Running a business involves juggling various tasks and responsibilities, including administrative duties that can consume valuable time and resources. As a business owner in Stoney Creek-Cormac, you must focus on core business activities that drive growth and success. Outsourcing administrative services can be a game-changer in boosting productivity and allowing you to maximize your business's potential. In this blog, we will explore how outsourcing administrative services can help you streamline operations, increase efficiency, and maintain a laser focus on your core business objectives.

Tax season can be a stressful time for businesses in Stoney Creek-Cormac. Navigating the complex world of taxes requires a deep understanding of ever-changing tax laws, deductions, and credits. Small business owners often find themselves overwhelmed by the intricacies of tax preparation and the fear of making costly errors. This is where professional tax services come in. In this blog, we will discuss how tax services can save your business time and money by ensuring accurate and efficient tax compliance.

Managing the financial aspects of your business can be a challenging and time-consuming task. From keeping track of transactions to preparing financial statements, bookkeeping plays a crucial role in maintaining the financial health of your business. However, many business owners in Stoney Creek-Cormac need help handling bookkeeping independently. That's where professional bookkeeping services come into play. In this blog, we will explore the benefits of streamlining your finances with professional bookkeeping services and how they can maximize efficiency and accuracy in your business operations.

We have encountered thousands of individuals and companies over the years who have all asked us some crucial questions before hiring us. It’s important to have full confidence in your bookkeeper and understand exactly what they can do for you and your business.  

If you’ve been collecting Goods and Services Tax (GST) or Harmonized Sales Tax (HST) from your customers, it’s important to understand how to remit those taxes back to the government. If you’re a first-time business owner, filing a GST/HST return may seem more complicated than filing your personal income tax. The information required and the process of filing the return are both very different, and you could end up making a lot of mistakes that could end up being costly. As experts in the field, we at Patncat Co Inc have written down why you shouldn’t DIY your GST or HST filing.  

A fool-proof bookkeeping system helps you keep organized and never miss a deadline. Mistakes are easily made, and the work can easily be overwhelming for someone who doesn’t have experience or knowledge. Therefore, before you hire any bookkeeping service, you want to make sure you are fully assured about your decision. 

Patncat Co Inc wishes you and your family a very Merry Christmas, a happy and safe holiday season, and all the best for the New Year 2022!

We are delighted to announce the launch of our new website!

Income Tax Season starts for Efiling February 24, 2020, all personal taxes need to be filed by April 30, 2020, small business taxes are due June 15, 2020. What’s new for this season? The tax package has a new look. It includes the income tax guide for Non Residents and Deemed Residents of Canada.  It reduces the number of forms by eliminating Schedule 1. CPP and QPP are enhanced, meaning if you contribute more to CPP and QPP you will receive improved benefits in exchange for higher contributions.. There is also a deduction on Schedule 8 or FormRC381. Canada Training Credit: once you meet certain…

Income Tax, the due date for Canadians is April 30 and self-employed business are due on June 15.  Payment for the outstanding tax is due by April 30.  As Canadian taxpayers, we need to understand the Understand of the harsh filing penalties and interest charges should encourage taxpayers to file on time to meet the deadline of April 30, 2019. The interest rate for outstanding balances, the CRA has boosted the interest rate to 6% compounded daily. Filing your taxes late, after April 30, 2019, or June 15, 2019, for self-employed results in consequences that the taxpayer needs to know. The first year, you file late…

Once again, we are gearing up for the tax season.  Taxes for Canadians are due April 30, 2019.  For Proprietorships and other business due June 15, 2019, but if you owe it's due April 30. Changes Home relocation loans deduction repealed. Cost of animal and certain related expenses are eligible for a medical tax credit Mineral exploration tax credit for flow-through investors Eligibility for clean energy is extended Split Income for business These are just highlights of the changes… for a more in-depth explanation go to the Canada revenue website, ask your tax preparer, or your accountant.

The government of Ontario implemented changes to laws starting January 1st 2019.  Here are the highlights: Hunting and fishing:  a streamlined license, it will contain all licenses the client has purchased Political contribution limits will now match the federal limits at 1600.00 Ontario Traffic Act: Increased fines, license suspension and demerit points for distracted drivers, impaired drives, there’s also a new fine for refusing to take a drug or alcohol test.  The fee for reinstating your driver’s license after a suspension will increase. Changes for Ontario Workers:  New tax credit for low-income individuals and families. Replace paid leaves for emergencies, illness or bereavement with unpaid.  Changes to part-time, casual…

Bill 47; changes take effect on January 1, 2019 to the employment Standards Act. Minimum Wage is being held to the $14 per hour until October 1 2020. (General Wage $14, Student 13.15, and Liquour Server 12.20 per hour) Personal Leave days: changes from the two paid personal emergency leave days to all employees are entitled to a total of eight unpaid days.  You are allowed to ask for documented proof providing its reasonable including notes from doctor. 3 days personal illness 3 days family 2 days bereavement. Stat Holiday Pay: Calculation is take the last four weeks of gross pay divide it by 20.  All…

In Ontario, the workplace and safety board pay a key role in workplace health and safety systems. Administrating a no-fault workplace insurance for employers and their workers.  Most employers must register with WSIB within ten days of hiring a employee.  Penalties/Fines and Interest is applied to those found non complaint.  Compliance Functions:  Interest and charges to accounts, issue clearance certification, audits on employers books and records, collect overdue amounts, pursues civil remedies to recover monies owing, and will investigate and prosecute offences. To register, contact your bookkeeper or accountant or go on to wsib.on.ca/WSIBportal.  WSIB is paid by the employer,…

1. Not Staying On Top Of Incoming Money An invoice is sent to your customer and recorded in your books; meaning your customer owes you money. When you receive a cheque apply it to the invoice so its marked paid. At tax time, the receivables have money in your sales account that don’t make sense…results over paying on your taxes and high bad debts. Each month you should be looking at your receivables can save you money in the long run. 2. Not Keeping Receipts Many people through out the receipts, Dont Do it!! Keep a box or bag in your car, put all business…

I’ve been asked many times how should I structure my business… While there is no single right or wrong answer its your business and you should be aware of the issues. You can incorporate on your own but it is better to have your lawyer or your accounting professional go over for whats best in your situation for your business. The simplest model is the sole proprietorship. There could be tax benefits if you incorporate your business It costs more to incorporate and keep separate books There can be more liability to an owner of a sole proprietor.

Once you get married change your status as soon as possible, because benefits such as the Child tax, and the GST/HST credit will be affected. The government will recalculate your benefits based on family information and net income. Benefits will be adjusted the following month you status changes. If you do not report this change immediately and you wait until tax time, there could be a bill owing to the government with interest.

You have a vision… What is your goal… As a small business owner you are pulled into many directions. You need to set goals and stick to them. Set the Goal, Make the plan, Work on the plan, review and stick to it… You will reach your goals.

In the mind we create Success, as the business owner you must completely believe that you will be successful. Your vision of your business must be clear, bold, come alive and be 3D at all times. Your mantra MUST be you will succeed, but not only you but also your employees… Communicate your vision to everyone. Remember positive energy is contagious, excitement about your ideas, products will multiply. The group will propel the company through good times and challenge