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* IT SEEMS THAT I AM NOT ALONE! - Received 15,911,443 .. Expected 25,800,000 >> That’s less than 62% of Canadians have filed by April 26th .. 4 days before the deadline. .. Generally, that’s been my experience in Public Practice that almost 1/3 of the tax returns are done in the last days .. just like it is with me personally this year!

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* It still continues..

When I posted my Slowdown Notice before going to sleep late Friday night, Saturday morning (April 21st) .. I had 87 items in my ToDo list. If anybody is interested, this is where I stand at this very moment, Friday morning April 27th…

I have, according to my Easy Task Manager ToDo list .. 42 “ToDo” projects in total. One project could be an associated group of companies, or a family of 6 tax returns to do. Here is the breakdown of those 42 items:

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The following Fiscal Monitor has just been posted on the Finance Canada Site.

Highlights

February 2007: budgetary surplus of $4.6 billion

There was a budgetary surplus of $4.6 billion in February 2007, up $0.6 billion from the $3.9-billion surplus in February 2006. Budgetary revenues rose $1.8 billion, or 8.6 per cent, due primarily to strong growth in corporate income tax revenues, partially offset by a decline in goods and services tax (GST) revenues resulting from the July 1, 2006, rate reduction. Program expenses increased by $1.2 billion, or 8.3 per cent, reflecting an increase in transfer payments and departmental operating expenses. Public debt charges were virtually unchanged.

April 2006 to February 2007: budgetary surplus of $9.2 billion, including the cost of Budget 2007 proposals
The budgetary surplus is estimated at $14.1 billion for the first 11 months of the 2006–07 fiscal year, up from the $13.0-billion surplus posted in the same period of 2005–06. Budgetary revenues rose $10.4 billion, or 5.2 per cent, reflecting strong growth in income tax revenues. Program expenses were up $9.0 billion, or 5.7 per cent, due to both higher transfers and other program expenses. Public debt charges were up $0.3 billion.

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The following Notice of Tax Treaty Developments has just been posted on the Finance Canada Site

April 26, 2007

The Convention between Canada and Mexico for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income entered into force on April 18, 2007. The Convention was signed on September 12, 2006. In accordance with Article 27 of the Convention, its provisions have effect in respect of withholding taxes, on amounts paid or credited to non-residents on or after January 1, 2008; and in respect of other taxes, for taxation years beginning on or after January 1, 2008.

The Convention replaces the tax treaty signed in 1991, as well as the Convention for the exchange of information with respect to taxes signed in 1990, between Canada and the United Mexican States.

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The following is now available on the CRA Web site

Did You Know …

That you have until midnight April 30, 2007, to file your 2006 income tax return electronically or on paper? Don’t forget that individuals who have a balance owing and don’t file by the due date will have to pay a late filing penalty.

If you or your spouse or common-law partner is self-employed in 2006, you have until midnight on June 15, 2007, to file your 2006 return. You still have to pay your amounts owing by April 30, 2007.

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The following is now available on the CRA Web site:

Did You Know …

That if you are a newcomer to Canada, you may be eligible for credits and benefits such as the Canada Child Tax Benefit, the Universal Child Care Benefit, and the Goods and Services Tax/Harmonized Sales Tax Credit (GST/HST)?

For more information, visit www.cra.gc.ca/tax/individuals/menu-e.html and select “N” for “Newcomer to Canada” from the drop-down box menu.

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If you didn’t know this .. offline I am an accountant, bookkeeper and income tax preparer (besides “consultant and blogger and pet owner” titles) .. and here in Canada, personal income tax returns (T1) are due April 30th. That is, of course, unless one is self-employed .. then the deadline to file a return is June 15th, but payment is due by April 30th. Corporation income tax returns (T2) are due six months after the year end, although payment is usually due by the end of the third or second month following the company’s year end (depending on circumstances).

As I look at my TO DO LIST … it would seem that I’ve got 87 items in my “To Do” list to be completed before April 30th .. and every day new items are being added! The biggest problem is NOT the actual work or workload .. it’s the scheduling of the meetings and getting the work out of my (home) office and out to the client!

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

Ottawa, April 20, 2007
2007-035

The Honourable Jim Flaherty, Minister of Finance, today announced the implementation of Bill C-37, An Act to amend the law governing financial institutions and to provide for related and consequential matters.

Bill C-37 modernizes the regulation of financial institutions, promotes the interests of consumers and ensures Canada continues to be a world leader in financial services.

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call HART crazy .. but

NOTE: [RANT ON]

PLEASE CLICK ON THIS EMAIL ADDRESS AND FORWARD YOUR THOUGHTS TO TIM HORTONS CUSTOMER SERVICE EMAIL IF YOU FEEL STRONGLY LIKE I DO ABOUT THIS TOPIC AND REFER THEM TO THIS URL. THANK-YOU.

[/RANT OFF]

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The following is now available on the CRA Web site

Ottawa, April 19, 2007…

The Canada Revenue Agency (CRA) announced today that, as of April 1, 8.3 million people have filed their 2006 income tax returns. Of these returns, 62.4% were filed electronically, as opposed to 61.2% at the same time last year.

The CRA is responding to the interest and enthusiasm that Canadians show for electronic services by investing time and resources to improve its state-of-the-art suite of electronic services and to provide a wide range of electronic filing options.

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