I had a client who was handling his father’s estate. Unfortunately, the estate was in dispute and the court issued an order that no payments were to be made by the executor until the dispute was resolved.
While the courts had ordered that no payment was permitted, the courts did not order that the taxes were not to be filed. Accordingly, we ensured that the tax returns were timely filed to the tax department. But we were unable to pay the resulting bill.
When the dispute was resolved and the court order lifted, then the bill, with interest was paid. However, given that the interest was the result of the court order, I negotiated with the tax department to waive the interest. I was successful in those negotiations, resulting in a little more money to go to the surviving children and grandchildren of the deceased. The executor was pleased.
Receipt Bank allows you to quickly and easily process receipts.
For individuals who have to prepare employment expenses, or have small business statements, the app which can be loaded on your phone makes it easy to snap pictures of all those pesky receipts immediately when you get them, as opposed to handling them come tax time.
If you have a significant number of receipts related to your business, you can scan and then upload the receipts for processing, or even engage me to do this for you. For even more complex situations, it may be necessary to set you up with multiple business in Receipt Bank. Each person is unique.
Please note that Receipt Bank can’t handle:
Multiple business within the same account (including rental and business), and
Please ask me about the benefits and costs.
During the past week, I and a select group of clients have been using Receipt Bank. I asked for comments. Here is what they said:
Great tool for tracking daily expenses to ensure you don’t miss any deductions by misplacing receipts
Nicholas, Small Business Person
Nicholas was initially hesitant about using Receipt Bank, but tried it. After 50 receipts for last year, he wanted to also start working on the current year. He figures that using this software will save him hours. Nicholas started using this without any training.
The CRA opens for filing information returns on Monday, 7th January, 2019. These include T3, T4, T5 and NR-4 returns. Affected individuals include those with Trusts, Estates, Employees, pay interest or dividends, or who are a non-resident Landlord.
I have been contacting affected clients by email and by phone to get their information in. Please feel free to call me if you have not received any message yet.