Cornerstone Accounting and Tax Service

Tara from Lighthouse Cafe has been a wonderful client for years. Congratulations Tara!

We've had an amazing tax season! Here are some fun facts:

-Returns completed 410
-Days worked in a row 52
-Longest day 12.5 hours
-Largest refund $21,013😀
-Largest balance due $22,290☹️
- Most common client last name: Vaughan
- Most common client first name: Andrew
- Youngest client- 14
- Oldest client - 102

If you have not done your taxes yet, we can help! Please message us to discuss.

New Tax Credit for 2023

Adding a secondary suite to house a loved one?

There’s a new tax credit that can help you with the cost of renovations.

See if you qualify 👉 https://ow.ly/cEsy50Ql5wl

[Image description : a senior, a child and an adult person hug and smile each other. The text reads “Multigenerational Home Renovation Tax Credit”.]

This is your reminder to open a First Home Savings Account (FHSA) and contribute before December 31, 2023!

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

We are hiring!

Cornerstone Accounting is looking to hire a Bookkeeper

We are a public accounting firm located in Uxbridge Ontario. We provide a full range of external bookkeeping services to our awesome clients in a wide range of industries/charities.

Major Responsibilities
Daily use of QuickBooks Desktop, QuickBooks Online and Excel, Word.
• Preparing monthly bank, credit card reconciliation and post monthly sales
• Prepare payroll for clients
• Calculation of payroll deductions, EHT, WSIB, HST
• Co-ordinating and supporting preparation of client’s financial statements.
Required Skills
• Ability to cope with a deadline-driven environment.
• Self-motivated with strong prioritizing and follow-up skills
• Good verbal and written communication skills
• A keen attention to detail along with the ability to focus on overall concepts
• Great customer focused attitude
• OK with friendly dog in the office

Job Details
• This job is hybrid remote once training is completed. Expected to be in the office 1 day per week.
• Casual, friendly work environment
• Very flexible hours. Currently will be 20 hours per week but this can go up or down if candidate wants more or less hours - To be discussed.
• Open to hourly employee or subcontractor. Pay commensurate with experience.

Let’s chat. Email me to set up a time. [email protected]

Hello Cornerstone friends!

As we are working on the first of the personal tax returns of the season, we thought we would highlight some of the changes this year.

First-time home buyers’ tax credit – The amount used to calculate the first-time home buyers’ tax credit has increased to $10,000 for a qualifying home purchased after December 31, 2021.

Home accessibility tax credit – The annual expense limit of the home accessibility tax credit has increased to $20,000 for the 2022 taxation year.

Ontario's Staycation tax credit is available for those who spent money on accommodations in Ontario. Refundable credit is $200/person or $400/family.

The Work From Home credit is still available in 2022 to a max of $500/year.

Please get your paperwork in to us asap. As usual, you may use my DropBox or ask about my secure portal.

CRA has announced auto expense limits for 2023.

https://www.canada.ca/en/department-finance/news/2022/12/government-announces-the-2023-automobile-deduction-limits-and-expense-benefit-rates-for-businesses.html?fbclid=IwAR0366QIK1SEpyr6WWokR0_ce7cnGm5hA2dnudmB-QErpaPpxAw9afX42RA&mibextid=Zxz2cZ

Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses - Canada.ca Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023.

Time to start thinking about your 2022 taxes!

The WFH (work from home) tax credit is here to stay it looks like. The max for the flat rate method is 2 dollars per day to a max of $500.

It’s Small Business Saturday. A great day to remember our independent businesses that need our revenue!