Canadian Electrical Industry News Week

Business

September 28, 2017

By Julie Morris

Small business owners usually cringe at the thought of tax season. They are busy enough with their daily operations that they don’t want to spend all of their time and energy getting ready to file on time. They also may dread the thought of paying more in taxes than they feel they should. While small business owners cannot avoid taxes altogether (even though they wish they could), they can take some steps now to avoid the hassles that typically come at tax time.

Consult last year’s return

One of the best moves small business owners can make now to prepare for the upcoming tax season is to review last year’s return carefully. You may realize that you missed some deductions or expenses that you want to be sure to take advantage of this year. Or, you may realize that you underestimated this year’s taxes and need to start saving now.

On the other hand, if looking at last year’s return makes you feel completely overwhelmed, it’s time to invest in tax software or hire an accountant or tax lawyer who specializes in small business taxes. Sometimes it’s better to admit defeat, utilize the tools and resources available to you, and leave the hassle to someone else. It’s also important to note that it’s not advisable to wait to consult with a tax attorney or hire an accountant. These professionals become swamped after the first of the year and may not be able to schedule an appointment with you if you wait too long to reach out for help.

Have your records in order

Even if you are diligent about keeping receipts, a tax organizer or tax diary is a must. It’s also critical that small business owners keep their expense logs separate from their tax organizers, especially because high-quality tax organizers cover all of the questions the CRA will want answers to regarding travel, entertainment, and expenses should you be audited. Small business owners who keep tax organizers are better protected if they are audited because the burden of proof rests on the CRA when they have all of their expenses and taxes in order and logged properly.

Be diligent about deductions and expenses

While you are keeping your records in order, you need to be diligent about it. Taking legitimate deductions is one of the best ways to lower your tax liability, but without the proper documentation, it is difficult to take the deductions and arm yourself should auditors come calling. It’s also a good idea to decide now whether you are taking the home office deduction or not; if you have a dedicated space in your home where you conduct business and nothing else, you are entitled to the home office deduction.

Categorizing expenses as equipment instead of supplies can cause a lot of headaches when it comes time to file your taxes. Keep in mind that supplies are things that you use during the year and replenish frequently, such as printer paper, pens, staples, file folders, and printer ink. On the other hand, equipment typically includes items that are more expensive and that last longer than a year. Equipment usually includes computers, software, furniture, and servers. You also should decide now whether you are going to write off the whole cost of new equipment this year or take depreciation over several years.

As a small business owner, you have the power to make your tax season hassle free if you learn from past years and take advantage of available tools and resources, have complete records in place, and correctly categorize deductions and expenses.

Julie Morris, a life and career coach, is a guest blogger in this issue for Shawn McCadden. Find out more about Julie: http://juliemorris.org

Shawn McCadden is a consultant, educator and speaker who offers business consulting and coaching services for remodelling business owners who want more for and from their businesses and their lives. He also consults with construction-related product manufacturers and suppliers, helping them understand, find, educate and better serve remodelers. Check out Shawn’s website http://www.shawnmccadden.com/ and blog www.shawnmccadden.com/Subscribe-to-The-Design-Builders-Blog

Changing Scene

  • Prev
  In the context of the energy transition currently unfolding where reducing greenhouse gas ...
  Nova Scotia Power plans to put the power in our customers’ hands by introducing ...
  Ontario's soaring electricity bills have driven numerous factories out of the province ...
CSA Group has announced that Shawn Paulsen, Manager of Conformity Assessment, CSA Group, has been ...
For the fifth consecutive year, Rittal Systems Ltd., is being certified as a Great Workplace ...
  A contract worker received an electrical shock after coming into direct contact with ...
  Rittal Systems has announced Franklin Empire has joined its distribution/partner network ...
  FortWhyte Alive is unveiling the largest solar installation in the City of Winnipeg. ...
  In partnership with TM4 Inc. and Cummins Inc., STL recently announced plans to test two ...
  Several media outlets and analysts recently published statistics about the number of ...

Irwin Beron RAB Design has announced the retirement of President, Irwin Beron.  After 50 years in the lighting industry, Irwin has decided to step down as President and hand over the reins to his eldest son, David Beron.  David will assume the position of President, effective immediately.  Irwin will remain on as Chairman, which will allow him to enjoy some well-deserved rest and relaxation with his lovely wife Lynette and seven grandchildren, yet still free to impart his many years of experience and expertise whenever possible as Chairman of RAB Design. Irwin has been serving as President of RAB Design Lighting since 2002.  He acquired the company during a difficult period and through grit, determination and hard work, turned it around to make it one of Canada’s most respected lighting companies.

 

Read More: Irwin Beron Retires as President of RAB Design... 

 

 

 

Electricians Provide Assistance in TD Centre's 50th Anniversary Illumination Project

Contractors Guild, Ainsworth, Symtech, Plan and ACML donated their services to temporarily reconfigure the buildings' automated lighting systems, while a crew of staff and volunteers worked to open and close blinds on over 6,000 windows across the TD Centre's five towers to create the message "Less is more or" in 100-foot-tall lights.

A media statement called it the largest public art project of its kind undertaken anywhere in the world.

Read more: Electricians Provide Assistance...

 

Codes and Regulations Brought to You by the CSA Group

  • Prev
In this article: Section 58 — Passenger Ropeways and Similar Equipment. Rule 58-000 ...
  Unauthorized CSA Group certification marks have been found on wiring by Triumph Cable ...
In this article: Section 52 — Diagnostic imaging installations. The CE code is a ...
In this article: Section 46 — Emergency Power Supply, Unit Equipment, Exit Signs, and ...
  In this article: Section 44 — Theatre Installations. The CE Code is a ...
CSA has published C22.2 No. 60947-7-3, the harmonized standard for low-voltage switchgear and ...
  Electric welders. The CE Code is a comprehensive document. Sometimes it can seem ...
  In this article: Section 40 — Electric cranes and hoists. The CE Code is a ...

CSA

 

By William (Bill) Burr

In this article: Section 56 — Optical fibre cables. Section 56 is a supplementary or amendatory section of the code and applies to the installation of optical fibre cables in conjunction with all other electrical systems. Rule 56-002 provides a special terminology definition for an Optical Fibre Cable — a cable consisting of one or more optical fibres that transmits modulated light for the purpose of control, signalling or communications.

Rule 56-102 outlines that there are three types of optical fibre cables.



Tools for the Trade

  • Prev
  Ideal Industries' 26 piece insulated Journeyman kit is ideal for new electricians or for ...
  Klein Tools Deluxe Fish Rod Set comes in 19 pieces that when assembled can fish wire and ...
  BendWorks Software was designed to help electrical contractors adopt this new process ...
  This new lock box is ideal for group lockout situations with multiple isolation points ...
  Greenlee has taken their standard storage boxes to the next level with the limited ...
  The SureTest circuit analyzers "look behind walls" to identify wiring problems that can ...
  The Ideal Dispenser is equipped with high-quality adhesive and 3 mil thickness that ...
  The Adjustable cable stripping tool has an intuitive blade design that allows users to ...
  The SIMpull CoilPAK completes the SIMpull Circuit Management System, taking heavy, ...
  The Javelin is a new product that makes drilling holes through stud walls easier. ...

Product News

  • Prev
  Liteline's LUNA is engineered for maximum heat dissipation and eliminates the need ...
Magic Lite 2013 Ltd. has announced a new selection of decorative lighting options for a multitude ...
  Arlington’s recessed In Box Cover Kits offer the best way to install a receptacle ...
  Arlington’s Countertop box kits with round plastic boxes and brass or nickel-plated ...
  Arlington’s new FLBC4502 4.5" non-metallic concrete floor box has six conduit ...
  Designed for time-savings and a neat, flush installation, Arlington’s DROP IN ...
  Arlington’s non-metallic Mutli Purpose Box is the labor-saving solution to ...
Standard's LSHOP series is an integrated solution for quick and easy installation; no wiring ...
  LUBO Lighting International Inc. has a new generation of outdoor lighting fixtures with a ...
  Arlington's Bare Wire Ground Clamp is made of solid brass with brass screws that is easy ...

 

Peers & Profiles

  • Prev
Andrew MacLeod is a territory sales manager with Leviton Manufacturing of Canada in British ...
  Floyd Lau founded Amptek Technologies in 2002 as an end to end engineering design ...
Mike Marsh, President and CEO of SaskPower, has been a leading figure in Saskatchewan’s ...
Gordon MacDonald is a cheerful, driven individual who loves to be challenged, a trait that suits ...
  Most of us have a difficult enough time managing one job and a home life. However, some ...
  Since 2012 Barnstormer has advanced the abilities of their brewery with the installation ...
  Electrical Industry Canada was recently given the unique opportunity to see ...
  Vickery Electric has been providing electrical services to the Whitby area since 1923, ...
Safety standards in the electrical industry are constantly evolving, which requires that ...
Newman Electric was founded in 1995 and has established itself as a leading electrical contractor ...

Copper $US Dollar price per pound

Gordon M

 Gordon MacDonald is a cheerful, driven individual who loves to be challenged, a trait that suits him well as a lighting specialist overseeing retrofit projects for Rexel in New Brunswick and P.E.I. He also has had a unique introduction to the field he now works in. 

Gordon was born and raised in Moncton, New Brunswick and has lived there for most of his life. He has an incredibly busy home life that extends to his children, stepchildren and grandchildren. Beyond family life he enjoys “playing guitar and piano, going target shooting, cooking BBQ, trying new foods and learning new things.”

How One Hospital Is Improving Patient Care with Advanced Analytics Demand for healthcare is outstripping capacity, but Toronto’s Humber River Hospital has a solution: a digital Command Centre powered by GE’s Wall of Analytics. As populations grow and age, many hospitals are being stretched past their limits. Rather than apply temporary or partial fixes to address the challenges that underlie this busy, acute care hospital, Toronto’s Humber River Hospital has chosen to implement a holistic, state-of-the-art hospital command centre that will enable it to achieve radical gains in quality and efficiency.

The hospital partnered with GE Healthcare Partners to conceive, design and build the new 4,500 square-foot command centre, a cornerstone of which will be GE’s Wall of Analytics that processes real-time data from multiple source systems across the hospital.

Read more: How One Hospital is ...

 

Kerrwil Publications

538 Elizabeth Street, Midland,Ontario, Canada L4R2A3 +1 705 527 7666
2016 All rights reserved

Use of this Site constitutes acceptance of our Privacy Policy (effective 1.1.2016)
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Kerrwil