Frequently asked questions

 

What is your fee structure?

My services are charged by item, by hour or negotiated flat rate. Bookkeeping is normally based on negotiated flat rate; training Services are charged by hour; payroll services are charged at $6-10 per pay stub (no extra charge for PD7A).

Please send your request by email to get a quote for the services you are looking for. You email will always be replied within one business day.

How do I organize my supporting documents?

Well organized documentations can help to save your bookkeeping time and therefore your money. Based on my experiences, the following tips may help:

  • Try not to mix your personal expenses with business expenses. Use a separate credit card and/ or bank account for your business expenditures.
  • Separate your invoices, receipts by month or year, by business bank account and by business credit card. All other business expenditures you made by cash, personal bank account or personal credit card should be kept separately. Use a zip-lock bag for little receipts, or scan electronic copies to save space. 
  • Keep all your business bank account/ business cerdit card statements and download a CSV file for each statement. This should be done at least every 3 months.
  • Talk to a professional tax accountant before you start your own bookkeeping or hire a junior accountant. This can save your a lot of money, as I often see people do bookkeeping in wrong ways with hundreds of unnecessary columns and pages . The more pages and columns you maintain, the less likely your data are editable.

What's the tax benefit of using RRSP to buy a home?

You’re permitted to withdraw up to $25,000 from your RRSP for qualifying home purchases (up from $20,000 prior to January 28, 2009). Form T1036 needs to be filed to report the withdrawal. Under this plan, only first-time homebuyers are eligible to participate, unless the special rules for persons with disabilities (discussed below) apply. You’re considered to be a first-time buyer if, during the four calendar years prior to the year of withdrawal and up to 30 days before the withdrawal, neither you nor your spouse or common-law partner owned a home in which either of you resided. Loan repayments must take place over a period of 15 years, or less if desired, beginning in the second year following the year of withdrawal. If the required repayment is not made, an amount will have to be included as income in the year of the shortfall.

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Contact Us

LILY RAO, CPA


Landline:    (778) 379-5958

Cellphone:  (236) 978-5958

Email:        LILYRAOCPA@GMAIL.COM
Address​​​​​​:
    207-5050 Kingsway

                Burnaby, BC V5H 4H2

Website:    LIVETAX.CA

Wechat:    CPA2229 

 

My Business Hours

Monday:            9:15 am to 5:00 pm

Tuesday:           9:15 am to 5:00 pm

Wednesday:       9:15 am to 5:00 pm

Thursday:          9:15 am to 5:00 pm

Friday:               9:15 am to 5:00 pm

 

Weekends & After Hours:

By prescheduled appointment only         

Events
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