I just want to thank you for referring me to Tim Parris. He’s an amazing tax specialist!!! He not only did my 2018 return, he went back and corrected returns for the last 3 years, and my refund basically covered his services for this year’s return. He’s very well organized and well worth the price.
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.
Last year, I had two new clients come with copies of their past three years of tax returns. (It is my practice to review the prior three years to ensure that I am consistent with the previous years.)
This is part two of two – How ignoring the information available from the CRA can result in an incorrect return!
For this case, I was specifically asked to check out two years of returns filed by the previous person. I cross-checked the returns against the partner’s information as well as against the CRA’s records.
During this process, it was clear that the person who prepared the returns disconnected the two returns and only accessed the information provided by the taxpayers. This resulted in:
About 16 tax slips not being declared on the tax returns,
About $10,000 of deductions being ignored on tax returns,
About $10,0000 of expenses that were not reported on the matching returns, and
An invalid claim for Tuition Credits transferred from a minor child.
The client has been charged about $15,000 more taxes and penalties than was necessary. Her correct return would have had a balance due that is less than $100.
We are still working with the CRA to fix these errors.
In my previous lesson, I talked about duplicating downloaded information. In this case, no download was performed and she had to pay amounts which were completely unnecessary.
It is vital that you cross-check information from one part to another.