Local Legal Info
Welcome to Local Legal Info!

Insurance Articles


How Did I Fall So Deep Into Tax Arrears?
By Jennifer Kubilis


Sales are up and the money is flowing into your bank account. Think all that money is yours? Think again! If you`re tracking any taxes such as GST or PST, a portion of those funds belong to the CRA (Canada Revenue Agency).

On the one hand it`s easy to remember GST and/or PST when we include it on our invoices and when making purchases. But it`s another thing to remember when we`re making deposits or looking at our bank balance and thinking that it`s all ours. A second bank account to hold those funds can be a great help and it`s as easy as making a transfer on your bank`s website.

Payroll and WSIB taxes can be another source of frustration. You should have an idea how much your payroll will be each month. It`s easy to calculate the taxes. CRA provides free of charge payroll tax table books or a stand-alone tax table program to calculate the taxes for each employee. Don`t forget to include your company`s portions of CPP and EI. Reserve a portion of these taxes each time you make that bank deposit.

Do you have the information at hand when it`s time to send in the remittance report? Keeping your bookkeeping up-to-date means you have the numbers ready when you need them.

We procrastinate when it comes time to send in the remittance reports, but CRA will hit you hard with penalties and interest if you miss that due date. It is easy to get into arrears and can be very difficult to get out of that ever-deepening hole.

Think bankruptcy will fix your problems? Think again! Tax arrears are not swept away with bankruptcy. Tax arrears will still be owed long after your other problems are gone.

What is the solution?

* Having a second bank account to hold those funds until it`s time to remit to the government
* Transferring funds to the second bank account each time you make a bank deposit
* Having your bookkeeping up-to-date so you have the numbers ready when you need them

JK Business Services has been providing bookkeeping services for clients in the Hamilton-Wentworth and Halton regions since 1995.

For the do-it-yourselfer, we have training programs using Quickbooks, MYOB or Simply Accounting. For those who don`t have time to, don`t want to, or can`t, we also provide complete data entry.

Jenn Kubilis
JK Business Services
Bookkeepers are NOT boring people!
We just get excited about boring things.
http://www.hwcn.org/~aa031/

Article Source: http://EzineArticles.com/?expert=Jennifer_Kubilis

For more information about this article and/or the author visit http://www.hwcn.org/~aa031/

For more information, news and articles see:

Car Gap Insurance - Car Gap Insurance
...ever heard of car gap insurance until recently. I suppose unless you buy a car on finance you might not know about such policies. As I understand it the car gap insurance covers you in the event of a car being stolen and never recovered or one that is deemed a total loss by the insurers. If you still owe money on the car to a finance company then the gap insurance will pay off the difference between what the insurer says the car is worth and what finance you have left on it. Some of the policies will even leave you with some money to use as a deposit on another car. It`s, probably something that many people would never even consider when they take a car out on finance. If the insurance company decides that the car is worth less than you thought it might be when it is deemed a total loss then you could have to stump up the money to pay off the bal...
Visit Car Gap Insurance...

Hgv Courier Insurance - Hgv Courier Insurance
...of insurance that you would normally purchase for a delivery business. So there are now insurers who specialise specifically in more complex insurance policys, they are experts in business insurance; therefore they will be able to advise you on all your insurance needs, to make sure you are completely covered, leaving no room for mistakes. The following is a list of the specifications that you may need to include in any haulage insurance cover and what can be potentially covered with the correct policy: Legal liability for injury or death to any other individual, including any such passengers. Legal liability for damage to outside property. Legal costs can be fully covered with the Insurers consent, in connection with an insurance claim against your policy. Your own damage (subject to any excess). Vehicle replacement, in the event of an accid...
Visit Hgv Courier Insurance...

Gap Insurance - Gap Insurance
...surance but how many people know what gap insurance is? I know that I had never heard about this type of insurance before until it was brought to my attention recently. The gap insurance covers the deprecation on a car in the event of it being stolen and never recovered. How does it work you might wonder and do you need to take it out if you have outstanding finance on the vehicle? Say you have ten thousand pounds worth of car finance on your car but when it gets stolen the insurance company says it`s only worth eight grand. It means you`ll have to find the extra two thousand pounds to pay off the finance company. If you take out gap insurance on the car, this amount will be covered, so you don`t have to find any additional money to pay off the debt. Most people buy cars and decide to keep them for a set amount of time so they know how much fina...
Visit Gap Insurance...

Courier Insurance - Courier Insurance
...ant. Losing such document or parcels can mean huge losses for some people. Therefore,Courier Insurance has become an important consideration for any one using mailing services. It is not uncommon for people to lose their mail before it reaches a desired destination. We make sure that your mail is covered sufficiently so that if you happen to lose it while it is on its way, you will be compensated. Many people may not see this as a necessary step until they experience a loss. So, why wait for it to happen to you? Get your insurance now and save yourself from huge losses. ...
Visit Courier Insurance...


Click For More Detailed Information on:
my local legal ::easy insurance for you ::new cover for you ::new cover 2 u ::juridical 4 you

Copyright © 2003-2012. All Rights Reserved.


Valid CSS!