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    <lastmod>2026-03-08</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/taxhighlights2025</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-03-08</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/taxhighlights2024</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-02-26</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/blog-post-title-four-wpakj-fxfpa</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2024-02-22</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/newcomers-to-canada-be-prepared</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2024-02-22</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/new-trust-reporting-requirements</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2024-02-22</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/868b948d-227a-4aa4-aa0c-ed83ce763d1c/penl.jpg</image:loc>
      <image:title>Insights - New Trust Reporting Requirements - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/da932e71-e3c4-4fb1-9075-89e1bdf3d7c5/exem.jpg</image:loc>
      <image:title>Insights - New Trust Reporting Requirements - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/are-insurance-premiums-tax-deductible</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/d6444b8f-47a3-496b-bcb5-9b8d126edc1f/343943977_595535062526743_5181022594758889544_n.jpg</image:loc>
      <image:title>Insights - Are Insurance Premiums Tax Deductible?</image:title>
      <image:caption>With health care costs only continuing to increase, any relief you can obtain at tax time is welcome. As a business owner, in some cases, your health care insurance can be claimed as a deduction on your taxes. However, there are stipulations on what is covered and in some cases, it may be more advantageous to deduct premiums from your self-employment income. A knowledgeable accountant can help guide you through the various deductions based on your circumstances. For more information, contact Mario at marioyu2@gmail.com or 416-566-8806.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/how-to-handle-reassessments-by-the-cra</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/2f980c07-71aa-4c67-85a9-c75d7b31c2df/344773164_722286309643074_745417786239098205_n.jpg</image:loc>
      <image:title>Insights - How to Handle Reassessments by the CRA</image:title>
      <image:caption>No business owner I know wants to receive the dreaded CRA notice of reassessment in the mail. But if you do get a notice of reassessment, don’t panic. The first thing you should do is contact your accountant so they can walk you through exactly what the CRA is attempting to reassess. In some cases, reassessments aren’t correct and without a knowledgeable accountant and/or tax lawyer, you can end up paying more than you should. Responding in a timely manner is key so don’t ignore these notices. Take the time to understand your options - the more information you have, the better equipped you will be in responding.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/what-is-deductible</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/4b88799c-4ae8-4142-80cf-8e4347a52878/344579176_764913478372826_1439917715582174511_n.jpg</image:loc>
      <image:title>Insights - What is Deductible?</image:title>
      <image:caption>As a business owner, you are likely aware that, generally, expenses you incur in order to earn business income are deductible when it comes to tax time. Now, in the CRA’s eyes, these expenses must be in the normal course of legitimate business, not just for your personal pleasure. There are particular stipulations on things like club fees, including expenses incurred if you are hosting clients or employees at a golf course. And in general, you can only deduct 50% of these expenses, except under certain parameters. For assistance with your business expenses, contact Mario at marioyu2@gmail.com or 416-566-8806.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/childcare-expense-deductions</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/9dfb1bad-97f4-44f3-9aa1-10f48a18f97f/335019409_1806482923086976_5162761205955259459_n.jpg</image:loc>
      <image:title>Insights - Childcare Expense Deductions</image:title>
      <image:caption>When it comes to child care, numerous items can be deducted from your gross income. That said, stipulations exist on what is and isn’t considered eligible. Generally, childcare services are covered, including boarding schools or overnight camps, some educational institutions and day camps/sport schools. Note that, in general, medical care, education costs (unless declared by writing from the institution for child care allocation) and recreational activities are not considered an eligible expense.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/is-naturopathic-medicine-medical-expense</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/3a74b139-d04b-45ed-948b-5efb09c9b559/339125594_1224620341539233_6629337828932010868_n.jpg</image:loc>
      <image:title>Insights - Is Naturopathic Medicine Medical Expense?</image:title>
      <image:caption>One common question I get asked by clients is, “can I claim Naturopathic expenses such as vitamins/supplements as medical expenses.” The short answer is…no. Generally, vitamins and herbs do not qualify as eligible medical expenses, even with a prescription from a medical practitioner. There are some exceptions, such as Vitamin B12. By consulting a knowledgeable accountant, they can guide you through what medical expenses are (or are not) eligible.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/spousal-support</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/23600ead-b28b-416a-95bc-8b07336ff026/335042773_1265336761077402_2097421997489420887_n.jpg</image:loc>
      <image:title>Insights - Spousal Support</image:title>
      <image:caption>Separation and divorce can be a complex situation, with equally complex tax rules and implications. When it comes to support payments, although (in general) you aren’t taxed on child support payments, spousal support is treated differently. Spousal support is usually taxable AND deductible as it is treated as income. So, the recipient must report support payments as taxable income, and the support payer can claim the payments as a deduction. Ensuring you consult with a knowledgeable accountant is crucial to avoid any surprises when it comes to tax time.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/how-to-put-more-money-into-your-business-with-a-tax-write-off</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/7139148a-542c-466b-8626-027f1e70bbd0/339684424_1616634345503932_1311311395075701712_n.jpg</image:loc>
      <image:title>Insights - How to Put More Money into Your Business with a Tax Write-off</image:title>
      <image:caption>As a business owner, you may have already discovered numerous items you can write off. But many are looking for new and creative ways to put more money into their business while not owing the CRA a ton of money in the process. Enter remortgaging your property… If you plan to pay off your home, you could refinance your property and use the funds for business purposes, such as leasehold improvements and other business activities. And provided you can prove the business use, this interest can now be considered tax deductible. Now, you must be aware of section 245 of the income tax act, which includes the GARR (government anti-avoidance rule), so tread carefully. But this could be a great avenue to look into if you need funds for legitimate business or investment purposes.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/medical-professionals-are-your-fees-tax-exempt</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/5d62b6c1-6051-4c26-bed5-57432362eb80/330453832_6335075573225825_6208132059876834518_n.jpg</image:loc>
      <image:title>Insights - Medical Professionals-Are Your Fees Tax Exempt?</image:title>
      <image:caption>The CRA has numerous rules around what is and is not GST/HST exempt when it comes to medical fees. Many often think that all services provided by medical professionals (including dentists, doctors and physiotherapists) are exempt from GST/HST. However, there are several instances where this is not the case. For example, cosmetic procedures, preparation of certain reports and charges to review files are usually subject to GST/HST. As a business owner, being aware of what constitutes a tax exemption can save you a lot of headaches when it comes to tax time. For more information, or help with your business taxes, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/navigating-the-transition</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/b6a54a12-74ab-4cff-b253-3f3373f81f44/330459281_207442905285550_3343550901898311436_n.jpg</image:loc>
      <image:title>Insights - Navigating the Transition</image:title>
      <image:caption>For most people, separation and divorce is an incredibly stressful time. And on top of this, there are numerous legal and tax ramifications if you make the wrong choice while you work towards finalizing your divorce. Can you have 2 principal residences as you move out of the matrimonial home and into your own home? Do you fully understand what assets you may or may not get taxed on? Will I get taxed on spousal support? I highly suggest consulting with a knowledgeable accountant, as they can help guide you through the murky waters of divorce.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/what-can-i-write-off-as-a-salaried-person</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/88c1e38f-6b79-402a-8cb3-e57e484fa9f6/330385460_164721069742520_8489705977694348911_n.jpg</image:loc>
      <image:title>Insights - What Can I Write Off as a Salaried Person</image:title>
      <image:caption>Tax write-offs aren’t only for consultants or businesses. As a T4 salaried employee, there are certain circumstances where you can write off various business expenses. Especially with many working from home, office supplies (such as chairs, printers, etc.) may be eligible. In addition, if you have your spouse or family member helping with some admin tasks, you may be able to claim this assistance on your tax return. But, as with anything, there are nuanced rules surrounding what is and isn’t eligible. For instance, you can NOT write off travel to/from your office. For more information, or help with your taxes, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/principle-residence-explained</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/2cbc8799-e3d6-4191-8582-cd392dc5646d/328474112_709340510782219_7682228933073775030_n.jpg</image:loc>
      <image:title>Insights - Principle Residence Explained</image:title>
      <image:caption>When it comes to real estate, there is often some confusion over what Principle Residence means. The Income Tax Act and HST Tax Act both have slightly different definitions of what a Principal Residence means. The Income Tax Act says if you inhabit the premises, it is considered your principal residence (the 1-year rule is a misconception when it comes to this tax law). The HST laws state that to receive an HST rebate on a new home, you must have lived or intend to live there for at least 12 months. Things get tricky if you own multiple properties or try to sell your property in less than 12 months. For more information on principal residences, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/how-to-apply-for-taxpayer-relief</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/51eab44f-2f4d-44c3-95a7-dff3b7523605/332519507_520077366933942_8910808839970062990_n.jpg</image:loc>
      <image:title>Insights - How to Apply for Taxpayer Relief</image:title>
      <image:caption>With the devastation many people are dealing with in Turkey and Syria, families of those affected here in Canada may be in a position where they cannot file their taxes on time or afford to pay their taxes owed. Usually, this would result in penalties from the CRA, with interest charged daily. But luckily, there are some situations where you may be eligible for taxpayer relief (TRP). Under certain extraordinary circumstances, the CRA may grant relief to taxpayers who can’t meet their tax obligations. This means they can waive penalties/interest and possibly reduce the tax payable. Natural disasters are considered one of these extraordinary circumstances. To request Taxpayer Relief, you must use form RC4288, along with a letter articulating in detail your request and reasons you are applying, to the CRA. For more information on the taxpayer relief, or help with the RC4288 form, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/2uiqzbf6wr82ajs00s140sej54ne1m</loc>
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    <lastmod>2023-05-23</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/rrsps-dos-amp-donts-for-business-owners</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/3ca61625-133b-4c4b-9f19-5e5e2a807078/329213410_603336234943094_5068808184460599277_n.jpg</image:loc>
      <image:title>Insights - RRSP’s Do’s &amp;amp; Don’t’s for Business Owners</image:title>
      <image:caption>As a business owner, you are likely wondering if maximizing your RRSP contribution is a better move than keeping money in your corporation for investment purposes. There are many factors to consider, and it heavily depends on your individual situation and the size of your corporation. For some, RRSP contributions may result in more money in your pocket over time. However, there are other options that your accountant may take you through, including paying yourself a dividend or salary or investing in a corporate life insurance policy. Although the answer isn’t straightforward, having a knowledgeable and professional accountant guide you through the process can help you navigate sometimes murky waters.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/diy-taxes-vs-hiring-a-professional</loc>
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    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/eca3dac7-645d-4987-a102-34c0f7c24d8a/328332472_1145905076125861_1735929030799653661_n.jpg</image:loc>
      <image:title>Insights - DIY Taxes VS Hiring a Professional</image:title>
      <image:caption>It’s tax time, and you’re asking yourself whether you should save a few bucks and try doing your own taxes. It mostly comes down to how complicated your financial situation is, how comfortable you are and how much time you have to take a crack at doing your own taxes. But one word of caution - DIY taxes could mean missing out on refunds due to costly mistakes. The more complex your situation is, the more imperative it becomes to use a professional and knowledgeable accountant. After all, the last thing anyone wants is the CRA knocking at your door. Remember, (reputable) accountants deal with taxes on an ongoing basis and are up to speed on tax changes. Choosing this option will help take any uncertainty around taxes off your plate.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/a5s06akg7yjsfyq516lohb03x227z2</loc>
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    <lastmod>2023-05-23</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/mjawbotcf42ehyhenlixn50e6j6x8c</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/16dccb02-6091-4eb0-93d9-36f2c519c012/329155349_547147720722554_4809693585251780420_n.jpg</image:loc>
      <image:title>Insights - Tax Credits for Care Givers</image:title>
      <image:caption>As we approach tax season, I get asked a lot of questions from clients about what can and cannot be included on their tax return. Knowledge is power, and some of my clients who are caregivers to older family members don’t realize that they may be eligible for the Medical Expense Tax Credit (METC), amongst others. Depending on your individual situation, you may also be eligible to claim attendant or in-home care, care in a retirement or nursing home. It’s important to consult a knowledgeable accountant to ensure you are receiving any tax credits that you are eligible for. For more information, or help with your taxes, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/9x869b67kf2vvh91o916xv3y11i1xg</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/2320e3d3-2556-4b25-981b-4feebd63d47d/327964052_6262996650385966_7298417139096694548_n.jpg</image:loc>
      <image:title>Insights - Keeping Up with Tax Changes</image:title>
      <image:caption>As a business owner, you often juggle multiple things at once. And unless you have a penchant for reading tax materials at night (don’t judge), you might find it difficult to keep up with all of the tax changes for 2023. Too complex (and tedious) to go into now, here is a snapshot of some changes taking place for 2023: Tax brackets have changed due to inflation, and the new rate is 6.3% The basic personal amount has increased to $15,000 Employees and employers max. CPP contribution is $3745.45. For those self-employed, their max. Is $7508.90 EI Premiums have gone up, with the max. contribution rate for employees at $1002.45, and employers at $1403.43 The new RRSP limit is $30,780, and the TFSA limit is $6,500 For more information on the 2023 tax changes, check out my new LinkedIn Newsletter, ‘Deciphering your business - The Black belt of Accounting’-https://www.linkedin.com/pulse/heres-quick-way-prep-tax-season-understand-changes-mario/</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/blog-post-title-three-8jxmk</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/cade3d95-95c8-401d-9901-757bb5791825/327426335_565801195153141_702264458157890667_n.jpg</image:loc>
      <image:title>Insights - The Secret of Tax Prep From a CPA</image:title>
      <image:caption>Tax season. The bane of many business owners' existence. I understand that tax prep can be a daunting and overwhelming task. But there are some simple tips that you can follow to make tax season less of a headache. ◾Organize your receipts - there's nothing worse than scrambling to organize your expenses, medical receipts, bills, etc. Proactiveness pays off, and I suggest having a scanned copy (or paper file) of all receipts well before tax time ◾If you are a Sole Proprietor, ensure you have your bank statements for the past 12 months ◾If you are a business owner, having your business expenses sorted by category on a spreadsheet is all I need to pull together your tax information. (*Note - your spreadsheet needs a robust summary of your expenses, including detailed information on business reason, date, amount, etc.) If you need help with tax preparation, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
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  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/blog-post-title-four-wpakj</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2024-02-22</lastmod>
  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/blog-post-title-two-feamb</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/c7378c42-b895-4739-8ae1-e5a83bf5e25e/322252247_704828261196391_5739302004928190990_n.jpg</image:loc>
      <image:title>Insights - Do you trust your accountant?</image:title>
      <image:caption>Picture this.  Your business is knee-deep in CRA issues.  But your accountant isn’t getting back to you and you wonder if they’re really the right person for the job. It can be difficult to find an accountant that you trust, especially when you’re dealing with complex accounting issues. I have over 15 years experience dealing with a myriad of accounting and tax issues.  And with an individualized and focused approach, my goal is to provide you with the solutions you need while keeping you and your business’s best interests in mind. For assistance with your CRA or other accounting issues, send me a direct message or contact me at marioyu2@gmail.com.</image:caption>
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  </url>
  <url>
    <loc>https://www.myaccountingservicesinc.ca/insights/blog-post-title-one-t494c</loc>
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    <lastmod>2023-05-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6467e4d48a1783171ee1fec4/c1b1fbe1-2922-4553-8f53-c317b267e6b1/324070966_1288698615025641_53338367483800009_n.jpg</image:loc>
      <image:title>Insights - Meet Mario Yu</image:title>
      <image:caption>I’ll be honest - I didn’t dream of becoming an accountant when I was a kid. But I knew I wanted to be a part of something bigger than myself and getting into accounting has allowed me to educate and provide value in a sphere that can be overwhelming, taxing (pardon the pun) and frustrating. With over 15 years of experience, I have been helping my clients navigate the various accounting challenges presented to them. I like to say that I’m like a black belt in accounting - whether a small business owner, individual or owner of a larger corporation, my clients often come to me when they are in the midst of very complex accounting issues. Ultimately, your vision is my mission. I allow you to focus on what you’re good at while you leave the mundane and challenging accounting work to me.</image:caption>
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