Generally, when I prepare year end financial statements for my clients, I perform either of these 3 tasks: 1) I prepare everything and write up the books at the time of preparation of the company’s year end financial statements 2) I do the monthly accounting throughout the year, and then do the year end financial statements before continuing with a new fiscal year 3) The client has internal or part-time bookkeepers who do the monthly accounting and then I just perform the year end from information supplied to me. One of these part-time bookkeepers on task 3) just couldn’t understand [More]
A lot of my clients ask me all the time if they can destroy their financial records e.g. from 2002 now – since it’s six years ago – and I thought I would post my views what CRA means by the following news release. The following is now available on the CRA Web site: Did you know… That as a general rule, you must keep records and supporting documents, which are required to determine your tax obligations and entitlements, for a minimum of six years? Whether you have electronic or paper records, you may destroy your records earlier than your [More]
Well .. you might be sitting in your rocking chair wondering if it’s still possible to reduce some of your income tax that you will owe for 2008 .. and then look at the calendar and realize that it’s December 31, 2008 now – and time is running out!! EMPLOYMENT INCOME * Deferral of My Paycheque If I were an employee receiving a paycheck on the 15th and the end of the month, I might consider asking my employers to withhold my cheque until 2009. Amounts paid in 2008 are taxable in the year received. Of course, in the scheme [More]
At 11:07pm on July 27, 2008 (while on vacation) I cleaned up my Gmail account, and went into all of my cPanel accounts and began to forward all of my email to the Gmail address. I wrote about this on my post called The GMAIL Experiment and I will now display the results. First Of All … I must admit, Google’s spam control is pretty good, although not perfect. I also used my Spam control for automated posts that come in, that are NOT spam, but I didn’t want to see in my InBox. I must admit, as well, when [More]
I work in my home, on the second floor. During the summer, it gets too hot – because heat rises. In the winter, it’s quite the opposite – I’m freezing! We keep our natural gas fireplace on most of the time, and the thermostat is on the main floor. In order to bring heat up to the second floor, the main floor has to either turn into a furnace .. (which, I don’t mind) .. or we have to spend money redoing our heating system and maybe even consider dual furnaces and the like! So .. I have been using [More]
My father-in-law is Herbert König, proprietor and owner of Corydon Clock Repair here in Winnipeg. He recently turned 73 years old and has been working full time in his leased premises 5-6 days a week, commuting back and forth from his apartment. His stated hours are Tuesday to Friday, Noon to 6pm .. but he was often at his shop before 6am starting his day repairing clocks. Other days he was available by appointment only, but sometimes went into the shop to catch up on his work. He is a busy man! On November 7, 2007 at 10:30am in the [More]
October marks the second anniversary of my HART-Empire Network and I published my Year 2 in Review post over on the HART-Empire blog. There are many people and bloggers out there ALSO celebrating their “Blogiversary” in October 2007 .. and most will hopefully be over at Liz Strauss’ http://Successful-Blog.com chatting on an all-day Open-Mike comment day! An Ode To Liz Strauss If you don’t know who Liz Strauss is, and you blog .. then you are blogging in all of the wrong places! Liz has always been one of my favorite bloggers on the internet. When it was “cool” to [More]
There is an interesting article in the July issue of TaxMatters@EY (from Ernst & Young), including information about transferring the cottage to the next generation. From the July Issue: … A gift of property to a child is considered to be a fair market value disposition. And, although gains on the disposition of personal property are taxable, losses are denied. Fortunately, in the case of a cottage, some or all of the accrued gain can be sheltered from tax using the principal residence exemption – by designating the cottage as a principal residence for a selected number of years of [More]
In my quest to get internet access at the beach this summer .. I mentioned earlier that I wanted to “Join the EVDO Revolution” .. because … *Mobility High Speed is the latest evolution of North America’s leading cellular digital technology standard * I think that’s pretty cool * Dagnabit! I need Internet Access at Victoria Beach! Today I officially signed up for EVDO I went to MTS Connect Centre at Polo Park Shopping Center because that’s where I deal with all of my accounts .. my MTS Tv, my MTS Home Phone lines, my MTS DSL lines .. and [More]
Have you been following the Exchange Rates Lately? Here are the average annual exchange rates for the following years by CRA 1995 – USD – 1.3726 1996 – USD – 1.3618 1997 – USD – 1.4267 1998 – USD – 1.5422 1999 – USD – 1.48584024 2000 – USD – 1.48520240 2001 – USD – 1.54841633 2002 – USD – 1.57035976 2003 – USD – 1.40146175 2004 – USD – 1.30152024 2005 – USD – 1.21163240 2006 – USD – 1.13409360 Translation: For $100.00 USD in 2006 … we would convert it to $113.41 Canadian dollars. For 2007 .. Here [More]
Heads up from: Curtiss Thompson over at 901am Google Labs has launched their latest experiment; Google Voice Local Search. This is a free automated phone service that allows you to search for local businesses. ….. I’m young and have never needed to use the “Yellow Pages” because of the convenience of the Internet and Google’s services, now with the addition of Google Voice Local Search I’ll never be without that convenience. Google-411 is like having the Yellow Pages with you wherever you go. To try out this service for yourself just dial 1.800.GOOG.411 (1.800.466.4411). MORE: 901am I’m the same way, [More]
This post is more for myself, as I am posting a reminder for me where to find the following links next month! * http://www.hrsdc.gc.ca/en/hip/cslp/ImportantLinks/02_il_MasterListIndex.shtml * http://www.hrsdc.gc.ca/en/hip/cslp/ImportantLinks/17_il_International.pdf The above links show “The Master List of Designated Educational Institutions” across Canada and around the world. I have a client who pays for tuition for his daughter in Australia, and wonders if the child can transfer tuition paid to the parent, like normal … The answer is: YES … provided.. 1) The school is on the list and is a designated educational institution 2) The student files a Canadian Income Tax Return 3) [More]
The Voluntary Disclosures Program (VDP) allows taxpayers to come forward and correct inaccurate or incomplete information or disclose material they did not report during previous dealings with the CRA, without penalty or prosecution. Did you know that other people can disclose information about you too? Individuals and taxpayers are requested that if they have information about a suspected violation of any tax law, they are requested to contact the CRA enforcement division nearest you. It’s a little more defined (albeit it partially confusing) for us third-party accountants, and income tax preparers, etc and are subject to heavy fines. By the [More]
* ugggh The Microsoft Windows Error Reporting crash recovery screen suggests that my main desktop computer (DELL) needs a new video driver ?? .. Ever since last night about 7pm (Sunday evening) my computer has been rebooting immediately after it reboots and reaches the desktop. I’m on my second spare computer right now (aka the COMPAQ aka my wife’s SIMS2 computer) but, all my data is one the DELL computer .. and my last backup to this computer over the network – was Friday Morning … I’ve lost about 8 hours of work if I can’t recover it today. Naturally, [More]
Tino Buntic would like to showcase 2000 Bloggers from around the world I’ve been getting quite a bit links in my Dashboard from faces on this page that has been blatantly copying the entire list of faces on their own pages, I guess to get a link trackback like I did. I’m not sure that this is a good idea, so I am not planning to do that – at least until all 2000 bloggers are listed 😀 (we’ll see .. it’s actually a great idea but, I hate people who have already done that already because in my Bloglines [More]
I noticed multiple searches in my refer logs wondering about passports, so I would just like to remind everybody about a previous post made last November .. It comes into effect Tuesday January 23, 2007
According to the Canada Post website .. the new rates effective January 15, 2007 are as follows .. Sending In Canada Sending To The U.S.A. Sending Internationally * In case you can’t read that … Normal letters are $0.52 now CDN
In my line of business .. these are the two most important things that I have to worry about (besides actually doing the work, that is) … * Keeping track of my time for billing purposes * Keeping track of the work and tasks that I have to complete I’m pretty good with keeping track of my time … (see how I do it here) .. but I’ve been struggling with keeping track of the work coming in. You see .. last March 2006 my ToDo95 Software crashed .. I had been using that software since for almost a decade [More]
For every single comment made on this post at http://Gifter.org .. sponsors will donate $1 per comment to charity. If you could make one wish for the world, what would it be? We would like to know. In fact, we want to know so much, we’re willing to donate $1 to charity for each wish comment posted here. Post a comment. Tell us your wish for the world. Do it as a way of coming together with others, to show you care about everyone else around you. Do it to demonstrate your generosity and hopefulness. Go! Make a Wish! Feel [More]
This news release happened November 24, 2006 … Ottawa, November 24, 2006 – As of January 23, 2007, a new American law will require everyone entering the United States by air to have a passport. The U.S. Government has announced the final rule for travel by air to the United States under the Western Hemisphere Travel Initiative (WHTI). “As of January 23, 2007, a new American law will require Canadians to carry a passport to travel to the United States by air,” said the Honourable Stockwell Day, Minister of Public Safety. “We are ensuring that our borders are kept open [More]
Mmmmm .. HART’s Famous Pasta Salad .. Yummy! 🙂 Well .. my wife thinks it’s famous anyway … Click on the picture for the recipe!
Background In Manitoba, if you are a licensed establishment and can sell Beer, Liquor and Wine .. you need to account for the purchases in the accounting records. It can be difficult, because most of the time (I believe), the Manitoba Liquor Control Commission (MLCC) holds on to preauthorized blank cheques .. the hotel or establishment just places an order, and a cheque is issued, or automatically debited out of the company’s bank account. There are usually invoices emailed to the business and just packing slips included with the shipments. In Manitoba, Vendors selling Beer have a special price. The [More]
I’m not sure – is this obvious? I use I.E. v7 (release Candidate) .. and really like to use the tabbed browsing (over Firefox). From the top menu .. if you go to .. TOOLS / Internet Options / General … >> you can open as many tabs as you want and then save them as your “Start Page” and then everytime you first start your Internet Explorer v7 browser .. all tabs open too! Now, I like to have many open windows of IE7 going on, and in each there are the related tabs inside each window on my [More]
When I am preparing monthly financial statements, I often ask myself and my client the following question .. How Accurate Do You Really Need Your Monthly Financial Statements To Be?
ALTERNATE WORKING TITLE: How to not get dropped like a Hot Potato by your Accountant and Income Tax Preparer I shudder to think how many people are making money online selling items on Ebay and collecting payments using Paypal .. and are not reporting the income on their tax return. It’s OKAY to sell some junk and personal items that you own on Ebay to help recoup the costs of other purchases that you may have .. and you probably don’t have to report the transaction. However, if you are buying and selling products on Ebay for profit .. you [More]
Found this site from Damian Wild, Editor in Chief of Accountancy Age , in his Accountancy Matters Blog .. He writes…. came across a great website today – CPAPodcasts. It features hundreds of links to accountancy related audio and video on the web, from the serious to the surreal. So if you are looking for footage of accountants dancing at office parties or business insights from Deloitte I suggest taking a look. Actually .. I did listen to about 3 podcasts .. they seemed a little interesting .. meaning that they were okay and nothing like the greatness of “sliced [More]
uh , .. it’s on my other blog .. no need to duplicate stuff but, a good “Heads Up” never hurts! See my post over at … the And You Retire Blog .. Reader’s Digest Version: Darren’s great, people wrote great lists, I submitted something great, contributors gets great traffic, and somehow in it all – there are some REALLY GREAT LISTS OF TIPS ETC in these! Follow the links on the great http://AndYouRETIRE.com blog :~
This is Part (II) of two parts, because the original post seemed to be getting long. In Part (I), I had tried to identify some of the common difficulties that can arise and problems that can stir up during the bank reconciliation process. In this part, I will discuss ways in which I overcome each of those situations and provide you with some tips to help make reconciling your banks and cash accounts easier. Reconciling – Computer Cheques Firstly, I ask them to sort the cheques in numerical order when they get the cancelled cheques with their bank statement. Lately, [More]
EGADS … sometimes I get SICK of reading all the tips out there on websites .. in blogs .. reading their lists .. their top ten picks .. etc etc .. Most are purely written because some ‘bloggers’ suggest to others that people really want to read tips and lists (do we have a short attention span?) .. and it will increase traffic. Y E T … I’ve been quite fascinated with this site: Sound Money Tips … so, I guess I will make my own list.. since .. It’s got tips on everything! TOP 13 REASONS WHY YOU SHOULD [More]
From My Bloglines If you hadn’t noticed, I use and prefer to use Bloglines as my online RSS feed reader. I haven’t been at the site since at least before July 28th, so I’m slowly catching up what’s out there since I got back. There’s a lot! Here’s something else that caught my eye. The AllBusiness.com – Home-Based Business Articles site writes about the Top 10 Mistakes Home-Based Business Owners Make. Seems like sound advice, even if you don’t think it’s a mistake! I thought I would jot down a few thoughts how each relates to my own business, as [More]
I normally try to leave my clients out of this blog .. but something happened today that, in my opinion, makes a good learning example of what NOT to do – when filing Goods and Services Tax (GST) Returns. In my client’s case, the company is a monthly filer. For monthly GST filers, the return for the current month has to be filed by the end of the following month. It’s pretty much the same for quarterly GST filers, where the return for the 3 months of the last fiscal quarter is due by the end of the following month. [More]
I recently picked up a new monthly account and my client asked me the following two questions .. (1) What do you need to get each month? (2) What do I get back from you each month? I pretty much explained it to be similar to what you will read below the fold. If this type of stuff interests you, you can hit MORE to continue .. or go to the next post upwards!
It sure took me a long time .. but that’s how it usually is with me. Something I can tolerate, and other things just start to bother me and I have to do something about it. Today, I am talking about those square box borders around all the images in this blog and even on the smilies! BEFORE: Well .. used to tolerate it .. but this morning I finally decided that it “irks” me – and I should fix this. It was a simple fix, as you can see … AFTER: HOW DID I DO IT? I just added [More]