PLANNING FOR YEAR END KNOW & GO WORKSHOPS Peggy Seville December 14, 2015
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PLA
NN
ING
FOR
YE
AR
EN
D
KN
OW
& G
OW
OR
KS
HO
PS
Pe
gg
y Se
ville
De
cem
be
r 1
4,
20
15
•Ye
ar
En
d C
he
ckli
st•
Yea
r E
nd
Ch
eck
list
1
•Q
uiz
•Q
uiz
2
•R
evi
ew
An
swe
rs•
Re
vie
w A
nsw
ers
3
Tod
ay
’s O
verv
iew
Ab
ou
t M
e•
Pro
vid
ing
acc
ou
nti
ng
se
rvic
es
an
d Q
uic
kbo
oks
sup
po
rt &
tra
inin
g s
ince
19
94
•C
ert
ifie
d Q
uic
kbo
oks
Pro
Ad
viso
r si
nce
20
07
•P
ass
ed
Ce
rtif
ied
Ge
ne
ral A
cco
un
tan
t’s
(CG
A)
cert
ific
ati
on
exa
ms
in J
un
e
•W
ill h
ave
Ch
art
ere
d P
rofe
ssio
na
l Acc
ou
nta
nt
(CPA
)
de
sig
na
tio
n b
y S
ep
tem
be
r 2
01
8
Yea
r E
nd
Ch
eck
list
CO
UN
T I
NV
EN
TOR
Y &
SU
PP
LIE
S
•O
n o
r b
efo
re D
ece
mb
er
31
st
•M
ake
a l
ist
incl
ud
ing
de
scri
pti
on
, q
ua
nti
ty,
cost
pe
r
ite
m,
tota
l co
st
•Id
en
tify
ite
ms
wit
h m
ark
et
valu
e lo
we
r th
an
co
st
•D
iffe
ren
ce t
o I
nve
nto
ry W
rite
Do
wn
s –
Co
st o
f S
ale
s
CO
UN
TP
ET
TY
CA
SH
•O
n o
r b
efo
re D
ece
mb
er
31
st
•R
eco
rd a
mo
un
t o
n h
an
d
•M
ake
a l
ist
of
an
y ca
sh r
ece
ive
d,
wh
o,
da
te,
am
ou
nt,
HST
, w
ha
t w
as
it f
or?
•M
ake
a l
ist
of
an
y ca
sh p
aid
, w
ho
, d
ate
, a
mo
un
t,
HST
, w
ha
t w
as
it f
or?
Re
cord
Ve
hic
le O
do
me
ter
Re
ad
ing
•W
rite
do
wn
th
e r
ea
din
g o
n D
ece
mb
er
31
sta
nd
ke
ep
it in
a
safe
pla
ce.
Yo
u’l
l ne
ed
it a
t th
e e
nd
of
ne
xt y
ea
r to
o!
65
,00
0 k
ms
De
cem
be
r 3
1,
20
15
Less
41
,00
0 k
ms
De
cem
be
r 3
1,
20
14
= 24
,00
0 k
ms
Tota
l Km
sD
rive
n 2
01
5
Up
da
te M
ilea
ge L
og
s
Da
teD
est
ina
tio
nP
urp
ose
of
Trip
# K
ms
11
/13
/15
43
2 D
un
da
sSt
EV
isit
AB
C C
om
pa
ny
18
11
/15
/15
88
2Fr
on
t St
.C
IBC
–B
an
k d
ep
osi
t1
2
11
/16
/15
19
0 B
ell
Blv
dSt
ap
les
–b
uy
sup
plie
s8
TO
TAL:
38
Dir
ect
Me
tho
d
•C
alc
ula
te %
bu
sin
ess
use
of
veh
icle
-#
kms
fro
m m
ilea
ge lo
g /
to
tal k
ms
fro
m o
do
me
ter
rea
din
g
Sim
plif
ied
Me
tho
d
•#
km
sfr
om
mile
age
log
x $
0.5
5/k
m f
or
the
firs
t 5
,00
0 k
ms
an
d $
0.4
9/k
m a
fte
r
Fue
lIn
sura
nce
–co
py o
f po
licy
Ga
the
r a
ll V
eh
icle
Re
ceip
ts
-Fo
r th
e D
ire
ct M
eth
od
Rep
airs
&
Mai
nten
ance
Lice
nse
&
Reg
istr
atio
n
Cop
ies
of b
ill
of s
ale
–ne
w
vehi
cle
purc
hase
s
Cop
y of
le
ase
/ loa
n ag
reem
ents
Invo
ice
all
Cu
sto
me
rs
•In
voic
e a
ll c
ust
om
ers
by
De
cem
be
r 3
1st
.
•Fo
r a
ll w
ork
do
ne
in
20
15
Wo
rk in
Pro
gre
ss
•Yo
u’v
e t
ake
n a
de
po
sit
bu
t n
ot
all
wo
rk i
s
com
ple
ted
by
De
cem
be
r 3
1st
.
•E
stim
ate
th
e %
com
ple
ted
x q
uo
ted
am
ou
nt
•=
Wo
rk i
n P
rog
ress
Re
vie
w U
np
aid
In
voic
es
•D
ete
rmin
e i
f th
ey
are
go
ing
to
be
pa
id
•T
he
y m
ay
ne
ed
to
be
re
cord
ed
as
ba
d
de
bts
an
d h
ave
th
e H
ST r
eve
rse
d
•G
ive
co
pie
s to
yo
ur
acc
ou
nta
nt
Ma
ke a
Lis
t o
f H
om
e O
ffic
e E
xpe
nse
s
•C
alc
ula
te B
usi
ne
ss U
se o
f H
om
e %
•Sq
. Fo
ota
ge
Off
ice
Sp
ace
/ T
ota
l Sq
. Fo
ota
ge
of
Ho
me
= %
bu
sin
ess
use
•M
ult
iply
% b
usi
ne
ss u
se x
ea
ch e
xpe
nse
Mo
nth
Insu
ran
ceR
en
t o
r
Mo
rtg
ag
e
Inte
rest
Pro
pe
rty
Tax
Ma
int-
en
an
ce
Uti
liti
es
–
Hy
dro
/Ga
s
Jan
/15
10
6.8
51
10
0.0
04
00
.00
50
.00
25
0.0
0
Feb
/15
10
6.8
51
10
0.0
04
00
.00
25
.00
27
5.0
0
Ma
r/1
51
06
.85
11
00
.00
40
0.0
03
5.0
02
60
.00
TO
TALS
:3
20
.55
33
00
.00
12
00
.00
11
0.0
07
85
.00
Ga
the
r U
np
aid
Bill
s a
t D
ec
31
st
•P
rovi
de
yo
ur
bo
okk
ee
pe
r o
r a
cco
un
tan
t a
ll
bil
ls t
ha
t w
ere
un
pa
id a
s o
f D
ece
mb
er
31
st.
•T
he
y n
ee
d t
o b
e r
eco
rde
d a
s e
xpe
nse
s in
20
15
eve
n t
ho
ug
h t
he
y w
ere
n’t
pa
id y
et.
List
Un
cle
are
dC
he
qu
es
on
De
c 3
1
•M
ake
a l
ist
of
che
qu
es
you
wro
te in
De
cem
be
r, b
ut
did
n’t
go
th
rou
gh
yo
ur
ba
nk
acc
ou
nt
un
til J
an
ua
ry.
•T
he
y n
ee
d t
o b
e r
eco
rde
d a
s u
ncl
ea
red
che
qu
es
Ga
the
r R
ece
ipts
fo
r A
sse
t P
urc
ha
ses
•Yo
ur
tax
pre
pa
rer
wil
l ne
ed
co
pie
s o
f a
sse
t
pu
rch
ase
s o
r a
list
of
de
tail
s a
nd
co
sts
•O
ver
$5
00
fo
r e
qu
ipm
en
t, f
urn
itu
re,
too
ls,
com
pu
ters
, e
tc.
wit
h a
la
stin
g b
en
efi
t
•R
evi
ew
est
ima
ted
ta
xab
le in
com
e b
efo
re t
he
en
d o
f D
ece
mb
er.
•M
ake
ad
dit
ion
al e
xpe
nse
pu
rch
ase
s o
r a
sse
t
pu
rch
ase
s to
re
du
ce n
et
inco
me
acc
ord
ing
ly
•R
em
em
be
r, a
sse
t p
urc
ha
ses
are
NO
T 1
00
%
de
du
ctib
le.
On
ly p
ort
ion
is d
ed
uct
ible
an
d ½
in
the
ye
ar
of
pu
rch
ase
.
Pla
n A
sse
t &
Oth
er
Pu
rch
ase
s
Fed
era
l Ta
x R
ate
s fo
r 2
01
5%
Taxa
ble
In
com
e L
imit
15
%Fi
rst
$4
4,7
00
+ 2
2%
Ne
xt $
44
,70
1 t
o $
89
,40
0
+ 2
6%
Ne
xt $
89
,40
1 t
o $
13
8,5
85
+ 2
9%
Ove
r $
13
8,5
86
On
tari
o T
ax
Ra
tes
for
20
15
%Ta
xab
le i
nco
me
Lim
it
5.0
5%
Firs
t $
40
,92
2
9.1
5%
Ne
xt $
40
,92
3 t
o $
81
,84
7
11
.16
%N
ext
$8
1,8
48
to
$1
50
,00
0
12
.16
%N
ext
$1
50
,00
1 t
o $
22
0,0
00
13
.16
%O
ver
$2
20
,00
1
•P
ay
by
Jan
ua
ry 1
5,
20
16
•To
avo
id la
te p
en
alt
ies
Pa
y P
ayr
oll
De
du
ctio
ns
•C
an
de
du
ct f
rom
se
lf-e
mp
loym
en
t in
com
e if
:
•N
et
inco
me
fro
m s
elf
-em
plo
yme
nt
is 5
0%
or
mo
re o
f to
tal i
nco
me
•In
com
e f
rom
oth
er
sou
rce
s is
$1
0,0
00
or
less
•A
ctiv
ely
en
gag
ed
in b
usi
ne
ss a
ctiv
itie
s
•P
rem
ium
s a
re f
or
you
, yo
ur
spo
use
, fa
mil
y
me
mb
ers
of
you
r h
ou
seh
old
Ma
ke a
Lis
t o
f P
aym
en
ts f
or
Pri
vate
He
alt
h I
nsu
ran
ce
•B
y Fe
bru
ary
28
, 2
01
6 f
or
an
y e
mp
loye
es
•F
ile
T4
’s a
nd
T4
Su
mm
ary
•Yo
u w
ill n
ee
d a
we
b a
cce
ss
cod
e o
r lo
g in
to C
RA
bu
sin
ess
acc
ou
nt
•P
ay
an
y d
iffe
ren
ce –
inte
rest
ma
y a
pp
ly
Issu
e T
4’s
an
d E
-File
•B
y Fe
bru
ary
28
, 2
01
6 f
or
an
y in
div
idu
als
yo
u
pa
id $
50
0 o
r m
ore
to
in 2
01
5
•M
ust
iss
ue
a T
4A
(o
r T
50
18
if
a c
on
tra
cto
r) e
ven
tho
ug
h n
o p
ayr
oll
de
du
ctio
ns
we
re h
eld
•F
ile
T4
A’s
an
d T
4A
Su
mm
ary
•Yo
u w
ill n
ee
d a
we
b a
cce
ss c
od
e o
r lo
g in
to C
RA
bu
sin
ess
acc
ou
nt
Issu
e T
4A
’s a
nd
E-F
ile
•B
y Fe
bru
ary
28
, 2
01
6 f
or
em
plo
yee
s a
nd
sub
con
tra
cto
rs (
con
stru
ctio
n)
•A
lso
yo
ur
ow
n w
ag
es
(co
nst
ruct
ion
)
Re
po
rt I
nsu
rab
le E
arn
ing
s to
WSI
B
•Fo
r se
lf-e
mp
loym
en
t so
le-p
rop
rie
tors
hip
s o
r
pa
rtn
ers
hip
s. D
ea
dli
ne
fo
r yo
u a
nd
yo
ur
spo
use
is
Jun
e 1
5th
•B
UT
….p
aym
en
t m
ust
ha
ve b
ee
n m
ad
e A
pri
l 30
th
•D
on
’t w
ait
un
til M
ay
or
Jun
e!
File
In
com
e T
ax
Re
turn
•A
nn
ua
l d
ea
dli
ne
fo
r se
lf-e
mp
loye
d p
ers
on
s is
Ju
ne
15
th
•B
UT
….
You
mu
st h
ave
pa
id t
he
ba
lan
ce b
y A
pri
l 30
th!
File
HST
Re
turn
•If
yo
ur
20
15
ta
xes
pa
yab
le w
ere
mo
re t
ha
n $
3,0
00
,
you
ma
y b
e r
eq
uir
ed
to
ma
ke in
sta
llm
en
t p
aym
en
ts
•U
nle
ss y
ou
r 2
01
6 t
axe
s p
aya
ble
wil
l be
le
ss t
ha
n
$3
,00
0
•C
RA
wil
l no
tify
yo
u.
Ca
n u
se p
rio
r ye
ar
calc
ula
tio
n o
r
est
ima
ted
cu
rre
nt
yea
r ca
lcu
lati
on
•S
tart
se
ttin
g a
sid
e $
$ f
rom
20
16
de
po
sits
to
sa
ve f
or
taxe
s. P
ut
in a
se
pa
rate
ba
nk
acc
ou
nt
an
d d
on
’t
spe
nd
it!
Pla
n f
or
Ne
xt Y
ea
r’s
Taxe
s
•If
yo
ur
20
15
HST
pa
yab
le w
ere
mo
re t
ha
n $
3,0
00
,
you
wil
l be
re
qu
ire
d t
o m
ake
qu
art
erl
y in
sta
llm
en
t
pa
yme
nts
•D
ivid
e 2
01
5 H
ST p
aya
ble
by
4 t
o g
et
the
qu
art
erl
y
am
ou
nt
•S
tart
se
ttin
g a
sid
e $
$ f
rom
20
16
de
po
sits
to
sa
ve f
or
taxe
s. P
ut
in a
se
pa
rate
ba
nk
acc
ou
nt
an
d d
on
’t
spe
nd
it!
Pla
n f
or
Ne
xt Y
ea
r’s
HST
QU
ES
TIO
NS?
QU
IZ!
1.
You
pu
rch
ase
d s
om
e in
ven
tory
ite
ms
in F
eb
rua
ry
for
$2
00
ea
ch.
Yo
u w
ere
un
ab
le t
o s
ell
th
em
an
d
stil
l ha
d t
he
m o
n h
an
d o
n D
ece
mb
er
31
st.
Yo
u
est
ima
te n
ow
th
at
the
y a
re o
nly
wo
rth
$1
00
ea
ch.
Wh
at
am
ou
nt
wo
uld
yo
u u
se t
o r
eco
rd t
he
inve
nto
ry it
em
s o
n D
ece
mb
er
31
st?
W
ha
t is
th
e
dif
fere
nce
?
$1
00
ea
ch
$1
00
ea
ch t
o I
nv
en
tory
Wri
te D
ow
n –
Co
st o
f S
ale
s
QU
IZ
2.
Yo
u k
ee
p a
$2
00
flo
at
in y
ou
r ca
sh r
eg
iste
r. I
n
De
cem
be
r, y
ou
sta
rte
d w
ith
$2
00
, co
lle
cte
d $
50
0 i
n
sale
s a
nd
to
ok
$3
00
ca
sh o
ut
of
the
re
gis
ter
to p
ay
for
sup
pli
es.
Wh
at
is y
ou
r p
ett
y ca
sh b
ala
nce
on
De
cem
be
r 3
1st
? H
ow
mu
ch i
n e
xpe
nse
s sh
ou
ld y
ou
reco
rd?
$4
00
in
pe
tty
ca
sh
$3
00
in
ex
pe
nse
s
QU
IZ
3.
Ho
w d
o y
ou
ca
lcu
late
yo
ur
tota
l km
sd
rive
n f
or
the
yea
r?
En
din
g O
do
me
ter
Re
ad
ing
Less
Be
gin
nin
g O
do
me
ter
Re
ad
ing
QU
IZ
4.
If
you
r to
tal k
ms
dri
ven
fo
r th
e y
ea
r w
as
10
,00
0 a
nd
you
r m
ile
ag
e lo
gs
sho
we
d t
ha
t yo
u d
rove
8,5
00
km
s
for
bu
sin
ess
. W
ha
t is
th
e %
bu
sin
ess
use
of
you
r
veh
icle
fo
r th
e y
ea
r?
85
%
QU
IZ
5.
If y
ou
ow
n a
ve
hic
le p
ers
on
all
y a
nd
dri
ve it
40
% o
f
the
tim
e f
or
bu
sin
ess
, w
ha
t is
th
e b
est
me
tho
d t
o u
se
for
reco
rdin
g v
eh
icle
exp
en
ses?
Sim
pli
fie
d M
eth
od
QU
IZ
6.
In
De
cem
be
r, y
ou
co
lle
cte
d a
$1
,00
0 d
ep
osi
t fr
om
a
cust
om
er
to d
o s
om
e r
en
ova
tio
n w
ork
wo
rth
$5
,00
0 i
n
the
ir h
om
e.
At
the
en
d o
f D
ece
mb
er,
yo
u e
stim
ate
tha
t yo
u h
ave
co
mp
lete
d 5
0%
of
the
wo
rk b
ut
you
can
’t i
nvo
ice
th
e c
ust
om
er
un
til
Jan
ua
ry w
he
n t
he
wo
rk is
fin
ish
ed
. W
ha
t is
th
is t
ype
of
wo
rk c
all
ed
?
Wh
at
is t
he
am
ou
nt
of
wo
rk t
ha
t sh
ou
ld b
e c
laim
ed
as
inco
me
?
Wo
rk i
n P
rog
ress
$2
,50
0 I
nco
me
$1
,00
0 C
ust
om
er
De
po
sit
(lia
bil
ity
)
QU
IZ
7.
Ho
w d
o y
ou
ca
lcu
late
th
e %
bu
sin
ess
use
of
you
r
ho
me
off
ice
sp
ace
?
Sq
ua
re f
oo
tag
e o
f o
ffic
e s
pa
ce
Div
ide
d b
y
Tota
l sq
ua
re f
oo
tag
e o
f h
om
e
QU
IZ
8.
In D
ece
mb
er,
yo
u p
aid
fo
r so
me
su
pp
lie
s in
th
e
am
ou
nt
of
$8
00
. Y
ou
pu
rch
ase
d a
dd
itio
na
l su
pp
lie
s
for
$4
00
, b
ut
you
did
n’t
pa
y fo
r th
em
un
til J
an
ua
ry.
Wh
at
is t
he
to
tal a
mo
un
t o
f su
pp
lie
s e
xpe
nse
to
reco
rd f
or
De
cem
be
r?
$1
,20
0
QU
IZ
9.
Wh
at
is t
he
cri
teri
a u
sed
to
de
fin
e a
n a
sse
t?
Last
ing
Be
ne
fit
(lo
ng
er
tha
n 1
ye
ar)
$5
00
or
mo
re
QU
IZ
10
. W
ha
t is
th
e d
ea
dli
ne
da
te t
o p
ay
pa
yro
ll
de
du
ctio
ns
for
20
15
?
Wh
at
is t
he
da
te t
o is
sue
an
d
file
T4
’s?
Jan
ua
ry 1
5,
20
16
Feb
rua
ry 2
8,
20
16
QU
IZ
11
. Yo
u p
aid
Bru
ce C
raw
ford
$6
00
in
20
15
to
ma
ke
de
live
rie
s fo
r yo
ur
bu
sin
ess
. Y
ou
did
no
t w
ith
ho
ld
pa
yro
ll d
ed
uct
ion
s si
nce
th
e w
ork
wa
s d
on
e o
n a
casu
al b
asi
s. W
ha
t fo
rm d
o y
ou
ne
ed
to
fil
e f
or
Bru
ce
for
20
15
?
Wh
at
is t
he
de
ad
lin
e t
o f
ile
th
e f
orm
?
T4
A
Feb
rua
ry 2
8,
20
16
QU
IZ
12
. Yo
u a
re r
eq
uir
ed
to
re
po
rt e
arn
ing
s to
WS
IB f
or
you
r h
om
e r
en
ova
tio
n b
usi
ne
ss.
Du
rin
g t
he
ye
ar,
yo
u
em
plo
yed
on
e p
ers
on
an
d p
aid
th
em
$3
5,0
00
. Y
ou
pa
id $
10
,00
0 e
ach
to
a c
ou
ple
of
ind
ivid
ua
ls a
s
sub
con
tra
cto
rs d
uri
ng
th
e y
ea
r. Y
ou
est
ima
te t
ha
t
you
r n
et
inco
me
fro
m t
he
bu
sin
ess
wil
l be
$6
0,0
00
.
Ho
w m
uch
in
sura
ble
ea
rnin
gs
sho
uld
yo
u r
ep
ort
to
WS
IB?
Wh
at
is y
ou
r re
po
rtin
g d
ea
dli
ne
?
$1
05
,00
0
Feb
rua
ry 2
8,
20
16
QU
IZ
13
. W
ha
t d
ate
do
yo
u n
ee
d t
o f
ile
yo
ur
inco
me
ta
x
retu
rn f
or
you
an
d y
ou
r sp
ou
se?
Yo
u e
stim
ate
th
at
you
r ta
xes
ow
ing
wil
l be
$5
,00
0.
Wh
en
do
yo
u n
ee
d
to p
ay
this
am
ou
nt?
Jun
e 1
5,
20
16
Ap
ril
30
, 2
01
6
QU
IZ
14
. Yo
u p
aid
a t
ota
l of
$4
,00
0 i
n H
ST f
or
20
15
. W
ha
t
wil
l yo
ur
qu
art
erl
y in
sta
llm
en
ts b
e f
or
20
16
?
$1
00
0 /
qu
art
er
QU
IZ
YO
UP
AS
SE
D!
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