Archive for January, 2008

My New Fax System - Likes and Dislikes

In January 2008 I discontinued use of my Toll-Free Fax to Email service, with Telus Canada. I really liked the service and the idea of getting faxes sent directly to my email. There are many times that I scribble notes on incoming faxes received, and it’s nice when you get to a point that when you start scribbling phone messages, grocery lists and other doodle art .. that you can just go back into your email and reprint a clean fax!

Background why I used a Toll-Free Service

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HBSMC Fee Summary - 2007 (Final)

Just like my partial 2007 review back in July, because my online earnings are public knowledge, I will only present percentages of my earnings. Otherwise you would be able to figure out how little or how much I really made in 2007!

2007 Earnings - ignoring OnLine Revenue

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Tax tip: Cool cash for your tools!

Did you know…

That if you are a tradesperson (including an apprentice mechanic) you may be able to deduct part of your tool expenses? The tradesperson’s tools deduction provides employed tradespersons with an annual deduction of up to $500 to help cover the cost of new tools necessary to their trade. The deduction to be claimed on the 2007 tax return applies to the total cost of eligible tools in excess of $1,000 acquired by an employed tradesperson during 2007.

For more information on the tradesperson’s tools deduction, visit www.cra.gc.ca/individuals and select “T” from the drop-down menu for “Tradesperson’s tools deduction.”

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Tax tip Apprenticeship job creation tax credit

The following are now available on the CRA Web site:

Did you know…

That businesses with an eligible apprentice may be able to claim the apprenticeship job creation tax credit? This is a non-refundable tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices for employment after May 1, 2006. The maximum credit is $2,000 per year for each eligible apprentice.

For more information about the credit, visit cra.gc.ca/individuals and select “A” from the drop-down menu for “Apprenticeship job creation tax credit.”

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Tax tip: Ontario Child Benefit

The following is now available on the CRA Web site:

Did you know…

That the Government of Ontario has created the Ontario Child Benefit (OCB) to help Ontario families with low or modest incomes to provide for their children? In July 2008, the OCB will provide up to $600 per child per year for each dependent child under the age of 18. It will be delivered monthly with the Canada Child Tax Benefit (CCTB).

If your children are registered for the CCTB, you are automatically enrolled for the OCB, and you do not need to apply. If your children are not registered for the CCTB, you can apply for the OCB by completing Form RC66, Canada Child Benefits Application. You can get a copy of the form by calling the Canada Revenue Agency (CRA) at 1-800-959-2221 or by downloading it from the CRA Web site.

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To All The People Forwarding Me Emails

To all my friends who sent me best wishes in 2007, or promises of good luck if I forwarded something, it did NOT WORK. For 2008, could you please just send either money, chocolate, beer, wine or gas vouchers.

Thank you!

2007-wasnt-so-hot.jpg

SOURCE: FWD’ed into my email :-D

Tax cheating is a crime

The following is now available on the CRA Web site:

News release

Ottawa, Ontario, January 23, 2008… Gordon O’Connor, Minister of National Revenue, reminds Canadians that not complying with the tax laws will result in serious consequences.

“Not paying your taxes is against the law,” said Minister O’Connor. “The Canada Revenue Agency works hard to identify and correct non-compliance. This keeps the system fair for the honest Canadians who comply with the tax laws.”

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1-8-0-0-H-A-R-T Now Has EntreCard Installed

That “Blog for a Year” graphic and site has been down too many times, and I don’t think I would ever win .. because I was in about 543,258th place .. however ….

Entrecard … !! … Do you know what that means?

Feel free to drop your EC card .. and well, advertising starts at 2 points per day at first :) I don’t know how it calculates it after that.

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Tax Tip - Take It To The Limit

The following is now available on the CRA Web site:

Did you know…

That February 29, 2008, is the deadline for making a contribution to a registered retirement savings plan (RRSP) for the 2007 tax year? (Not March 1st) With RRSPs, you can start saving now for your retirement, education, or the purchase of a home. To view your RRSP deduction limit and other personal income and benefit information, why not log on to My Account at www.cra.gc.ca/myaccount.

Beginning in 2007, RRSP must mature before the end of the year in which the annuitant turns 71 years of age (previously 69 years of age). Similarly, registered pension plans and deferred profit sharing plans will generally be required to commence the payment of benefits to members by the end of the year in which the members turn 71 years of age.

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Modern Metro Around The World

For those of you watching Amazing Race 12 (congrats to TK and Rachel) or any of the other Amazing Race shows .. you probably have seen a lot of the modern train and metro transportations seen around the world in the various countries. I thought I would just show you some of these “Modern Metros” in action here in my blog. Enjoy the pictorial!
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