Filed under: Business Tax Planning, Canadian Business, Canadian Business Channel, Corporate Tax Planning, Individual Tax Planning, Investments, Media's Opinion, Small Business Resources, Sustainable Future, business | Tags: abundance, Golioth Enterprises, green accounting, holiday season, life's passion, prosperity
Hello to all, I wanted to extend my wishes of a merry christmas and a happy new year to everyone. It has been a prosperous year with an even better one to come! I wanted to share some of my insights from 2008 with all my readers in the hopes of sharing some positive stories and feedback, because the media just isn’t cutting it lately. They obssessively seem to be stuck in doom and gloom land which I will not give credit to or pay attention to.
2008 was an awesome year for Golioth Enterprises, it confirmed what I always knew to be true. Like a scene out of “Field of Dreams” I had the notion to build Golioth Enterprises as if a voice in the quiteness of my mind was saying if you build they will come… sound familiar? So I did, I designed websites, blogs, database templates and built networks of pepole across the web who were interested in the same thing I was interested in… What was it? Business/Tax Planning for Eco-friendly businesses! So the word spread and I stuck to my orginal intention of assisting as many people and businesses to propser in 2008; and so they did. My intention as I have always stated in my blogs was to assist the many (everyone I can) and not the few (myself) and my true passion came to life more than it ever has. To my self this is a Christmas Gift that no other gifts can compare to, because it reaffirms and gives purpose to my passion and essence.
So with this being said all I can say is: Merry Christmas to you and yours and have an abundant & joyful 2009. May it be the best year of our lives yet to come. Live in love, health, wealth and prosperity.
Cheers,
Saverio Filippis
Golioth Enterprises – Unlimited Accounting Support for your Green Business!
Filed under: Business Tax Planning, Canadian Business Channel, Individual Tax Planning | Tags: Golioth Enterprises, personal income tax, self employment, Tax deductions, tax planning, tax refund, unlimited accounting support for your green business!
When working for your own business, there are sometimes perks to owning one own’s business. The deductions you will be able to claim in terms of travel, meals and lodging are beneficial and tax deductible. When setting up a business if it is an incorporated entity one may use travel time as a business deduction. The general rule is that as you the employer/owner of your corporation can sign what is known as a T2200 “Declaration of Conditions of Employment ” I have attached the form which can be found on the Revenue Canada website which explains what is to be included. Also this is the link to read up on what is allowable and what is not, http://www.cra-arc.gc.ca/E/pub/tg/t4044/t4044-07e.pdf. There are mileage stipulations for allowed travel, but if you meet these requirments you may use these deductions. As always when dealing with any governmental agency it is imperative that you keep well detailed records that can be substantiated in the case of an audit arising. If need be, everytime you get a receipt write on the receipt itself where and when the expense occured and for which job it was related to; so you can trace it back to an invoice that was sent out to a customer to relate the expense to cost of earnings in case of audit.
Sincerely,
Saverio Filippis
Filed under: Business Tax Planning, Canadian Business Channel, Corporate Tax Planning, Investments, Media's Opinion, business | Tags: abundance, financial state, Golioth Enterprises, green accounting, needs of the many, stock markets
Hello all, I thought I would take the time this week to speak about something that has been on my mind for the last little while. The media’s ludicrous take on the state of our markets right now. I know that the markets are down after being highly and ridiculously over inflated for the last little while. The readjustment to the markets we are witnessing is as simple as a law of nature almost. The market over time readjusts to its natural state. Ask any financial planner on this earth they will tell you the same.
Now my beef with the media, is they spread doom and gloom and compare everything to the great depression of ‘29. For those of us with a true understading of the universe and the mind’s potential we see opportunity and a chance to share our gifts to the world. In such times where the media exaggerates the gloom and scarcity that we are in supposedely; we entrpreneurs see nothing but a chance thrive, create greater abundance for all and create a greater network of working knowledge and wealth for all.
This is not a point of view of taking advantage of other’s misfortunes, rather a chance to make an even greater contribution to society, our planet and elevate people’s conciousness to understand that your passion and goals are here to enrich the lives of the many (everyone) and not the few (ourselves). I hope these words will be read and not fall on deaf ears, because perhaps then the media may finally be anouncing something great and optimistic and not have such a pessimistic and cynical view of the world.
Cheers and abundance for all.
Saverio
Filed under: Business Tax Planning, Canadian Business, Canadian Business Channel, Corporate Tax Planning, Individual Tax Planning | Tags: 75% of net income, charitable, charitable donations, corporate, Corporate Tax Planning, donations, enterprises, Golioth, green accounting, limit, personal, planning, tax
Golioth Enterprises
Hello to all, I wanted to share some information that you might find interesting. Do you contribute to charitable organizations (NFPO’s) and suprised that as a personal income tax payer don’t get the full tax credits you think you should get? Well there is a way to get around that! Revenue Canada allows you to contribute up to 75% of you corporate earnings to charitable organizations and write off the amount dollar for dollar as oppposed to the 29% deduction you receive above and beyond the $200.00 floor amount set by CRA.
Question is would you rather have tax deductions dollar for dollar through your business or 29% on your personal return. I like the dollar for dollar becuase there’s 2 benefits. 1) Giving makes you feel good and you are assisting the process of sustainable living for all!
2) Giving makes your company look good! In the eyes of public image you become top dog!
Need I say more? Giving is a wonderful thing and under the name of your corporate entity you get so much more bang for you buck. This is truly a win-win situation.
Now remember you cannot create a loss by giving away to charity; but it is allowed up to 75% of your net income as allowed per you Part IV corporate income tax. For more information check out: Donations p.48
Until the next post, happy networking to all. May everyone enjoy abundance and prosperity.
Cheers,
Saverio Filippis
Golioth Enterprises
