Canadian Electrical Industry News Week

Business

September 28, 2017

By Julie Morris

Small business owners usually cringe at the thought of tax season. They are busy enough with their daily operations that they don’t want to spend all of their time and energy getting ready to file on time. They also may dread the thought of paying more in taxes than they feel they should. While small business owners cannot avoid taxes altogether (even though they wish they could), they can take some steps now to avoid the hassles that typically come at tax time.

Consult last year’s return

One of the best moves small business owners can make now to prepare for the upcoming tax season is to review last year’s return carefully. You may realize that you missed some deductions or expenses that you want to be sure to take advantage of this year. Or, you may realize that you underestimated this year’s taxes and need to start saving now.

On the other hand, if looking at last year’s return makes you feel completely overwhelmed, it’s time to invest in tax software or hire an accountant or tax lawyer who specializes in small business taxes. Sometimes it’s better to admit defeat, utilize the tools and resources available to you, and leave the hassle to someone else. It’s also important to note that it’s not advisable to wait to consult with a tax attorney or hire an accountant. These professionals become swamped after the first of the year and may not be able to schedule an appointment with you if you wait too long to reach out for help.

Have your records in order

Even if you are diligent about keeping receipts, a tax organizer or tax diary is a must. It’s also critical that small business owners keep their expense logs separate from their tax organizers, especially because high-quality tax organizers cover all of the questions the CRA will want answers to regarding travel, entertainment, and expenses should you be audited. Small business owners who keep tax organizers are better protected if they are audited because the burden of proof rests on the CRA when they have all of their expenses and taxes in order and logged properly.

Be diligent about deductions and expenses

While you are keeping your records in order, you need to be diligent about it. Taking legitimate deductions is one of the best ways to lower your tax liability, but without the proper documentation, it is difficult to take the deductions and arm yourself should auditors come calling. It’s also a good idea to decide now whether you are taking the home office deduction or not; if you have a dedicated space in your home where you conduct business and nothing else, you are entitled to the home office deduction.

Categorizing expenses as equipment instead of supplies can cause a lot of headaches when it comes time to file your taxes. Keep in mind that supplies are things that you use during the year and replenish frequently, such as printer paper, pens, staples, file folders, and printer ink. On the other hand, equipment typically includes items that are more expensive and that last longer than a year. Equipment usually includes computers, software, furniture, and servers. You also should decide now whether you are going to write off the whole cost of new equipment this year or take depreciation over several years.

As a small business owner, you have the power to make your tax season hassle free if you learn from past years and take advantage of available tools and resources, have complete records in place, and correctly categorize deductions and expenses.

Julie Morris, a life and career coach, is a guest blogger in this issue for Shawn McCadden. Find out more about Julie: http://juliemorris.org

Shawn McCadden is a consultant, educator and speaker who offers business consulting and coaching services for remodelling business owners who want more for and from their businesses and their lives. He also consults with construction-related product manufacturers and suppliers, helping them understand, find, educate and better serve remodelers. Check out Shawn’s website http://www.shawnmccadden.com/ and blog www.shawnmccadden.com/Subscribe-to-The-Design-Builders-Blog

Changing Scene

  • Prev
  Schneider Electric has committed to sourcing 100 per cent renewable electricity and ...
  Smart lighting start-up Gooee, the ‘data brain’ for building activity, has ...
John Sencich will be retiring on February 23, 2018. John has been an esteemed member of Thomas ...
  Prysmian Group and General Cable Corporation have announced that they have entered into a ...
ABB and Hewlett Packard Enterprise (HPE) have announced a strategic global partnership that ...
  IMARK Canada has announced that Jim Taggart has been appointed as company ...
  After 31 years of service with Rexel Canada, Rachelle Caron, General Manager, Westburne ...
  With a growing demand for non-polluting, energy efficient vehicles, ElectraMeccanica ...
  Mark Lloyd and the Board of Directors of the Electrical Contractors Association of ...

 

EFCElectro‐Federation Canada (EFC) and Cámara Nacional de Manufacturas Eléctricas (CANAME) of Mexico, have submitted joint recommendations to their respective governments to safeguard future trade in North America.

The recommendations call on the strong need for governments to retain, modernize and improve the North American Free Trade Agreement (NAFTA) in order to increase market access, reduce business costs and improve global competitiveness.

Read more: EFC NAFTA Recommendations...

 

Codes and Regulations Brought to You by the CSA Group

  • Prev
In this article: Section 58 — Passenger Ropeways and Similar Equipment. Rule 58-000 ...
  Unauthorized CSA Group certification marks have been found on wiring by Triumph Cable ...
In this article: Section 52 — Diagnostic imaging installations. The CE code is a ...
In this article: Section 46 — Emergency Power Supply, Unit Equipment, Exit Signs, and ...
  In this article: Section 44 — Theatre Installations. The CE Code is a ...
CSA has published C22.2 No. 60947-7-3, the harmonized standard for low-voltage switchgear and ...
  Electric welders. The CE Code is a comprehensive document. Sometimes it can seem ...
  In this article: Section 40 — Electric cranes and hoists. The CE Code is a ...

CSA

Now in its 24th edition, the 2018 Canadian Electrical Code, Part I includes a number of significant updates and changes to better help electrical workers in the safe maintenance of electrical equipment and create safer electrical installations.

This edition features important revisions to many sections. For example, Section 26 now mandates the use of tamper-resistant receptacles in additional areas where children may be present. Section 62 now requires ground fault circuit interrupter protection for heating devices and controls in proximity to tubs, sinks, and shower stalls. Section 10 has been updated, reorganized, and significantly reduced in length.

 Read more...

 



Tools for the Trade

  • Prev
  IDEAL Industries has introduced Combination Drill Taps to its tool lineup. Combining the ...
  Stripping and crimping device, 100 - 240 V input voltage, for insulated ferrules with a ...
Professional all-in-one cutter/stripper for coaxial and twisted pair cables     ...
  Klein Tools' Coax Explorrer 2 tests coaxial cable and maps up to 4 locations   ...
  Ideal Industries' T-14 wire stripper s are ideal for all professionals working within the ...
  The ATS850 conveyor eliminates all types of electro static discharge requirements. ...
  Lorik Tool & Automation has the experience and ability to manufacture a variety of ...
  Ideal Industries' 26 piece insulated Journeyman kit is ideal for new electricians or for ...
  Klein Tools Deluxe Fish Rod Set comes in 19 pieces that when assembled can fish wire and ...
  BendWorks Software was designed to help electrical contractors adopt this new process ...

Product News

  • Prev
  Standard has introducts a new easy way to retrofit your existing recessed lights. ...
  Standard's LED Flood Light series includes a robust die-cast aluminum housing with a ...
  Tokistar Exhibitor Series is a wet-location festoon lighting system widely used in ...
  HomeWorks QS, designed for exclusive homes, seamlessly integrates the control of electric ...
  Eiko's LED Advantage Filament 4.5W is a great addition to any home or business. It ...
  Lighting systems from Philips help people feel comfortable, productive, and safe. They ...
  The WaveLinx Wireless Area Controller coordinates between the WaveLinx smart and ...
  The Luminaire Controller is a primary component of the Audacy Wireless ...
  SiteSync Lighting Control delivers flexible control strategies for reducing power ...
  The LCS 2-X-2 is a computerized lighting control systems utilizing microprocessor ...

 

Peers & Profiles

  • Prev
  Automation companies are drivers of innovation, and have penetrated near every industry ...
Total Electrical Solutions was founded in 2013 by Jeremy Herrington in Quispamsis, on the outskirts ...
Andrew MacLeod is a territory sales manager with Leviton Manufacturing of Canada in British ...
  Floyd Lau founded Amptek Technologies in 2002 as an end to end engineering design ...
Mike Marsh, President and CEO of SaskPower, has been a leading figure in Saskatchewan’s ...
Gordon MacDonald is a cheerful, driven individual who loves to be challenged, a trait that suits ...
  Most of us have a difficult enough time managing one job and a home life. However, some ...
  Since 2012 Barnstormer has advanced the abilities of their brewery with the installation ...
  Electrical Industry Canada was recently given the unique opportunity to see ...
  Vickery Electric has been providing electrical services to the Whitby area since 1923, ...

Copper $US Dollar price per pound

Prepping Your VehicleIf you use your own car or truck as a work vehicle — and routinely drive it to construction sites — it's important to treat it like any other piece of work-related equipment.

That's why many contractors as well as their employees make sure their vehicles are properly maintained and prepared to be on any job site. With this in mind, check out the following tips that will help keep your car in good shape on any and all job sites.

Read more: Prepping Your Vehicle ...

 

 

 

 

Kerrwil Publications

538 Elizabeth Street, Midland,Ontario, Canada L4R2A3 +1 705 527 7666
2016 All rights reserved

Use of this Site constitutes acceptance of our Privacy Policy (effective 1.1.2016)
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Kerrwil