Availablity Notice

HAPPY 2017!!  I hope these past couple of weeks have gone well for you thus far.

This is a quick message to notify you that Balanced Business Bookkeeping Solutions office will be closed while I am away on my long awaited vacation. I will be away from February 1st and plan to return to the office on February 14th.

I thank you in advance for your cooperation and patience during my time away.


Tax Options

Cringing at tax time because you don’t look forward to a balance owing? What can you do to eliminate a balance owing at tax time?

Your options all depend on your personal situation; marital status, dependents, income level (from all sources), and any eligible credits such as medical expenses, RRSP contributions, eligible transfers, or taxes already paid for the year.

Although no one likes having an Income Tax balance owing, it’s not good to claim a significant refund at tax time either. This means the Gov’t has been using your money at your expense. As long as you are able to pay any balances owing by the deadline, you are better off with a balance owing at tax time.

It’s good to start preparing now. It’s recommended that you assess anything that may affect your Income Tax Return result (no matter the size) and consider contacting your tax preparer to compare these things to the prior year in hopes of estimating what your balance may be. Something as simple as a small wage increase or added work benefits, health issues, or age can make a significant change to the end result.

Be prepared!



Congratulations to the recent ladies who graduated from Balanced Business Bookkeeping Solutions last available QuickBooks training class!

Your new knowledge of a computerized financial recording system is a great and rewarding task to help ensure the financial accuracy and success of your business. I wish you the best in your future endeavors.

Katherine MacFarlane 🙂

CPA Canada unification of accounting professions

Under one name, Chartered Professional Accountants of Canada (CPA Canada) now provides merged services to Chartered Professional Accountants, Chartered Accountants, Certified Management Accountants, and Certified General Accountants.

Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue attended the CPA Canada’s first National Conference as a unified organization on September 23rd. In her speech at the national Council of Chairs of CPA Canada on September 23, Minister Findlay highlighted the importance of collaborating with the tax professional community in maintaining the integrity of the tax system.

CPA Canada now represents more than 190,000 members who are critical to tax compliance in Canada. Tax preparers play a crucial role in Canada’s self-assessment system. In fact, the majority of income tax and benefit returns are filed on behalf of taxpayers by tax preparers. A well-informed and competent tax preparer community can prevent recurring errors, saving taxpayers from costly problems later on and reducing red tape for business.

The Government of Canada is collaborating with CPA Canada and other stakeholders on a variety of initiatives to improve the tax system and enhance online services for tax professionals.

To read more on this subject, including some quotes and quick facts, GO HERE.


EI cuts for small businesses in 2015 & 2016

Finance Minister Joe Oliver has recently announced that Ottawa moved to cut employment insurance premiums for small businesses, indicating it as an effort help save employers money over the next two years and help stimulate hiring.

Justin Trudeau proposed an alternate idea that employers who hire additional workers should get a two-year holiday from paying employment insurance premiums for those employees, which he thinks is a better way to help create jobs. He pointed out that the Harper government’s decision to reduce premiums only applies to small businesses that pay premiums under $15,000, which actually gives some employers an incentive to fire workers.

Trudeau says his proposal would cost the same as the government’s plan — $225 million — and create 176,000 jobs. Trudeau says the Liberals will also probably support NDP Leader Tom Mulcair’s proposal to introduce a $15-per-hour minimum wage for workers in federally regulated sectors.

Katherine MacFarlane’s comments … well first, I’ll believe it when I see it. Secondly, let us not get all excited, because this proposal, as most do, have it’s restrictions. Keep in mind that employee premium deductions from wages will not be changing, and this may cause your claim acceptance to be even more difficult than it already is … right when you need it most!

You’ll see that these articles are certainly centered around Ottawa standards, but I can only assume this would be applied across the country. We are all too familiar with how the government operates … they are always good at making it seem like they are doing us a favor.

Do you have an opinion or comment? I would love to hear it!

Read on for more details which appeared in the Winnipeg Free Press Sept 11th and the Sept 13th. edition.




Did you know that you can only claim 50% of meals and entertainment for business expenses? This also includes any costs regarding meetings, conferences, travel, and tips. What is more important to know is how to record this properly for your financials.

If you are not GST registered, you record the full 100% under your meals and entertainment expense category.

When you are a GST registered company, you can not record these expenses as you would with other business expenses. In order to record your meals and entertainment properly, you need to deduct 50% of the GST (ITC) paid for that expense.

Your accountant or Income Tax Preparer will need to know the full 100% cost minus the 50% gst. This 50% of the GST paid can be claimed as part of the business GST (ITC), and the remainder amount is recorded under your meals and entertainment expense.


The total meal expense including tips is $30.00, with a gst amount of $1.25. You get to claim 0.62 gst, and 29.38 meals expense.

NOTE: However, you need to prove that it was and expense incurred in order to gain income. If you do not follow CRA regulations, they may have reason to deny any claims, including any GST that you had claimed as an ITC.

Go to CRA web site for more details.

Spreading the Word

As I had mentioned almost a year ago, I want to make sure that my site is not going to go to waste. I want to take this opportunity to say THANK YOU for those of you that have already signed up as a follower of Balanced Business Bookkeeping Solutions web site. I trust that the information you have received has been very helpful.

I am wondering, however, if you have actually taken advantage of my web site and browsed through the information? What are you missing?

By however means you are seeing this message right now, I would love to hear from you with your comments and suggestions. Is there something in particular that you would be interested in knowing about? How about letting others know how Balanced Business Bookkeeping Solutions has helped you? Please take the time to actually go to my web site, become a ‘follower’, ‘log in’, and leave a comment. Keep in mind that you may need to access my web site through a PC if you are not successful through a mobile device.

Secondly, I need you to spread the word about my site. Use as many of your favorite media channels as possible to spread the word to your contacts and have them be a follower too! www.balancedbusinessbookkeeping.ca

To continue having my web site, I need more people to ‘follow’ my site posts and take advantage of my FREE information such as CRA news and updates, business and tax tips, and even periodic site promotions! I don’t want my web site to go to waste.

Thank you again, and look forward to receiving your comments!