FREE TAX TIP ----“Business owners sometimes wonder whether the company should purchase an automobile for their use.  Often, this isn’t the best choice because the automobile standby charge is 2% per month of the original cost, no matter how long the automobile is owned.  As an example, a taxable benefit of 24% per year on a $30,000 car would mean that $7,200 is added to the employee’s T4’d income each year.  This is the case even if the car is five or more years old and any car loan is already repaid.  An operating cost benefit is also added in determining the taxable benefit.  A reduced standby charge is possible if the car is used more than 50% for business purposes and where personal use is less than 1,667 kms per month.”

Terry Gunderson, CA, CFP and partner at Manning Elliott, Chartered Accountants, www.manningelliott.com helps small business owners and professionals with their accounting and tax needs.

Looking for an alternative to expensive Accounts Receivable or Purchase Order financing?                                                                               

 Asset Based Financing is an alternative to traditional covenant driven operating lines of credit offered by Canadian banks for growing and/or highly levered companies. Royal Bank's Asset Based Financing products have been created to provide existing and new clients with another option for working capital financing, as well as to respond to the dynamic trends in the finance industry by offering a Margined Working Capital Loan.  The client receives advances of up to 90% of accounts receivable and 60% or 85% of the Net Orderly Liquidation Value of inventory based on the level of comfort in the underlying asset. Loans are provided without a balance sheet leverage covenant. The product offering is meant to position the company for an easy transition back to conventional financing when the company is ready. One key advantage to our facility is this can be done without any early termination fees provided RBC retains the banking relationship.  Contact Peter Steele at The Royal Bank – tell him Tess sent you!  peter.steele@rbc.com or 1-800-511-3648 

* Check out Bailey Capitals' CASH/LOAN/LEASE calculator his terrific new finance toy goes a long way to show you where your money is spent when acquiring business equipment (depreciating assets).   

Bo Jursevic of Investek Canada tells us "The three steps to financial independence: Position, leverage and Optimize. A Financial Engineering Services firm; we use financial tools and resources to create financial wealth as well as financial health." www.investekcanada.com 

Is your Business Debt keeping you awake at night? 

K&G Debt Consolidators is committed to changing peoples lives by reducing or eliminating their debt.  We negotiate with your creditors in order to have 50-80% of your debt FORGIVEN!  We get you out of debt faster than any other service available.   For more information contact Bonnie Krisher www.kgdebt.ca or (604) 273-8854.  

Does your Business need a Government Grant? 

Maurice Goulet mauriceg@GouletAssociates.com will help you to secure SR&ED or IRAP Government Grants to get that great new technology based business idea off the ground. With SR&ED, you can get a grant for money you've already spent over the past 2 1/2 years. On future projects you can use IRAP cash during your project, and then file for SR&ED afterwards to get the lowest net R&D cost. Management talent, cash flow, marketing strategy, and technology are the ingredients, roughly in that order, for success. Maurice and his specialist associates have a great mix of focused know-how to catalyze technology development, and lots of successes. Maurice is happy to discuss your story, 604.218.7201, and he returns voicemails promptly.  I love it when my call gets returned right away – Thank you, Maurice!

Need some advice on all the money you are making?

 Katrine Sperling is a Certified Financial Planner and has been helping people achieve their personal financial goals for over 20 years. Whether it is saving for retirement, a home or a child’s’ education Katrine offers a complimentary portfolio review and great educational workshops. She is with Edward Jones Investments, the largest financial services firm in North America in terms of retail offices with a history that dates back over 100 years.  She runs the only downtown office for the firm and is very involved in the community. www.edwardjones.com

For self employed or new companies who need professional accounting assistance but limited budgets are a big part of their business, call Rick Bennett and Bharti Patel of www.taxmaniacs.com  or 604-801-5747. If you need a quick Performa or financial statements for a financing application, or just all year around organization and accounting of your budding business – you can’t beat the service and rates! 

“If it appreciates, buy it.  If it depreciates – lease it”                               John Paul Getty.                                                                                          

 You can call 604-984-6701 www.baileycapitalfund.com  for more information on how to acquire the appreciating assets you need and only borrow the depreciating ones that make you all the $$$$$ 

Don’t forget to call Andy Zhu for your American related companies needing tax returns for for lending purposes or otherwise.   Andy has the best rates in town! Contact Andy Zhu CA CPA MBA www.members.shaw.ca/unicas They also do year end, tax planning, book keeping and other accounting and tax supports.   

Attention: People with disabilities and their caregivers 

Ken Lagasse CA of www.taxaid.ca says ”Many of you are missing valuable disability tax credits – including significant refunds." Experienced tax professionals are now offering a free, no obligation, tax review to determine if you qualify and what your options are. Includes family and possible transfers to eligible caregivers. Tax reviews can be done over the phone. Ken Lagasse CA, Regional Accounting Firm (TaxWise). Toll free 1-866-829-4446. taxwise.ca/taxaid 

Need some very easy to follow advice on ‘how to' get finance approval every time?  Ask me more on financing.  www.tess@baileycapitalfund.com   

Investing in the Real Estate Boom of Vancouver?  Need a Mortgage? Debbie Thomas of Meridian Financial writes “I bring over 20 years of senior banking experience as a Mortgage Broker for Meridian Financial Services. Throughout the years I spent at one of the worlds largest financial institutions as a Senior Branch Manager to Senior Manager of the Head Office Credit Department, I have extensive financial product knowledge and a thorough understanding of the mortgage market.   Here's what I offer:

• Guaranteed best rates achieved through skilled negotiations, extensive contacts and volume of business transacted
• Personalized and attentive client service throughout every step of the process
• Credibility when dealing with all levels of financial organizations
• Willingness to go that extra mile and fight for my client's best interests

A mortgage is your single largest debt. I am committed to ensuring my clients reach their financial goals sooner while helping them to save thousands of dollars in interest payments, Mortgages made easy! " www.canadianmortgagelenders.com/debbie or Cell: 604-377-7596 

To raise private funds or even to prepare to go public: John McDonald of Rampworth www.rampworth.com helps companies prepare for upcoming capital events such as debt, private share issues, VC funding, succession etc.

Professionals Refer Professionals, if you want to refer Bailey Capital Fund, please email us and ask about our referral rewards program.

Contact: tess@baileycapitalfund.com

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