Debits & Credits is deeply committed to community here in and around Barrie. We have a strong makeup of small business owners and individuals here who work hard and have done a stellar job looking after one another during this time. Inspired by this community, our team has been working hard to provide the best services to our clients and keep everyone up to date with the most accurate information available as this pandemic has unfolded and evolved.

We are pleased to announce that we have moved our office from Downtown Barrie to Uptown Barrie effective October 31, 2016.

Since we’ve been bursting at the seams for space for a while, our new office is a beautiful and larger space. This will give us more breathing room to serve you better and is easier to get to!

Debits & Credits Accounting & Bookkeeping was pleased to be a part of the 2016 Rainbows Gala in which EVERY PENNY raised at this event was used for Rainbows for All Children Canada-the largest non-profit organization committed to helping children and teen grieve and grow after loss. (www.rainbows.ca).  The Gala took place on May 14^th at the Tangle Creek Golf and Country Club.

Do you know how to setup your accounting software for your business?

Many businesses get their new software package and install it on their office computers immediately but do you know how to setup the accounting software properly to gain maximum value? We at Debits & Credits can help you get your accounting software setup properly by providing some expertise to gain that maximum value.  Let’s look at 6 different areas you will need to look at to get your business software setup up and running.

At Debits & Credits, we specialize in accounting and bookkeeping for dental practices.

3 Big Reasons we think we are a better dental bookkeeper than your current service. – We offer services your current bookkeeper/accountant probably doesn’t so we can help make sure you are on track to meet or exceed your industry averages, keep your employees safe, and save time and money!

If you’re starting up a new company or fairly new, you may not have an accountant or bookkeeper in your hired staff.  Accounting vs Bookkeeping is the question! aYou are wanting to concentrate on running your business and not having to worry about the books but you know you can’t put off.  So should you hire a bookkeeper or do you need accounting services?  Let’s look at some of the differences.

With Christmas and New Year’s quickly approaching, it’s that time of year where most businesses would be filling in those last shipping orders, taking care of receivable and payable matters, closing out deals or preparing/completing their year-end. While some owners may be happy with their profit margins and productivity from their teams, are those owners seeing the finances of their business BEYOND the numbers from their accountant/bookkeeper? Is your accountant/bookkeeper providing you strategic intelligence to make your business more structurally sound to be successful in the future? If this has not been happening enough OR at all for your business, it may be time to re-evaluate your results.

As the year is coming to a close, it is a good time to gather your paperwork and organize receipts so you aren’t rushing to do this for your next tax return in the new year.  I have been preparing income taxes over the past three seasons and while that may not be a long time in the tax preparation world, what I find amazing is the number of people that do not track their property tax or rental receipts on their income tax returns.  They do not think of claiming rent as an option.   This is an integral part of your Ontario Trillium Benefit refund that you should be taking advantage of.

There are so many competing demands for our money because we have to decide where and how to invest it.  A TFSA is something to consider.  You then have to take into consideration the rate of return, timing, frequency, limits, fees, taxes and other investments, like RSP’s.

I recently worked on a client who needed his 2014 tax return filed but was involved in a complex situation concerning his separation agreement with his ex-wife.  They had split up in 2013 and had both children (under at the age of 18) living with both parents separately 50% of the time.  The CRA rejected the claim because they did not have the definitive proof that this was the case.  Since the actual separation agreement did not take effective until 2015, what could be done to make a legitimate claim for the 2014 tax year? What evidence are they looking for?