Promises Accounting

05/03/2024

Job Description
Accounting Bookkeeper & Office Assistant

Promises Accounting, based in Mississauga, Ontario, along with its partners, has provided intelligent leadership and aggressive services at competitive fees to clients since 2008. It has delivered accounting services and tax solutions for a variety of businesses, including manufacturers, franchisors, service companies, health providers, restaurants, professional practices, construction companies, and other businesses, to achieve their financial goals. From every cash flow, payroll, profit, to taxation, Promises Accounting makes sure that every client is served by expertise with unique and close personal and professional insight into the issues they face every day. We pride ourselves in the long-term relationships we have developed with our clients based on our track record of exceeding expectations. Over the last decade, Promises Accounting has successfully built its presence in the accounting field along with its affiliates and partners locally.

With the increasing demand for accounting services, the industry is expected to continue to grow in the coming years. We are now seeking an accounting bookkeeper & office assistant on a full-time basis, with the vision, experience and energy to support our team with professional services for our new and loyal clients.

Main Duties & Responsibilities:

-Accounting Bookkeeping:
• Keep financial records and establish, maintain and balance various accounts using manual and computerized bookkeeping systems.
• Prepare entry and reconciliation of monthly and yearly bookkeeping assignments including but not limited to payables, receivables, bank statements, credit card statements and journal entries.
• Post journal entries and reconcile accounts, prepare trial balance of books, maintain general ledgers and prepare payrolls and financial statements.
• Prepare and file monthly and quarterly tax remittances including GST/HST, source deductions, WSIB, etc.
• Develop system to account for financial transactions and define bookkeeping policies and procedures.
• Prepare financial reports by collecting, analyzing, and summarizing account information and trends.
• Prepare tax returns and perform other personal bookkeeping services.
• Prepare other statistical, financial and accounting reports.

-Office Administration Assistance:
• Prepare, key in, edit and proofread correspondence, invoices, presentations, reports and related materials.
• Open and distribute incoming regular and electronic mail and other material and coordinate the flow of information internally and externally.
• Schedule and confirm appointments and meetings.
• Order office supplies and maintain inventory.
• Answer telephone and electronic enquiries and relay telephone calls and messages.
• Set up and maintain manual and computerized information filing systems.
• Determine and establish office procedures.
• All other duties/responsibilities as required, assisting the professional accounting as required.

Key Competencies & Requirements:

• Completion of college diploma or advanced degree in accounting, administration, finance or other discipline and/or experience related to the provided accounting services is required.
• Minimum of one year of experience in an accounting or bookkeeping position.
• Minimum of one year of experience in an office administration role may be advantageous.
• Experience in accounting or bookkeeping services at intensive accounting firm will be an asset.
• Strict attention to detail in technical specifications and written communication.
• Performance driven, fast paced and energetic.
• Superior communication and interpersonal skills with staff and clients.
• Strong in math and accounting, keyboard and data entry skills.
• Highly alert and structured thought process and demonstrating problem solving skills.
• High organizational skills, time management and analytical skills.
• Competent with QuickBooks Accounting, QuickBooks Online, Sage and Microsoft Suite.
• Strong capacity in identifying issues and errors, investigating discrepancies, and developing resolutions.
• Perform and demand excellence in quality of work.
• Flexible and able to multitask and complete tasks with minimal or no supervision.

Work Location:

1055 Canadian Place, Unit 114, 2nd Floor, Mississauga, ON, Canada, L4W 0C2

Compensation and Benefits:

$25.00 - $30.00 per hour depending on qualification and experience.

Terms of Employment:

Full Time, Permanent.
Hours of Work: Monday to Friday, 9:00AM to 5:00PM.

How to Apply:

Please apply by email to [email protected]; NO phone call or NO in person.

We wish to thank all applicants in advance for their interest in this position. However, only the candidates selected for interviews will be contacted.

No unsolicited agency referrals or phone calls please.

11/07/2022

Six month doubling of GST credit payment starts November 4, 2022

The first of the Government of Canada’s new financial support measures will take effect this Friday, November 4, 2022 with the additional one-time goods and services tax credit (GST credit) payment.

This additional one-time payment will double the GST credit for six months for those who receive it, to help make life more affordable.

GST credit recipients do not need to apply for the additional payment. It will be sent automatically by direct deposit or mailed to eligible individuals. The payment amount is calculated based on an individual’s family situation in October 2022 and on their 2021 tax and benefit return. Eligible families and individuals could receive a one-time payment up to:

$234 for a single person
$306 for married or common-law partners
$387 for a single parent with one child
$467 for a couple with two children

Individuals who currently get their GST credit payment as a lump sum will still benefit from the additional payment but may not receive it in November. Their next payment will be January 5, 2023 and will factor in the additional one-time GST credit payment.

Note: Beware of scams! The CRA will not use text messages or instant messaging like Facebook Messenger or WhatsApp to start a conversation with you about this credit, your taxes, benefits, or My Account under any circumstances. Do not reply to a suspicious text message or share any personal information.

Individuals are encouraged to file their 2021 tax returns today, if they have not yet done so, in order to receive the credits and benefits they are entitled to.

If you do not already receive the GST credit, learn more about it, including how residents new to Canada can apply at Canada.ca/gst-hst-credit.

11/07/2022

Canada Revenue Agency announces maximum pensionable earnings for 2023

Canada Revenue Agency

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600—up from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $66,600 in 2023 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2023 remains at $3,500.

The employee and employer contribution rates for 2023 will be 5.95%—up from 5.70% in 2022, and the self-employed contribution rate will be 11.90%—up from 11.40% in 2022. The increase in contribution rate is due to the continued implementation of the CPP enhancement.

The maximum employer and employee contribution to the plan for 2023 will be $3,754.45 each and the maximum self-employed contribution will be $7,508.90. The maximums in 2022 were $3,499.80 and $6,999.60 respectively.

02/02/2022

What is cryptocurrency?

A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a blockchain system to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. You can obtain cryptocurrency in many ways, and new methods are being developed all the time. You can use cryptocurrencies for a wide range of activities, such as buying goods, paying bills, or investing. Transactions involving cryptocurrencies often have tax implications.

Disposing of cryptocurrencies

In general, possessing or holding a cryptocurrency is not taxable. However, there may be tax implications when you dispose of your cryptocurrency.

Examples of this could include:
• selling or trading it
• giving it as a gift
• converting it to government-issued currency, such as Canadian dollars
• using it to buy goods or services

Examples of the tax consequences

The types of taxes that apply to your cryptocurrency transactions include taxes on:

• Business income
Generally, if disposing of cryptocurrency is part of a business, the profits you make on the disposition or sale are considered business income and not a capital gain. Buying a cryptocurrency with the intention of selling it for a profit may be treated as business income.

• Capital gains
If the sale of a cryptocurrency is not for carrying on a business, and the amount it sells for is more than the original purchase price or its adjusted cost base, then the taxpayer has a capital gain.

• Goods and Services
Where a taxable property or service is exchanged for cryptocurrency, the GST/HST that applies to the property or service is calculated based on the fair market value of the cryptocurrency at the time of the exchange.

To ensure correct reporting, keep accurate records of your purchases and sales dealing with cryptocurrency, including records that show how you calculated the fair market value.

02/02/2022

Ontario offering $10,000 grant to small businesses

On January 7th, the Ontario government introduced a new $10,000 COVID-19 Small Business Relief Grant for eligible businesses subject to closures under the modified Step Two of the Roadmap to Reopen.

According to a news release issued by the provincial government, the application portal will open “in the coming weeks,” and qualifying small businesses will receive payment in February.

Eligibility

The list of eligible small businesses provided by the government includes:

• restaurants and bars
• facilities for indoor sports and recreational fitness activities (including fitness centres and gyms)
• performing arts and cinemas
• museums, galleries, aquariums, zoos, science centres, landmarks, historic sites, botanical gardens and similar attractions
• meeting or event spaces
• tour and guide services
• conference and convention centres
• driving instruction for individuals
• before- and after- school programs

Furthermore, eligible small businesses that previously qualified under the Ontario Small Business Support Grant (last available in early-2021) and are also subject to closures under the modified Step Two of the Roadmap to Reopen will not need to reapply for the new grant as they will be “pre-screened” for eligibility. Businesses that are newly established may also be eligible for the new grant.

01/03/2022

Canada Revenue Agency announces maximum pensionable earnings for 2022

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be $64,900—up from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $64,900 in 2022 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2022 remains at $3,500.

The employee and employer contribution rates for 2022 will be 5.70%—up from 5.45% in 2021, and the self-employed contribution rate will be 11.40%—up from 10.90% in 2021. The increase in contribution rate is due to the continued implementation of the CPP enhancement.

The maximum employer and employee contribution to the plan for 2022 will be $3,499.80 each and the maximum self-employed contribution will be $6,999.60. The maximums in 2021 were $3,166.45 and $6,332.90 respectively.

01/03/2022

Understanding the tax-free savings account (TFSA)

The Tax-Free Savings Account (TFSA) was introduced by the Government of Canada in 2009 to help Canadians save and invest their money – tax-free – throughout their lifetime.

You are in control of your TFSA, so you can make contributions and withdraw funds whenever you want without penalty – contributions, however, can only be made if there is available contribution room.

TFSAs are NOT just for saving. You can also use it to hold and grow a variety of investments, which include exchange-traded funds, stocks, bonds, and GICs.

Your contribution room determines the maximum amount that you can contribute to your TFSA. The annual contribution limit for 2021 is $6,000. TFSA contribution room accumulates each year – either beginning in 2009 or the year the individual turned 18 and is a resident of Canada for tax purposes. Contribution limits from previous years are included in your contribution room, even if you have not opened or contributed to a TFSA.

01/03/2022

How to make sure the caller is a CRA employee and not a scammer

A legitimate CRA employee will identify themselves when they contact you. The employee will give you their name and a phone number. Make sure the caller is a CRA employee before you give any information over the phone. This will protect you from giving money or personal information to a scammer.

If you’re suspicious, this is how you can make sure the caller is from the CRA:

1. Tell the caller you would like to first verify their identity.
2. Request and make a note of their:

name
phone number
office location

3. End the call. Then check that the information provided during the call was legitimate by contacting the CRA. Please do this before you give any information to the caller.

Once you complete those three steps, you may call back the CRA employee to discuss the reason for their call.

04/24/2020

Ottawa offers rent relief for businesses as some provinces prepare to reopen economies

Loan program would cover up to 75 per cent of commercial rent costs

Prime Minister Justin Trudeau today announced a new rent subsidy program to help businesses forced to shut down due to the global pandemic, as some provinces begin to lay out plans to reopen their economies.

The rent relief plan, to be funded jointly with the provinces, will provide non-repayable loans to commercial property owners to cover 50 per cent of rent payments for April, May and June.
The loans will be forgiven if the property owner agrees to cut the rent by at least 75 per cent for those months and promises not to evict the tenant. The small business tenant must cover the remaining portion of the rent, which would be up to 25 per cent.

To qualify, small business tenants must pay less than $50,000 a month in rent. They also must have experienced a revenue decline of at least 70 per cent from pre-COVID-19 levels, or they must have been forced to close down because of pandemic restrictions.

Non-profit and charitable organizations are also eligible.

Trudeau acknowledged that some struggling businesses won't even be able to come up with their portion of the rent.

"We recognize that COVID-19 is hitting some people harder than others, some areas harder than others, and unfortunately this is something we are grappling with," he said.

"We are trying to help as many people as possible."

04/22/2020

Canada Emergency Wage Subsidy (CEWS)

As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.

This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.

As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.

04/03/2020

Every Business is eligible to apply for the Canada Emergency Wage Subsidy (12 week program)

The government will pay the greater of:

1. 75% of your employee wage (to a maximum of $847 per week per employee)
2. Full employee wage (to a maximum of $847 per week per employee)

Each business is expected to play their employees the remaining 25% (if an employee is paid more than $847/week).

To qualify, you must prove that your business has had monthly revenue decrease by 30% or more.

You (the business owner) can apply for this 3 times from March 15 to June 6.
Eligible Periods

Claiming period Reference period for eligibility

Period 1 March 15 – April 11 March 2020 over March 2019
Period 2 April 12 – May 9 April 2020 over April 2019
Period 3 May 10 – June 6 May 2020 over May 2019

This means that to receive the 75% government subsidy from April 12 to May 9,
you must prove that your revenue in April 2020 is down 30% or more compared to April 2019.

How to Apply

Applying is done through the CRA’s “My Business Account” portal.
Employers must keep their own records to prove their business has decreased 30% or more.

More details will be provided by the government over the next couple days/weeks.

Canada Emergency Response Benefit

You, the employer, can only claim the wage subsidy for employees that have not claimed the Canada Response Benefit ($500/week = $2,000/month) for any 1 week in the claiming period above.

For example, if your employee “Jacob” claimed the Canada Emergency Response Benefit ($2,000/month) for the week of March 15 to March 21, then you, the employer, cannot claim the 75% subsidy for Jacob in “Period 1 (March 15 to April 11).