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@BottomNotch 21 сағат бұрын
Thank you, again!
@FixMyBooks 11 сағат бұрын
You're welcome!
@R007io 2 күн бұрын
What happens if you click submit on QuickBooks and you need to make an edit on a transaction and rerun the T4 summary. How do you do this?
@chrisbrown40 2 күн бұрын
Great work on this series, Jason! This was very thorough and packed with useful info. I imagine it took a lot of work to put together. Shocking how many more people, as a percentage of the population, are earning over 140k in the US vs Canada, Thanks for putting this up!
@FixMyBooks 12 сағат бұрын
Thanks so much! It is crazy to see how much more likely you are to earn a high income in the USA than Canada.
@MaricelaGuillen-p1y 4 күн бұрын
Hello, Thank you for this video, it helps a lot... I need to download the update for 2025 but when I click the link it sends me to the old one. Could you please help me to have the updated version that includes 2025? Thanks a lot
@FixMyBooks 4 күн бұрын
Yes, if you go to the same google sheet, the 2025 amounts have been included, thanks!
@fanglu1623 4 күн бұрын
Hi. To record itc for clients that have expense in BC, i need to set up the pst? Or just divide it by 1.12?
@FixMyBooks 4 күн бұрын
You do not claim ITC's against PST.
@fanglu1623 4 күн бұрын
@FixMyBooks Just GST? I have had this question for a while. Thanks for your great answer
@FixMyBooks 2 күн бұрын
@ Yes, you only claim ITC's against GST, not PST.
@fanglu1623 4 күн бұрын
Thank you very much. Your videos are super helpful, please keep up the good job!
@FixMyBooks 4 күн бұрын
You're welcome!
@4825sardis 4 күн бұрын
Thanks Arielle, every year I have 2 employee T4s to do and always forget the process , this was a great refresher!
@FixMyBooks 4 күн бұрын
You're welcome!
@angelayurie4777 5 күн бұрын
Hi Arielle, thanks for the video. Could you talk more about your insights and pros/cons of getting the CPB certification ? Has it been a dealbreaker to land more clients? TIA
@FixMyBooks 2 күн бұрын
I wouldn't say it's a deal breaker to land more clients I would say it attracts more clients to you :) It also gives assurance that you know what you're talking about since bookkeeping is unregulated as a profession and anyone can call themselves a bookkeeper so having the certification differentiates you.
@stinkyeggs9782 5 күн бұрын
Received child support payments are not taxable & are not included in earned income!
@Itsrackss 7 күн бұрын
You mentioned not letting it touch your personal account, what do you advise ?
@FixMyBooks 6 күн бұрын
You need to call whoever holds your RRSP and ask about a direct transfer to your new RRSP, thanks!
@HarryPotter-m3f 14 күн бұрын
From $10,000 to $76,000 that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
@Blok5025 15 күн бұрын
What if you are filling for dissolution in the same fiscal year that you have incorporated? Do you still need to get the clearance from the CRA even if they have nothing on file yet? Love the videos! Thank you
@FixMyBooks 14 күн бұрын
Yes because you must file a tax return even if you have not completed a fiscal year.
@Joseph_Assaf 16 күн бұрын
Excellent presentation, thank you!!
@FixMyBooks 16 күн бұрын
You're welcome! :)
@headtotailchiropractic489 18 күн бұрын
Thank you ! This helped out !
@FixMyBooks 18 күн бұрын
You're welcome! :)
@99Isopropyl 21 күн бұрын
This series is absolutely incredible. Thank you for posting all this information.
@FixMyBooks 21 күн бұрын
You're welcome! Glad you like the series!
@francispomerleau6934 23 күн бұрын
You forgot that in usa you pay property taxes every month on all your vehicle home insurance and car insurance premiums are double than Canada you are just another propaganda KZbin idiot
@FixMyBooks 22 күн бұрын
If you watch part 4 you'll see we aren't dealing with people that own a property. It's people renting. You don't pay property taxes if you are renting. I also mention that both countries have varying taxes including property taxes in part 2. We are attempting a base level comparison for people on a base situation. You don't need to be so bitter about math buddy. Cheer up.
@bohdankravchuk1331 24 күн бұрын
Very interesting. Looking forward to the 4th part. Thank you
@FixMyBooks 22 күн бұрын
Glad you enjoyed it!
@OasheshKhan 26 күн бұрын
What if I do not have a user id and password?
@alexu1569 29 күн бұрын
How did you get over the hurdle on upwork and finally get your first client? What mistakes did you make and how did you resolve this issue? I'm looking to start on upwork first very soon then expand off upwork once I get my feet wet a bit on upwork. I love crunching numbers.
@FixMyBooks 29 күн бұрын
I just really kept applying until someone decided to hire me on upwork :)
@GraceWangFitnessGrace Ай бұрын
How to find T4 info. 10 years prior?
@FixMyBooks Ай бұрын
If it's not in your CRA account and it's too old, then you will need to contact the CRA, but they might not have it on file anymore.
@aishubhat9871 Ай бұрын
How did u gain 2 and half years of work experience while doing the certification?
@FixMyBooks Ай бұрын
I did not, I started working after I got my Certificate from Loyalist College and took the exam after I got enough work experience.
@aishubhat9871 Ай бұрын
@ Can you share how u secured a job after the college?
@FixMyBooks Ай бұрын
@@aishubhat9871 I just applied to any job I could find online like in Indeed or even Kijiji. I was open to part-time work, contract work etc. I prioritized getting work experience rather than aiming for my "Dream Job." Hope that helps, thanks!
@bouwarehomeandliving Ай бұрын
awesome vid to teach me the differences of all these account softwares! Thank you! 谢谢你！
@FixMyBooks Ай бұрын
You're welcome :)
@jeeteshmehta364 Ай бұрын
How do you onboard and maintain a client. can you please make a video on that?
@FixMyBooks Ай бұрын
Hi, there's no set "onboarding procedure" that would depend on the business and the type of client they are onboarding. There are templates online that would give you a checklist on what to ask for, I suggest looking into those as a first step into making your own onboarding process. Thanks!
@zk4761 Ай бұрын
I love you man! This was EXACTLY what I needed. I am confident now I can do it on my own.
@FixMyBooks Ай бұрын
You're welcome! :) Glad you found the tutorial useful!
@DerekMiller-StBk Ай бұрын
Hi Arielle, thank you for this video! As a new bookkeeper, I found your overview helpful. I will check out the rest of your channel. Hope you are doing well!
@FixMyBooks Ай бұрын
You're welcome!
@bernardo-p3u Ай бұрын
Thank you so much for this amazing video! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
@gshannkarr Ай бұрын
Hi, Do you have a template to prepare a paycheck?
@georgealbertacanadaeh1038 2 ай бұрын
Thanks Arielle. I will use your video for my business. Great Job!
@nimraizhar2198 2 ай бұрын
My nanny wants me to generate payroll for her and pay remittance to government. Can i use the same spread sheet and remit payroll?
@daniellemckinnon2538 2 ай бұрын
I've had a hard time finding the answer to my question - even the CRA didn't give me a straight answer. This year, for my instalment payments, the total came to just over $4k... since it wasn't that much and I had the ability to pay it all at once, I did that. My question is, was that ok? Will I get charged interest or penalties, even though I paid my full years amount, but I paid it all at once? Thank you!
@FixMyBooks 2 ай бұрын
If the single instalment payment was sufficient to cover the tax liability for the following year, then no interest and penalties will be charged. Interest would be received on the overpayment. If the single instalment payment was insufficient to cover the tax liability for the following year, then interest and penalties can be charged. If the instalment interest exceeds $1,000 then a penalty can be applied.
@FixMyBooks 2 ай бұрын
Additionally, here is a link that may help if you conclude that the payment made may not be sufficient for the current year tax liability: www.canada.ca/en/revenue-agency/services/payments/payments-cra/individual-payments/income-tax-instalments/options-calculate.html
@FaithWithTheJokes 2 ай бұрын
Thank you so much! 🙏🏽
@FixMyBooks 2 ай бұрын
You're welcome!
@Mr.Cool1312 2 ай бұрын
Could you arrange the video with numbers from 01 to xx number which easy to follow this as a course? Apreciate it if its possible.
@davidon23 2 ай бұрын
can't you simply record the initial loan as a cashflow loan and then record each fee as a counter loan then once your loan is repaid you take the difference as interest expense? Because basically the difference between the loan amount and what you paid back is the interest expense.
@FixMyBooks 2 ай бұрын
@@davidon23 you wouldn't be able to reconcile the balance against the Shopify capital statement if you do that. Thanks!
@davidon23 2 ай бұрын
@FixMyBooks so then we can make that balance into interest expense. I just want the simpler method and just making the amortization sheet and input each thing manually seems crazy since every day or almost there is a credit being taken from a deposit
@davidon23 2 ай бұрын
@@FixMyBooks Let me recap what i have in mind: 1. consider the initial payment as a loan 2. take the capital repayments as counter loan 3.once the loan is paid, take the balance and remove it and transfer it as a interest expense. if you need the precise information or need the year end information, you can amortize the payments as you showed above but i guess its not needed for internal purposes and during the middle of the year.
@FixMyBooks 2 ай бұрын
@@davidon23 Hi, we can't recommend anything on your specific situation. We just provide general information on this channel, thanks!
@Wilson-qh9ny 2 ай бұрын
Very good video and well explained
@FixMyBooks 2 ай бұрын
You're welcome!
@mateenali66 3 ай бұрын
Loved it, thanks for doing this!
@FixMyBooks 2 ай бұрын
You're welcome!
@joffy1234 3 ай бұрын
After I finish with this and pay myself with the 4759.01 (net pay) and 2238.65 (remittance to CRA), I login to QBO again the next day. What happens to the 4759.01 and 2238.65 debit records which now show up from pulling records from the bank? Do I categorize them as expense again?
@FixMyBooks 3 ай бұрын
If you've recorded it as an expense like as shown in the video, it should say "match" with the transaction amount, you should not add it as another expense, thanks!
@kylethurston5379 3 ай бұрын
Hi Arielle, Your videos are much appreciated! The HST refund cheque the CRA sent me was lower than what it should have been. Do you mind explaining how to clear things up if the refund amount is less than the filing amount? Thanks!
@FixMyBooks 3 ай бұрын
Hi Kyle, that would depend on what the CRA did to lower the amount, if it was used to pay off corporate taxes, or payroll arrears etc. Unfortunately, we can only give general guidelines in videos and not personalized advice - thanks!
@kylethurston5379 3 ай бұрын
@@FixMyBooks Thanks!
@canarysop 3 ай бұрын
Thank you, this was exactly what I needed. :-)
@FixMyBooks 3 ай бұрын
You're welcome!
@SarahThabit 3 ай бұрын
Thank you!
@FixMyBooks 3 ай бұрын
Welcome!
@HyFoldTechCorp 3 ай бұрын
Is this template still available? I've tried subscribing to check it out and nothing happens
@FixMyBooks 3 ай бұрын
Hi! Yes, you can send us an email at [email protected] with the email you used to sign up so we can check it against our list and we can update you - thanks!
@2x2conacc 3 ай бұрын
Hi. Thanks for this. Quick question. What about projects? When creating the deposit invoice, should it be assigned to a project, or just the customer?
@natbrown1974 3 ай бұрын
Hello! Thx for your video. I've been bookkeeping in Canada for 17 years and will be relocating to the USA soon. I want to learn the differences there may be in bookkeeping in the USA. Where should I start without having to hear all the bookkeeping knowledge I would already have due to the similarities? Any idea where I could go to find a mentor or do you do charged consultations?
@FixMyBooks 3 ай бұрын
While both accounting and bookkeeping share foundational principles such as understanding debits and credits, there are significant differences between the two. I recommend exploring courses through the American Institute of Professional Bookkeepers (AIPB) to gain a deeper understanding of these distinctions. Key areas to focus on include payroll, depreciation, and compliance requirements such as W-9s for subcontractors, as these tend to differ substantially. Starting with these topics will help you build a solid foundation. Good luck!
@mahamslm 3 ай бұрын
Very informative video! One question though, how do you record installments made to gst account shown in bank transactions?
@FixMyBooks 3 ай бұрын
I'll make a tutorial about this soon!
@abdulrahimaman8481 3 ай бұрын
Thank you for the detailed video.
@FixMyBooks 3 ай бұрын
You're welcome!
@TheHealingGardenStudio 3 ай бұрын
Doesn't work. They literally ask you for your business number on this site to sign in, so if you don't know it or don't have it or forgot it because it's been years since you've used it, this process is useless.
@FixMyBooks 3 ай бұрын
Have you registered for a My Business account before? If you have, then it should only ask for your username and password. This tutorial is for people who have a My Business Account. Not someone who doesn't have an account. If you don't have an account, then yes, it will ask you for your business number since it doesn't know what account you're trying to sign in to.
@iristalledo5867 2 ай бұрын
HI im having the same problem have you figured it out?
@FixMyBooks 2 ай бұрын
@@iristalledo5867 You will need to call the CRA :)
@Katrina-1374 14 күн бұрын
@@FixMyBooksI have but it’s been years and I’m trying to recover it/which I can’t do without my business number. So I’m sorry but this is not helpful. We need the step that recovers the BN first so we CAN sign in.
@FixMyBooks 14 күн бұрын
@@Katrina-1374 Hi, this is a KZbin tutorial for those who have a CRA My Business Account, not for those who need to recover an account. As I mentioned previously, you will have to speak to the CRA if you've lost your business number. Thanks!
@pattyrichter6406 3 ай бұрын
When a client receives tips, is that exempt or zero rated?
@FixMyBooks 3 ай бұрын
The treatment of HST depends on whether the tips are controlled tips or direct tips and whether your question is in regards to an individual receiving direct or controlled tips, or whether a business is receiving direct or controlled tips. Some tips contain HST and others do not.
@pattyrichter6406 3 ай бұрын
@@FixMyBooks customer is not obligated to give tips but they will receive some for dog boarding or grooming.
@FixMyBooks 3 ай бұрын
@@pattyrichter6406 It seems that you may be a bookkeeper based on your inquiries. We would love to help, however, please note that this KZbin channel is intended for general educational purposes only, and we are unable to offer specific tax advice for your client. I recommend conducting your own research on Direct vs. Controlled tips to determine which applies to your client. You can find helpful information on this topic on the CRA website at the following link: www.canada.ca/en/revenue-agency/services/tax/canada-pension-plan-cpp-employment-insurance-ei-rulings/cpp-ei-explained/tips-gratuities.html#control If you need further clarification, I suggest reaching out to the CRA directly for guidance. Thank you.
@kayypascal4837 4 ай бұрын
OMGOSH I have a client like that....the last person was TERRIBLE!!!! I'm growing Grey hair & I definitely under charge my client 😭.
@FixMyBooks 4 ай бұрын
Yes, it happens more often than you think!
@mariaboyd7380 4 ай бұрын
Don't you need a CPA designation before you qualified to run a business?
@FixMyBooks 4 ай бұрын
No
@StevenDonald2 4 ай бұрын
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
@mohanreulechhetri5142 4 ай бұрын
Please reply.. as an international is bookkeeping/ accounting technicians a good choice for pr?
@FixMyBooks 4 ай бұрын
We cannot give any recommendations towards your Immigration status in Canada. We are not immigration consultants. You need to pay a qualified immigration consultant to give you these sort of recommendation/ analysis. Thanks!