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News release

Increase in the flat rate meal expense deduction for employees in the transportation sector

Ottawa, October 26, 2006… The Canada Revenue Agency has increased the flat rates that some employees in the transportation sector can use to calculate meal-expense deductions on their tax returns.

Effective with their 2006 tax returns, qualifying transport employees can use the flat rate of $17 per meal up to a maximum of $51 a day when claiming meal deductions. Transport employees travelling and incurring meal expenses in the United States may now use the rate of US$17 per meal up to a maximum of US$51 a day, converted to Canadian dollars.

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Subject: New Finance Canada document notification

The following News Release or Speech has just been posted on the Finance Canada Site.

Canada’s New Government Receives Report on Children’s Fitness Tax Credit
http://www.fin.gc.ca/news06/06-059e.html

French Version

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From: (FinanceCanadaAlert_AlerteFinancesCanada@smtp.fin.gc.ca)
Subject: New Finance Canada document notification

The following Government of Canada Securities has just been posted on the Finance Canada Site:

Government of Canada Securities - October 2006
www.fin.gc.ca/gocsec/2006-10_e.html

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1-800-ASK HART // A Reader Writes …

I certainly like the way that you express yourself, as the information is easy to read and logical. I have been trying to understand the information provided by the CRA as to when and how a person switches from the Quick Method to the traditional method of accounting for gst; however, the instructions seem so obscure. Can you possibly explain the procedure in a manner that makes sense?

By Judith Farrell on 10.25.06 8:11 am

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1-800-ASK HART // A Reader Writes …

I was wondering where you received the picture of the Provencher Bridge with lightening from?
Its beautiful!

By Eric on 10.24.06 7:55 am

Thanks Eric.

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There is GST/HST tax added on all product Sales of Water in Canada. Canada Revenue Agency has published an “Info Sheet” to clarify how the Goods and Services Tax or Harmonized Sales Tax applies to sales of water.

* Taxable: Is 6% GST or 14% HST added to the sale price (”tax added”)
* Zero-Rated Tax: Is 0% GST or 0% HST added to the sale price (”no tax added”)
* Exempt Tax: No GST/HST is added to the sale price (”non-taxable”)

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I saw this twice in one day today … at two different places …

Please note that the views expressed here are my own and do not necessarily reflect the opinions of my employer.

I would add .. since I am self-employed .. to HELL WITH MY EMPLOYER!

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

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From: (FinanceCanadaAlert_AlerteFinancesCanada@smtp.fin.gc.ca)
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.

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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 to compete and prosper in the global economy.”

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