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The Canadian Champion, Tuesday, March 28, 2006 -A9 Business getting bigger at High Point Truck Collision ()zzie Pento is hack in business and t', - lit- erally - paintin'the town ted... or blue, or grev, M or wbatever colours his customners requesi. The long-uirne owner of <Supremne Auto Collision recently opened a new shop, High Point Truck Collision, on Regional Road 25 and has been bus>' repairing and painting large vehi- "The new shop is 20,000 square feet," he said, notîng it has two large paint bootbs that are 44 feet by 54 feet. "This is to accommodate the trucks and large -' rnachinery that are repaired and painted." But the shop isn't just limited to large vehi- - des. Pento, said he welcornes those of the smnall- - - er variety as well, like cars, SUVs and pick-up Along with painting, High Point offers sand- - blasting and also bas a frarne rack on the prern- ises to straigbten frames if necessary. Pentu reported tbat business bas been good, witb sorne of bis customers frorn bis 22 years spent at Supreme Auto Collision coming over to tlie nes' sbop. He noted bis soit Paul is working alongside bina so tbat one day, be can take over tbe sbop. "'n sbowing bina tbe ropes," be explained. In addition to Paul, Pento bas six otber tecb- GRAHAM PAINE ICANADIAN CHAMPION nicians and painters on staff. DOWN TO WORK: Ozzie Pento, owner of High Point Truck Collision on Regional Road 25, gets ready to, mask and tape the front of a Hîgb Point Truck Collision is located ai 8420 /olvo tractor in preparation for painting. Regional Road 25, just nortb of Hwy. 401. So Your Think You're Self-Empl"oyedjo Although the tapic of emplayec vs. independent cantractur is not a hot new issue, t s one chat itrccciving greater stii IIIIIyIIIP hy the Canada Revenue Agency (CRA) andti he Waîhers Safety Insurance Botard (WSIB) in tht,> auditst anti ha> led t significant rax reatsessmeuts, penalties ant iînteret Why? Tht changing waek enoîrtanment has funtiamctally altercti the rtlattî nthipt httwstn wttrhctt anti hirets. Smal butînettet, which accaunt for mat of new ahbs, art afttn retuctant t, hîre emplo ce, hecaute of payettil taxes anti various Charîered Accounlant empioymenî rtght such as teerance pay. As weli, the waehers themseiet want t,; remain intiependent ta) they can tieduct significantiy more expenset. The aid ruie-af-thumh chatr vou can contider ynurseif tait enspinyedi f yau have nmore chan one client tý eut necessartiv truc. The Incarne rax Act pravides na specific guidiance ,sn the self-emple ymenî issue. As a resait, thetrmactr mut hcretsoledt OT15 EAIEYU iACA.MNE using guiding factnrs st clnwn by the courts. W »N JU OG M YMF W UM ; Na single factor deftnet an empinyment retatistnship in att ctrcumstances, however yîtu are likeiy cantidereti teif-empttuyed EUf M M , ifYu Content the rime, place, anti manne> ne performing your actieîties; T FYUr " ORM M P O ARA mf m . " Suppty your nwn equipment anti tant>, anti assume the rentai anti maintenance casts; Serving Yu In T&e Following Area: " Malte a profit or socue a tass, anti caner nperating cost; anti " Inregrure your client> acriviries ino ynur nwn hutinets acrivitîrs. You arr likely consideedt an empînyee if yaur employer: Constiltin *Decides wheee, when, anti hnw tht worh is ta, he donc; I: Profit Improvernent Analysis Estabtîshes your warking houe>; *Derermines youe salaey umoaunt; -I Strategic Planning *Supervises your activîtie>; anti 4, Business Plana *Attettes the quatîty of your .wnrk. e Sucessaion Planning One treend chat is starting ta emerge, is ta gmte wrighr ta the "stateti intentions of the parties andti he specifie action> that support hose intention>". The Tax Couet of Canada ha> recognied the impranc of an unequivttca agrement hermeen -1 Key Performane IndicatorsM the parties as ta the natu e of their relationship 'A c uit lu it> audits, CRA is asking fort copies of te agreements hetween husinets amners anti contracta»s detaîilng their business Acutn arrangement. Where a WRITTEN contract clearty set> ou> the taxpayers intention ta he considereti a contracta> anti the * Audits, Reviews, Financial Statementa actions of the paeties are consistent with eh»s contention, CRA ant he coures have generally respecteti the agreement. Wherrrno contract eists, CRA tanks ut the ah ove noteti guideclines anti maltes their awn determination - nt necessaeîly *Cash Flow & Budgeting the ont you want ta, hear. Specîficully rhey will tank tu tee char indrpendent contractor;eGvr en iig STI .ÏT " prepare regular invoices on their owo leterheati, rogeeher wîrh applicahle GST charge> S ennetFiig SRID MLAK AT " own equipmenî, which rhey use in their hutinets 4> Bauri ProposaIs " puechase eheir own supplies anti puy eheir own expentes Income 'fax " are net inctudeti in te campanyt henefit plan anti don't receive holiday pay " are not an the husiness' lerreeheati, tephone ar e-mail listings -I Personal anti Corporate Tax Returna " do nue carry company hutinets cards. -> SR & ED Tax Credita * strheir own hbnues anti may be peemirret r suhcontract the work if applicahle *1 Ta and Estate Planning " nhtain any requireti licences oe permit> anti carry eheir owo insarance for eheir sswn actions. tî rme marches on every hutinets nwner anti suhcontractoe shouiti bc aware of thete gusidelînes anti thault b> prepare tu defenti theie positin baseti on the conceros ahane. is ail ahout heing penactîne. fi(QjD>TE QUAI.jT SERVIcE (Please keep su mind thax cthe precedîng comments are general in nature and are ne inended ta serre a replaaementfor Md A 11AMY, FRFMMY MANNEI. profituinnalalîce. Yu shou/.d cnit wihynnt-chartered aixauntant regarding your partculur st ofctrcumstanceî.) Nibro * jAstrid Lakats Please cal us at 905-875-3936 Or visit our Chrered ACCounlant Website at wwwý.lakats.ca - ACCURATE QUMMfY SERVICE IN A TIMELY, FRIENDLY MANNER.