. In the following article, Global News presents a few factors to consider before you file your 2019 return.

Tax Season is almost here! On February 24, CRA will have their computers up and running again, ready to accept e-filing of 2019 tax returns. In the following article, you can read about a number ways the new tax form for 2019 has changed from previous years. If you are needing assistance in preparing and filing your tax return, don't hesitate to contact us! We would be happy to help you!

Looking forward to this event!

I can tell you that this was not one of my tax clients. That should narrow it down somewhat! We have another week to get taxes filed. Make sure to avoid late fees and interest charges by getting your taxes filed by April 30. I have extended my office hours for this final push, so call (306-290-7480) or message me to make an appointment to get your taxes done.

It is getting to be crunch time for anyone who has not begun to think of getting their income tax filed by April 30. If you or someone you know is in this situation, Profit Wise Bookkeeping & Tax Services can help. We provide tax preparation and e-filing services for personal tax returns and small business tax returns. Contact us if you need assistance by sending a message through Facebook or call by phoning 306-290-7480. We have extended our office hours and are availabl...e to meet with you some evenings and also on weekends, particularly if scheduling is an issue for you. We just ask that you call ahead and let us know when you are coming. Don't be late with filing your taxes, or you will be sending more of your hard-earned cash to CRA in the form of late fees and possibly interest fees. Our goal is to help you keep the money you are entitled to, so we welcome the opportunity to work with you and your tax returns! See more

The writer of this article includes ways people can work towards reducing taxes during the year and using those savings immediately to one's benefit. He states that "using these methods will improve your cash flow throughout the year and eliminate your tax refund next filing season. (As I’ve often said, getting a refund is a sign of poor tax planning!)" An interesting perspective!

An interesting little story on how taxation works, and although the story references the US, it is likely worse in Canada. One article I read recently, stated that in 2013, the top 10% of Canadian earners paid a total tax rate of 54%(which included Federal, Provincial and Local government taxes). With our present Federal government's reckless spending and lack of restraint in sticking to a balanced budget, taxation levels will only get worse for all Canadians. If they are ...going to have any way to make ends meet financially, many ordinary Canadians will have to vigorously stick to their household budgets and try to creatively cut costs themselves. One possibility might be to try to reduce the amount of taxes a household pays. This is the time of year for Canadians to be thinking of tax planning for 2019, and taking some steps early in the year, to hopefully alleviate one's tax burden, at least to some degree. Don't leave all your tax planning to the end of 2019, because you could well eliminate some of the options that may have existed had you acted earlier on in the year. See more

There are only a few days left in 2018 to make the decisions that can impact the amount of income tax you might have to pay. Don't neglect to consider ways you may be able to reduce your taxes before it's too late!

I had the privilege of talking with Roger Knecht of Universal Accounting Center from Utah this morning. Universal Accounting Center is the institution where I received my on-line bookkeeping and Quick Books training, which I completed in 2015. I met Roger at the Institute of Professional Bookkeepers of Canada Annual Conference this past September in Calgary. If anyone is looking to get some bookkeeping training, I would highly recommend checking out Universal Accounting Center!

Tax-planning becomes essential when one realizes how much you pay annually in taxes!

No wonder why it feels like there isn't a lot of cash left over at the end of the month! Taxes have been creeping upward for many years and there appears to be no end in sight with the government's unrestrained spending and projected deficits. It would be a relief to have a number of years of downward trends in taxation rates for a change, making life a bit easier for Canadian families and individuals!

For any business owners who have not filed their 2017 tax returns, remember that Friday, June 15 is the last day to file your tax return. Financial penalties may be charged by CRA for late-filing. If you are required to pay your 2018 taxes by quarterly instalments, make sure to read the following article.

From the first Income Tax Act in 1917 containing 11 pages, to the 2018 version containing 3,302 pages, the complexity of Canada's tax system has grown proportionately. This is an interesting read about our tax system. One more day to get your personal tax returns on the way to CRA, or you may begin to suffer the consequences of late-filing. Business owners have until June 15 to get their returns in. Contact Profit Wise Bookkeeping & Tax Services if you are in need of tax preparation or bookkeeping services.

Here are some helpful tips with how to manage your refund, if you are one of the fortunate ones getting a refund this year! Remember, we are in the homestretch with getting 2017 tax returns prepared and sent in to CRA. If you are in need of someone to get your taxes done over the next week, give me a call.

Just a reminder that you have less than a month to get your 2017 personal tax returns filed. Midnight on April 30 is the deadline for all personal returns. Business owners have until June 15 to file their tax returns, but if they owe taxes to the government, CRA will charge interest retroactively to May 1. If you are procrastinating or just don't have time to do your own taxes, give me a call. Profit Wise Bookkeeping & Tax Services would be happy to do the work for you and save you the hassle of being a late filer!

Although this article is written by an American for American tax payers, I believe us Canadian tax payers deal with much greater tax stress than our neighbors south of the border. A Global News article back in August of 2014 stated that a Fraser Institute study found that the "average Canadian family was spending more on taxes than on food, shelter and clothing combined." Add to this the recent Fraser Institute report that found "81% of middle-income Canadians are paying an average of $840 more a year in income taxes", we Canadians need some innovative ways to deal with the stress that comes, particularly during tax season. Read this article to discover some stress-relieving tips to help you cope during this season. And if you are stressing about getting your taxes prepared and filed with CRA by April 30, give me a call. I can help!

I love this story! This dear 94 year-old lady is still preparing tax returns for H&R Block in Alberta. If I end up working that long, I still have over 30 years to go! Longer than my teaching career was!

There are some definite benefits in out-sourcing your bookkeeping. This article presents several compelling arguments for utilizing the services of an external bookkeeper as opposed to hiring an in-house bookkeeper.