Carolyn Hebert, CPA, CGA - FAQ

FAQ

Here are some questions that are most frequently asked, along with brief answers:

Q: Are you easy to find?

A: Yes. We are renovating a turn of the century home at 675 Main Street West, North Bay. We are just a few doors down from Lakeview Rona at the intersection of Main and Memorial Drive near the lakefront. We’re the big house after the former Ministry of Community and Social Services driving towards The Beer Store.

Q: Where do I park?

A: Park in the back. Drive into the back yard and park where you like – there is plenty of space. Handicap parking is available beside the house, but drive around back and pull into the designated area against the house.

Q: When is my tax return due?

A: Individuals have until April 30th to file their taxes if there is no business income earned by husband or wife. Individuals who have business income have until June 15th to file, but tax amounts owing are still due by April 30th. Corporations have 6 months to file, and 3 months to pay if the amount owing is $3000 and there is a perfect compliance record. Estates have 3 months to file and pay in most cases.

Q:When will I get my refund?

A: Refunds are usually issued 2 weeks from e-file date. We e-file after the tax returns are signed. We do not offer cash-back or cash on the spot.

Q: What do I need to bring in for income taxes?

A: For new clients, we like to see the previous year's tax return filed. For existing clients this is not necessary. For everyone though, we like to see the Notice of Assessment from prior year, this year's slips, and any income and expense summaries you may have prepared or received. Please download "Tax Summary Form" on our "Forms Page" for a more extensive checklist.

Q: I'm starting my own business – should I do my own books or leave this to the experts?

A: In order to make sound management decisions, managers and owners should have a good understanding of financial reporting requirements and how these can be met by developing sound bookkeeping practices. We encourage owners to prepare their own invoices and accumulate their own expenses. If a computerized accounting system can simplify this process, we will develop the system to suit that business's unique needs, and users are trained on how to post financial transactions and run useful reports. Hiring our expert bookkeeping service is a great choice for businesses that do not have (or use) an office space, or who simply do not have the time or desire to be burdened with the process of bookkeeping. Whether a new business wants training and development of their own accounting system or they want to leave the process to the experts, we can always provide up-to-date reports so management understands their financial position.

Q: Can I write off my house if I use it for business, or I rent out a portion of it?

A: The cost to operate your house can be accumulated and used as a deduction against business or rent income. This is based on the square footage of the area used solely for business or rental purposes as a ratio of the total square footage of the dwelling. Operating costs include heat, hydro, water property taxes, and mortgage interest to name a few, but they do NOT include the cost to improve a house in any way. So, a new roof or a major renovation should not be considered repairs and maintenance for this deduction. For more information, please see the "Forms Page" and refer to our Tax Summary, or see our "Links" section to access data from CRA (Canada Revenue Agency).