Dear Client:

Attached is the October edition of Business Matters! A variety of topics in this edition.

Hiring Right During Covid Times

Hiring the right person has always been a significant challenge for employers. During Covid-19 times virtual interviews, workplace safety, vaccine mandates, employee privacy, working remotely vs. on-site, etc. have become new considerations. No one said it was going to be easy! This article provides some practical advice.

Does Canada Revenue Agency (CRA) Owe You Money?

The second article regarding uncashed cheques is quite informative especially the instructions concerning how to register for an online CRA account (page 4 at the top).

Do You Owe CRA Money?

Based upon 30 plus years of providing professional services, tax returns most likely to be selected for review by CRA would be as follows:

· Large amounts claimed for donations or medical expenses

· Moving expenses

· Amounts claimed as other deductions

· Rental losses

Less common but worth noting:

· Claims for allowable business investment losses

· Unusually high self-employed expenses especially travel and vehicle

The article does a good job of explaining the difference between reviews and audits. What should you do? Keep documentation to support any amounts claimed on your tax return for at least 7 years.

Wealth Management

This article is primarily for 20 to 30-year olds but the 5 mistakes listed can apply to anyone (except perhaps #3). The two main points appear to be - avoid credit card debt and start saving.

Questions, comments? Stop by or send an email.

All of us at Jim M. Smith CPA Inc. wish you the very best for the holiday season and for 2022!

Yours truly,

JIM M. SMITH CHARTERED PROFESSIONAL ACCOUNTANTS INC.