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Black Tulip's family

We like to celebrate life's special moments, cheer on our clients, spread a little good news and inspire with a bit of imagination, because we believe these are what brings life true value.


How Long to Keep Records in Canada

 
Life generates quite a lot of paperwork. From business records, to personal records, it can be overwhelming to keep track of what you need to keep, and for how long.

 To help sort it out, we’ve compiled this tip sheet of how long to keep records in Canada!

Keep for 1 Month

  • Bank withdrawal and deposit slips: Check your bank statement to make sure the amounts match up and then shred.
  • Receipts: Enter them into your monthly budget and then shred, unless you paid with a credit card. In that case, wait until your monthly statement arrives and double check that the amounts are correct. Then you can shred the receipt. Keep your receipt if you purchased something with a warranty (keep it until your warranty expires or you no longer own the item).

Keep for 1 Year

  • Monthly Bank Statements: Keep these for 1 year, unless you have your own business, in which case you should hold on to them for 6 years.
  • Monthly Brokerage/Mutual Fund Statements: Reconcile with your annual statement and then shred.
  • Monthly Credit Card Statements: Keep these for 1 year, unless you have your own business and have purchased items with your credit card, then you would keep the statement for 6 years.
  • Monthly Mortgage Statements: Reconcile with your annual statement and then shred.
  • Pay Stubs: Reconcile with your T4 and then shred.
  • Utility Bills: helpful to compare to your current year
  • Internet, Telephone & Utility Bills: Keeping them for a year allows you to compare rates if needed. If you own your own business and can write off these expenses, then you should keep the bills for 6 years.

Keep for 6 Years

  • Tax Returns: Starting from the end of the tax year relating to the records.
  • All T4 Forms: Starting from the end of the tax year relating to the records.
  • Annual Mortgage Statements
  • Receipts & Statements for Tax Returns, including: donations, RRSP contributions, child care receipts, mortgage interest, medical expenses, property tax payments, alimony/child support paid or received, etc. (Starting from the end of the tax year relating to the records.)

Keep Forever

  • Adoption Records
  • Auto/Home/Life Insurance Policy Information: Keep as long as the policy is still active and then shred.
  • Auto Records: Keep as long as you own the vehicle.
  • Birth Certificate
  • Death Certificate(s)
  • Divorce Agreement/Child Custody Orders
  • Estate: Keep your will and power of attorney with a list of your financial contacts
  • Investment Records
  • Marriage Certificate
  • Medical Records
  • Military Records
  • Pension Plan Records
  • Real Estate paperwork and mortgage contracts
  • Receipts for major home improvements: Keep until you no longer own the home.
  • Warranties: For electronics and appliances. Toss when they expire.
  • Will and/or Power of Attorney

Store all of your financial paperwork in a cool, dry place. Some people will recommend keeping your permanent records in a home safe, or in a bank safety deposit box.

 Remember that if you do own your own business, you need to keep your business paperwork separate from your personal paperwork, to avoid hassles if you are audited.

 We hope these tips will help you determine how long to keep records in Canada! We found the following online resources quite helpful in this subject:

Canada Revenue Agency: http://www.cra-arc.gc.ca/records/
Mrs. January: http://www.mrsjanuary.com/personal-finance/how-long-to-hold-on-to-financial-records-in-canada/
Fiscal Agents: http://www.fiscalagents.com/newsletter/4records.shtml

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Construction and Renovation Administration

If you have ever dealt with new home construction or a substantial renovation, you would have received on a regular basis from your construction company a detailed work-in-progress report, usually accompanied by a request for more money. Did you verify the report, check the calculations and ensure the change orders are properly reflected? Did you compare it with the last report and ensure you are not double billed?

We will review and analyze all the details, compare it with the previous reports and the original budget, request backup documentation and work with the builder on your behalf, so you only need to worry about who you will invite to the party to celebrate your new or renovated home.

tool house

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Outsourcing Human Resources


After bookkeeping, our next most popular service is payroll administration and HR support.

We help set up and maintain our clients’ staff payroll, make all the arrangements for direct deposits, ensure that the government gets its share and monitor the vacation accrual so it doesn’t get out of control.

Do you want to pay your home care staff and nanny “above the table”, but you don’t want to deal with all the government paperwork? We’ll take care of it. Employment agreements, hiring, firing? We have done it all, and can help you resolve any situation – the good, the bad, and the ugly! Continue reading

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Manage Your Residential Staff

 

So you have decided to hire a nanny, housekeeper or a caregiver for your elderly parents. That is only the beginning……

 You need to find, interview and check references. You need to set up the payroll, deal with payroll taxes, workers comp and track the vacation days. A Letter of Agreement or a contract outlining the conditions and your expectations would be very helpful in case things don’t turn out exactly as anticipated. Even the day to day management and scheduling takes time away from other priorities. And unfortunately sometimes a personal staff member needs to be fired.

 We can help you with all of that, so you can concentrate on what is most important to you.

 Manage Your Residential StaffManage Your Residential Staff

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New Year’s Resolutions which you can delegate!

1.  Catch up on your bookkeeping!
          •Assets, liabilities, net income??? No idea what these words mean?
               •Call Black Tulip, they’ll help you figure it out!

2.  Clean up your desk!
          •Is your work area buried under piles of bills, invoices, and everything in between??
               •Let the organized administrators at Black Tulip help sort you out!

3.  Exercise more!
          •Run to Black Tulip’s office on Merton Street in mid-town Toronto!

4.  Finally “get a handle” on your staff’s payroll!
          •Too daunting?
               •Call Black Tulip, they will get you set up and ensure you are compliant!

5.  Go on a nice trip and take in some performances!
          •Want to take the work out of planning a vacation?
               •Visit Curtain Rising’s website and simply pick one of their fully organized and fascinating trips! www.curtainrising.ca

6.  Get a head-start with organizing your receipts for tax time!
          •Swimming in receipts?
               •Call Black Tulip, they love sorting receipts!

7.  Drink more quality wine!
          •Black Tulip’s Personal Assistants will research, buy and deliver the best wines!

 

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Cash Flow Management

Where did all my money go? Will I have enough cash to cover the payroll? When did my largest client tell me he would pay the bill? Those are some of the questions that keep many small business owners awake at night.

John, our controller, loves creating spreadsheets! We can help small business owners sleep better by setting up and maintaining a cash flow statement. That is just one of the many services we provide to our clients.

Want to know more? Call us!
cash-flow

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Account Monitoring and Management

Some of our clients have asked us to monitor their bank and credit card accounts on a regular basis, just to make sure that nothing unusual has happened.

This service has proved invaluable to our clients and saved them a lot of headaches. Once we found a $3K bank error and we also discovered a “cheque washing” incident for $10K! Don’t know what cheque washing is? Google it, you might decide to never write a cheque again!

And then there are the fraudulent credit card charges! What a pain to deal with the bank forms, the replacement cards and informing your automatic withdrawals about the new number! We can take care of these details, so that you can focus on what you do best!

These are of course worst case scenarios. Most times our clients are simply happy to be able to call us for their bank information, or to ensure that a transaction was processed at a moment’s notice. Do you also get headaches trying to keep up with all of your transactions? Contact us!credit card statement with calculator3

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Professional Advisor Referrals

During the eighteen years that we have been in business, we have established prominent contacts and worked with many other fantastic professionals. We have found lawyers, accountants, and other professionals who have successfully demonstrated their value by providing quality products and services to us, and to our clients. These professionals enjoy our fresh approach to business and our outstanding attention to detail. By having these trustworthy connections, we are able to provide you with all the superior resources you require to successfully operate your unique business.Handshake-with-business-people-behind

Are you unsure of where to search for the industry leaders that best match your business? We can refer you to lawyers, accountants, insurance brokers, investment councilors, head hunters, private bankers, IT consultants, the list goes on! Recently we connected a new client with our group health insurance broker, and they’re successfully preparing a plan for their organization!

There are so many options out there. We know it can be overwhelming.  Let us match you with top-tier appropriate contacts, and relieve any anxiety about finding the right professional for you, or the most suitable plans and agreements for your individual needs.

Do you need help managing the arrangements or the paperwork with these professionals? We do that as well! Just ask, and consider it done!

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Joe Fresh Holiday Sample Sale!

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