Manager’s Report
Dear Valued Clients and Friends of Wheatland Accounting, As the seasons change, so too does the dynamic landscape of our accounting firm. Wheatland Accounting has always been dedicated to providing top-notch services in bookkeeping, corporate tax, succession planning, and exit planning. We are excited to share some important updates and introductions with you.
A familiar face that many of you recognize during the busy tax season is none other than Katey Hull. Her dedication and expertise have been invaluable during our busiest times. We are thrilled to announce that Katey has joined our team on a permanent basis. Her skills will continue to be an asset as she helps with bookkeeping and tax preparation, ensuring that our clients receive the attention to detail they deserve.
In addition to Katey, we are delighted to welcome our new employee, Paul Stock. Paul comes to us with a decade of experience in the accounting industry, making him a valuable addition to our team. Hailing from Fillmore, Paul’s knowledge and expertise in bookkeeping, tax, and corporate tax matters will further strengthen our capabilities. At Wheatland Accounting, we understand that your trust in us is the foundation of our success.
We are committed to delivering the highest level of service and expertise in all aspects of accounting and financial planning. Your confidence in our team drives us to continually improve and grow.
As we move forward, we are excited to continue our partnership with you and provide the best solutions for your financial needs, whether it’s bookkeeping, corporate tax strategies, succession planning, or exit planning, Wheatland Accounting is here to assist you every step of the way.
Thank you for choosing Wheatland Accounting as your trusted financial partner. We are excited about the future and the opportunities it brings to serve you better.
Warm regards,
Danielle Mytopher
Canada Dental Benefit
Families earning less than $90,000 per year could qualify for the Canada Dental Benefit. Parents and guardians may be eligible if they pay for dental care for a child under 12 years old who does not have access to a private dental insurance plan. Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. You can apply for a maximum of 2 payments per child. Applications are open until June 30, 2024 for:
- dental care received between July 1, 2023 and June 30, 2024
- one additional payment if you meet the criteria
Benefit payments are claimed through the individuals CRA my account.
Secure Your Business’s Future with Succession and Exit Planning
In the world of business, change is inevitable. Whether you’re a seasoned entrepreneur or just starting out, it’s essential to plan for the future and ensure the longevity of your company. One crucial aspect often overlooked is succession and exit planning. Using your trusted accountant is crucial for your planning needs as they can provide expert financial guidance and help you make informed decisions ensuring the security and success of your financial future.
Succession Planning: Ensuring Continuity
Succession planning is the process of identifying and developing internal talent to fill key leadership positions within your organization. It’s not just about picking a successor but also about nurturing and preparing them to take the reins when the time comes, here is why it’s vital:
- Minimizing Disruption: Proper succession planning ensures a smooth transition in leadership minimizing disruption to daily operations.
- Maintaining Stakeholder Confidence: financial institutions, owners, employees and clients will have greater confidence in your business’s future when they see a clear succession plan in place.
Exit Planning: Preparing for the Unpredictable
Exit planning involves creating a strategy for selling, transferring, or winding down your business. Key reasons to consider exit planning include:
- Exit planning involves creating a strategy for selling, transferring, or winding down your business. Key reasons to consider exit planning include:
- Protecting Your Legacy: You’ve put years of hard work into building your business. Exit planning ensures that your legacy continues whether through a sale, merger, or passing it down to family members.
- Maximizing Value: Proper planning can help you maximize the value of your business and minimize the tax burden ensuring you get the best return on your investment.
Incorporation: A Strategic Move
Incorporation can be a useful tool in limiting liability, assisting in transferring your business and helping you invest in your business while reducing your tax burden.
In conclusion, succession and exit planning are essential components of any business strategy. By incorporating your business, you not only protect your personal assets but also set the stage for a smooth transition of leadership and a successful exit when the time is right. Don’t wait until it’s too late; start planning today to secure your business’s future.
If you would like to explore any of these planning strategies don’t hesitate to call our office. Our experts are available to help you with all of your planning needs.
Congratulations 2023 Scholarship Recipients
Each year Wheatland Accounting Services awards 3 – $500 scholarships to grade 12 graduates entering agriculture-related post-secondary studies in the fall. Candidates must submit a creative short essay or video expressing why they are Passionate About Ag and are pursuing this as their career choice. Join us in congratulating this year’s recipients of our “I’m Passionate About Ag” Scholarships.
Carter Goudy, Stoughton SK
Kira Wignes, Viscount SK
Jenay Hyndman, Balcarres Sk
Pictures & essays can be found on the scholarship page.
Important Deadlines
AgriStability program forms deadline with
penalty:
December 31, 2023 A penalty of $500/ month will be reduced from your benefit
AgriStability fee deadline with 20% penalty applied December 31, 2023
To be eligible for AgriInvest your 2022 tax must be filed by December 31,2023
As of January 1, 2024 CRA will charge a fee of $100 for cheques over $10,000. To avoid this, you can pay at your bank with a remittance voucher or through your online banking.
Behind the Desk
Why don’t accountants count sheep to fall asleep?
Because if they make a mistake they are awake all night trying to find it!
