Depreciation We depreciate the value of Fixed Assets over the life of the asset in the financial statements, and generally the method of calculating this amount is specifically stated in the Notes to the Financial Statements as a company policy. It really doesn’t matter what method a company uses to record and calculate depreciation, but the company should continue to use that same method year after year. Generally, there are four different ways to calculate depreciation: 1) Straight Line Method You take the value of the asset less what you think the value will be worth at the end of [More]
From: ( Subject: New Finance Canada document notification Tax Treaty Negotiations with Malaysia October 20, 2006 Negotiations to update the income tax treaty between Canada and Malaysia will be held the week of November 6, 2006, in Ottawa. The purpose of this bulletin is to ensure that persons whose interests are affected have an opportunity to inform the government of any particular issues of double taxation that might be taken into account during the course of negotiations. The government is particularly interested in learning of any difficulties encountered by Canadians under the tax system of Malaysia. Persons wishing to offer [More]
Subject: New Finance Canada document notification Ottawa, October 16, 2006 2006-057 The Honourable Jim Flaherty, Minister of Finance, today tabled a Notice of Ways and Means Motion in the House of Commons to implement wide-ranging tax relief for Canadians. “Canada’s New Government continues to act on its commitment to provide meaningful relief for Canadian taxpayers,” said Minister Flaherty. “The action we have taken today will cut taxes for pensioners, families, students, users of public transit and each and every worker in Canada, particularly tradespeople, apprentices and fishers. Businesses, both large and small, will also benefit and will be better positioned [More]
From: Subject: New Finance Canada document notification Date: Fri, 13 Oct 2006 08:51:37 -0400 The Honourable Jim Flaherty, Minister of Finance, to Address Canadian Institute of Chartered Accountants Tax Symposium The Honourable Jim Flaherty, Minister of Finance, will be a guest speaker at the Canadian Institute of Chartered Accountants Tax Symposium on Monday, October 16, 2006. Minister Flaherty will discuss the steps Canada’s New Government is taking to reduce the tax burden and create a more competitive tax system for Canadian families and businesses. The event will take place at 8:30 a.m. in Confederation Ballroom 2 and 3 of The [More]
BTW … I Own My Main Desktop Computer Now I have a Dell 8200 Dimension computer I purchased from Dell Canada, financed, in October 2002. My last payment was this month on the loan. I financed this computer for several reasons .. being that I couldn’t afford a really great computer at the time .. and I wanted to pay for it over the life of the computer. I got everything that I could (and better!) at that time .. and that includes a super fast everything and super more everything else. With taxes, it was over $5k at the [More]
I have been surfing the ‘www’ looking for lists of “Accounting Blogs” in general, and here in Canada .. and for some reason I thought I would come across some list out there, anywhere … where my name or this blog would be on it. – Oh well .. I guess that’s that .. I need to work on my image online. I mean, I know this blog has got everything but the kitchen sink … // (Okay .. I’ve got a bathroom sink .. does that count?) // but I’ve always considered this to be “the business blog” of [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]
I will now be posting around the 10th of each month “THANK-YOU” posts, like this one, to all the advertisers of the previous month listed as at month end. That’s a permanent link in this blog, under the category heading which I call .. “Sponsor Appreciation”. I know it’s hard out there trying to figure out where to spend your advertising dollars .. and well .. THANKS for considering 1-8-0-0-H-A-R-T. You may now advertise on this site in the form of Text Link Ads. I should note that the link in the previous sentence is an affiliate link, and if [More]
From: Subject: New Finance Canada document notification Date: Fri, 6 Oct 2006 11:35:55 -0400 Ontario Business Will Benefit From New Tax Collection Agreement Toronto, October 6, 2006 2006-056 Businesses throughout Ontario will benefit from one tax return, one set of rules and one point of contact as a result of a corporate income tax collection agreement signed today by Canada’s New Government and the Government of Ontario. “By moving to a single corporate tax collector, we are slashing red tape and reducing up to $100 million in annual compliance costs for Ontario businesses,” said the Honourable Jim Flaherty, Minister of [More]
From: Subject: New Finance Canada document notification Date: Thu, 5 Oct 2006 11:11:40 -0400 The following News Release or Speech has just been posted on the Finance Canada Site. Canada’s New Government Toughens Anti-Money Laundering and Anti-Terrorist Financing Regime
When You Are NOT on the T.I.P.P. Just like I wrote in my previous post, Prepaid Property Taxes: T.I.P.P. and Journal Entries .. the reason one might adjustment the business and property tax accounts on a monthly basis, or at the year-end .. is to make sure that the expense is correct for the fiscal period. I provided an example what to do when you are on a T.I.P. Plan that might be over 10 months .. But, what if you aren’t on the tax instalment payment plan? Should you be adjusting your expense accounts anyway? Or Leave it alone [More]
T.I.P.P. = Tax Instalment Payment Plan Generally here in our province, your property taxes are probably either due June 30th or October 31st .. depending if you live in the city or in the rural country. The city or municipality often offers you the option to pay your property taxes on a monthly basis, usually by automatic withdrawal from your bank account on the first of each month. The property taxes (and business taxes) run for the calendar year .. and generally are precalculated as a fixed amount until the new taxes for the current year become in effect. Then, [More]
From: Subject: New Finance Canada document notification Date: Mon, 25 Sep 2006 16:42:50 -0400 The Honourable Jim Flaherty, Minister of Finance and the Honourable John Baird, President of the Treasury Board, today announced that Canada’s New Government has eliminated wasteful and ineffective programs, reduced government spending and paid down the national debt. “We are trimming the fat and refocusing spending on the priorities of Canadians,” said Minister Baird. “Our government is also keeping its promise to families and taxpayers by reducing the national debt.” Minister Baird confirmed that a strategy is in place to secure $1 billion in savings this [More]
I’ve added another .pps to my Powerpoint entry .. HERE In case you are lazy and just want to see it from this post (although there are a lot of neat powerpoint slideshows on the above post) .. here it is… 2005 Stella Awards Added September 25, 2006 Enjoy! ~~~~~~~~~~~ afterthought: You guys know this is all in fun right? I don’t create these powerpoints. If you like THE STELLA AWARDS powerpoint – I suggest you look at their site.. The TRUE Stella Awards
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?
I’m just curious .. that’s all UPDATE: By the way .. there’s a button in the top right of the sidebar .. that’s what this poll is about
The following News Release or Speech has just been posted on the Finance Canada Site. Release of The Fiscal Monitor Highlights include: July 2006: budgetary surplus of $0.8 billion * There was a budgetary surplus of $0.8 billion in July 2006, down $0.9 billion from the surplus in July 2005. * Revenues increased by $0.7 billion, reflecting solid growth in personal income tax revenues, combined with low growth in goods and services tax (GST) revenues and declines in employment insurance (EI) premium and corporate income tax revenues. * Program expenses increased by $1.5 billion, reflecting increases in transfers to [More]
The title pretty much says it all .. According to Canada Revenue Agency .. … in excess of 8.3 million T1 returns and 1.3 million SEND requests were processed by our EFILE Systems. By the way .. did you know that you can now E-File Corporation Tax Returns too?
I have uploaded a revised listing of my Canadian Prime Rates excel spreadsheet to the internet, for the taking. It is current up to today’s date .. September 19, 2006. Canadian Prime Rate is currently 6.00% (last changed May 25, 2006) You can have for the taking … at the following location: It contains the changes of Canadian Prime Rates since April 16, 1974 … to May 25, 2006 .. that’s over 30 years of changes! FYI … HIGHEST RATE: was August 7, 1981 at 22.75% LOWEST RATE: (tied) was 3.75% on both January 16, 2002 and again April [More]
Microsoft’s Live Search Engine at is now out of beta apparently, and ready to take Google Search. So, I thought I would see how well my name is in the search engines. I should note .. (aargh) that my name is HARTLEY SINGER and there is another HARTLEY SINGER out there, who is a musician. He goes by his initial HARTLEY E. SINGER while, I try to always use my middle initial now too .. HARTLEY B. SINGER. My business is HBS Management Consultants, based on my initials. I’ve been posting all my blog posts and commenting around the [More]
Suppose you have an accounting blog .. like .. HART (1-800-HART) … and you want to show off your accounting knowledge …. READER: Dear HART … I just purchased a new car that was financed over 3 years, for $25,000.00 .. I put down $3,000.00 which included the first month’s loan payment of $500.00. What’s my journal entry? HART (1-800-HART): Congratulations on your new purchase .. I hope you have many years enjoyment with your new car. Here’s how to “book” the journal entry into your accounting records. JOURNAL ENTRY DEBIT CREDIT (1) DR. AUTOMOBILES $25,000     CR. CAR [More]
call HART crazy … but I Miss The Good ‘Ole Days With The Dialect’izers…
I’ve already mentioned that I probably receive between 400-500 emails every day. This is about my wife’s email account. She has her own work email, for work related email .. but she isn’t online much at home. I have almost 40 domains now .. and I gave her a few email addresses over the time and last 5 years ..and basically 4 of them still exist today on two domains. Really, she never uses them – all except one that is .. which is used as a registeration email for personal stuff like EA Games, Sims2 registrations, Addition Elle subscriptions [More]
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]
My apologies .. Five of my sites were down since yesterday .. although some of the RSS Feeds were still working, and I’ve been getting comment spam .. most have not been able to view the site. I believe it was a “Permissions” issue, as a result of some migration of my account to new host servers.. But, I’ll never know for sure – because I’m not asking .. I’m just glad we’re back online! WooHoo! Sorry for any inconvenience!! Take care. HART
Ouch … my head hurts now after reviewing this page … From My Bloglines: Adventure of Strategy Blog
Balance sheet – a place to hide the other side of a fictitious transaction. Income statement – a description of the money that companies don’t really make, but show to investors. Cash flow statement – a description of how companies take money from their investors and give it to their top executives. Accountant – someone hired to explain how companies really made more money than they actually did. Accounting standards – a group of words that allow companies to do anything they want to do. Big bath – How companies take a $2 per share loss and make it into [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]
We have just opened up for public submissions additions to our *NEW* and *FREE* Directory Listing … sponsored by our newest addition to the HART-Empire Network … 62-151 Media Group. All submissions are manually accepted and approved by a human being [by me .. HART (1-800-HART)], to avoid spam and splogs from appearing in the list. We will be placing links in most of our sidebars, and invite anybody with a blog or website to come and include their site in our Free-For-All Directory Listing. I should note that if you are using (the much superior i.m.o.) Internet Explorer v7 [More]
You might have noticed that this site is monetized with ads. As I mentioned in an earlier post .. you may now advertise on this site in the form of Text Link Ads. I should note that the link in the previous sentence is an affiliate link, and if you do sign up for the first time through this link, I may earn a small commission. I should also note that if you are a new client, you can receive $100.00 worth of FREE Text Link Ads by entering “starting kit” into the promotion code at their checkout. That means [More]
Well .. it’s official .. I’m now averaging getting at least 12 SPAM emails with this subject heading (with random lettering between the PHA and RMACY) … My Eudora Spamnix filter has pretty much been 100% correct in transferring these spam emails directly to my JUNK folder, which I then trash .. but Here’s what I find odd about these emails. THIS IS HOW IT LOOKS IN MY EMAIL PREVIEW THIS IS HOW THAT SAME SENTENCE IS REALLY TYPED You can try this by hiliting and copy/paste .. just don’t click on any links! Hi All yo c ur P [More]
Here’s an interesting picture FWD’ed to me in my Email today … The following is a picture taken of camels in the desert. It is considered one of the best pictures of the year. Look closely, the camels are the little white lines in the picture. The black you see is just the shadows!