Monday, June 5, 2017

It's Been a While

It's been a long while since I've posted anything.

So, today, I'm writing for pleasure. Isn't that the nicest thing about being able to write? That you can write just for yourself. It doesn't matter if anyone reads it at all.

We are nearly halfway into the year. I'm hoping for change. Really, I need to PLAN change.

My husband and I are both exhausted. Work and life have made our bodies physically, emotionally, and probably spiritually tired.

The week before Christmas, our car was totalled due to someone in front of our vehicle who didn't look before turning left off the highway, and resulted in the oncoming vehicle from the other direction swerving to avoid killing the stupid driver (who left the scene btw), and clipped our vehicle as a result. Thankfully, nobody was injured.

In February, my mother in law had heart surgery. This was one year after his dad had a major heart attack with major surgery. His grandmother then fell ill very shortly after, and we helped with some of her end of life care, but being that we are a 7-8 hour drive away it made for a lot of travelling. Also, since it was March, I was in the middle of tax season.

The bulk of tax season has come and gone, and it was good. My business has increased, but I am still working part time at my other jobs, and hit my breaking point of mental and physical exhaustion a couple of times during the season. I have let my manager from the one job know that I am ready to reduce hours again at some point before next tax season, reducing by another day a week. Perhaps I will be ready to reduce by more than that by the time I actually reduce my hours. I need to do some researching and planning first.

Looking ahead, we have an exchange student from Spain arriving in August. We don't have the details yet though. She will stay 3 months, and then our daughter will travel to her home for 3 months in February of 2018.

Our daughter also just got her first job for the summer, which is exciting. She's also doing an online course to get it out of the way to make room for an elective for next year.

And just by writing that all out, I feel slightly better.

Friday, September 2, 2016

Canadian Teachers: New School Supply Tax Credit on Income Tax

It's back to school time! Not only are families gearing up for school, but teachers are buying supplies for their classrooms as well.

Teachers may not be aware, but there will be a new credit on Canadian income tax returns this coming spring, called the Eligible Educator School Supply Tax Credit.  It's worth up to $150 in real money.  This was passed through the new federal budget on June 22, 2016.

To be an eligible supplies expense, the teaching supplies must be purchased in the taxation year, by an eligible teacher or early childhood educator to use in a school or in a regulated child care facility for the purpose of teaching or helping students learn.
Save your receipts for 2016 for up $1000 in receipts for items for your classroom that you have purchased that will be used.

Here is a list of examples of things you can buy that qualify for this credit:

Teaching supplies include consumable goods. Some examples are:
  • Construction paper for activities, flashcards for activity centres;
  • Items for science experiments, such as seeds, potting soil, vinegar, baking soda and stir sticks;
  • Art supplies such as paper, glue and paint; and
  • Various stationary items, such as pens, pencils, posters and charts
The only durable goods that qualify as teaching supplies are listed below:
  • games and puzzles;
  • books for the classroom;
  • containers such as plastic boxes or banker boxes; and
  • educational support software.
For more information, check out the Canada Revenue Agency page regarding the topic.

Wednesday, October 21, 2015

Research Assistant for Bizarre Questions

I think I mentioned that I'm doing a personal challenge within a group, that challenges each of us to post every day for 30 days.  I've completely "failed" at this challenge, but I'm ok with that.  I posted for the first nine days. I then missed the next ten days due to a crazy work schedule, family visiting, and then getting sick as a result of trying to combine work and family at the same time.  I am going to try to post until the end of the month though!

The organizer of this group is Julie, who's blog is entitled 3 Chickens and a Boat.

Today she wrote the following at the end of her blog.
"So, my simple question to you today… what is it you are good at?  What do you do BEST? If you could spend your day DOING anything, what would it be and how can you build THAT one nugget into a business that you love?"
Here's what I am really good at. I know how to find info, and where to look for it.  If I am given a question that somebody can't find the answer to, I can find the answer.  Even if I know very little about the topic in the first place.

I love looking up information so much that if I were to ever go back to school, I think I would pursue a Masters of Library and Information Science.

I do use this skill quite a bit while doing taxes.  There is always something new, whether it be a new policy change, or a new client with circumstances that are just slightly different than the norm.  I am easily able to research and find the information that I need.

I love helping people by being able to find obscure information! I might never think to ask the questions that others do, but once they let me know they are stuck, I can find the answers!  I wonder how I can market this skill in and of itself though?  Obscure Information Finder For Hire? Research Assistant for Bizarre Questions? Is this even a marketable skill??

This is a picture of me while on holidays this summer. Exploring the books at a restaurant! 

On a side note, when I was pregnant with our second son, we met with the doctors from Sick Kids, Before our first meeting with the doctors, I had emailed a list of things to discuss including some groundbreaking new experimental treatment methods, The doctors (who were great) were not aware of these new methods.  It was only because of my research that the team looked into it for us and the potential of being part of this new treatment became part of our plan. It included flying us to the States for treatment, and our doctor worked out all the details for us, including the funding for us to go to and stay in the States during the treatment.

As a kid, I used to read the vintage books with vigour learning random things. In high school, I remember both using micro-fiche, and also using the new Encyclopedia on CD that made research projects a breeze! And as an adult, I'm great at scouring government documents and StatsCanada tables for info.

Sunday, October 4, 2015

Let's Get Blunt About Your Financial Affairs: Book Review

I recently won a copy of Let's Get Blunt About Your Financial Affairs, by Mark Goodfield, courtesy of a fairly new to me Canadian financial blog, Boomer and Echo.

The book itself is actually "A collection of the best blog posts from The Blunt Bean Counter". I now have another new to me Canadian financial blog to peruse!

The book has posts published in it for people in every stage of life or finances.

About half of the book talked about some really interesting-to-me topics, including dividing family assets, not just on a financial level, but including the psychology of how kids or other beneficiaries will feel about the equality or non equality of distribution of assets.

Although I don't want to think about when my parents pass away - I'm hoping not for another 25 years - he has some really good info about the duties of being an executor of an estate. Note: There are a lot of duties!! This is something that I've never done, and have not really thought about. Between my husband and I, we have 8 parents, due to our parents ask being divorced and remarried, and I'm sure we will be responsible for much of this when the time comes.

On that same line, one of the chapters in entitled "Memory Overload, Alzheimer's , and Death in the Digital World" reminds me to make sure to put together secure info that outlines all of our own assets, and all the account numbers and/or online passwords for important things to make sure that we both know all info, and can cancel accounts as needed. It's super creepy when Facebook notifies you of someone's birthday or that they are waiting for you to play your turn in a game when they have died!!

Topics on personal taxes, RRSP's,  RRIF's , tax implications of transferring property, and dealing with CRA, are some of the topics that I deal with regularly with my own clients as their tax preparer.
There were also some higher level topics that don't apply to most people, but if you need info on Estate Freezes, Family Trusts or Holding Companies, there are some great chapters with info on these topics.

This probably isn't a book I would have picked out on my own, but I'm really glad that I had the opportunity to read it. I will be keeping it as a reference book for the future, and I'll definitely be checking out more of Mark Goodfield's topics at his blog The Blunt Bean Counter.  If you are interested in any of the above topics, both the book and /or the blog might be a good read for you too.

Friday, October 2, 2015

Making a Leap: Reducing Employment Hours to Increase Self-Employment

Looking back to 2012, one of my goals was to increase my self-employment income to be more than 15% of my income for the year.  Three years later, I've surpassed this goal!  Although we aren't at the end of 2015 yet, I can estimate my numbers quite well.  There is a possibility that my self-employment income will be more than I have forecasted.

Primary job: (25 hours/week)
  • 2012: 79% of income
  •  2013: 75% of income
  •  2014: 80% of income
  •  2015: 70% of income 
Secondary job: (average of 5 hours/week)
  • 2012: 12% of income
  •  2013: 13% of income
  •  2014: 10% of income
  •  2015: 10% of income
Self -Employment:
  • 2012: 5% of income
  • 2013: 11% of income
  • 2014: 10% of income
  • 2015: 20% of income
Other Income:
  • 2012: 4% of income (Maternity Employment Insurance during January)

WOOT!! This year my NET self-employment income will be 20% of my total income.  I've grown business slowly, quite purposefully.  I havn't advertised due to fear of growing too fast, and not having time to allocate to new clients.  New clients currently come via word-of-mouth from current clients. 

I've been hesitant to reduce my hours at my primary job up until now, because it pays well, has employer paid RRSP contributions, and paid sick time. It also includes FULL medical benefits while working Part Time.  There are not many places where you can obtain medical benefits working part time!

I'm making a leap in 2016.  I've already discussed with my manager permanently reducing my hours at my primary job, probably starting in February.  I'm not reducing by much, but I will have an extra two days a month to have available for self-employment work, or a small amount of contract work elsewhere.  Maybe I'll even start blogging more or pursuing more within the social media world. I will probably even advertise my services a bit this year. In case you are wondering, I do Income Tax Preparation and E-Filing, Payroll, and some Bookkeeping.  I'm also open to new opportunities!

It's a big jump to do this, because reducing my hours means that I lose medical benefit coverage.  I'm earning enough in self-employment to both purchase medical benefits for my family, (medical benefits are EXPENSIVE), and to cover the wages for the number of hours that I'm decreasing by.

I'm excited to make these changes, and to leap into them in the New Year.

Ready to jump!  (Not really!) See my husband at the bottom? 1/2 way up Dorset Tower

Thursday, October 1, 2015

New Beginnings Start With Deleting

I just joined a group where the goal is to blog every day in October. I havn't blogged in forever, and thought the challenge would be a good one for me.  I've never blogged daily.  Maybe it can be the beginnings of an awesome new habit.

I started this challenge not by writing, but by reading. I've been going through older posts and am deleting many that are no longer relevant to me or to readers. Actually, I've deleted MOST of the blog! With so few posts remaining, if I actually manage to blog daily for the month, by the end of the month it will end up being a large portion of the blog.

At the same time that I am deleting old posts, I am also "deleting" (getting rid of) many physical things in my house!

Last week, I purchased a copy of The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing, by Marie Kondo.  I have finished reading the book, and have started by going through my clothes and linens.  I have donated 11 shopping bags worth of stuff, and had another shopping bag worth of paper recycling, and another of garbage. I've realized that I own a lot more clothing than I had thought that I did.

After getting rid of many things, I have now merged two dresser drawers worth of things into one.  I have moved my pants from the top of my closet into the now empty drawer. My linen closet looks organized and it doesn't explode with things trying to escape when it is opened.

Organized Drawer of Pants
My newly organized drawer of pants.

Friday, December 13, 2013

2013 Contest Winnings Totals

As a follow up to my post in July on my 2013 Contest Winnings at that point, I thought I should post the winnings for the rest of the year.

In July, I had won a total of $940 worth of prizes.

2013 Winnings (2nd Half of Year)

Google Nexus 7 Tablet x 2 (both my husband & I won one)  Kitkat Contest  Value $450
Google Play Codes from Kitkat Contest Value $30
$100 VISA Giftcard from Royal Bank Small Biz Twitter chat  Value $100
$100 Giftcard to Glamagirls from Tweenhood  Value $100
2 Books Muse & Secret Shared from @BookaliciousCA Value $30
$10 iTunes Giftcard from @PTPA  Value $10

2nd Half of Year Total: $710

Total for 2013: $1650