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The following News Release or Speech was posted on the Finance Canada Site.

Ottawa, January 21, 2008
2008-005

The Honourable Jim Flaherty, Minister of Finance, today proposed to extend the carry-forward period for unused investment tax credits earned by Canadian businesses in the 1998 to 2005 taxation years to 20 taxation years from 10 taxation years.

Corporations operating in Ontario will benefit from one tax return, one set of tax rules and one point of contact as a result of moving to a single corporate tax administration starting in the 2009 taxation year. However, the requirement for one set of tax rules coupled with the current 10-taxation-year carry-forward period may result in some companies not being able to claim their unused federal investment tax credits, such as those for scientific research and experimental development, as previously planned. Extending the carry-forward period to 20 taxation years will provide some additional opportunity to claim these credits, thereby addressing the fact that Ontario corporations can currently choose different levels of investment tax credits and deductions for federal and Ontario purposes, but will no longer be able to so after 2008.

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The following is now available on the CRA Web site:

Whether you are a hairdresser, a carpenter, a fisherman, a waiter or waitress, or anyone else who earns part or all of your income in cash, you should know that all of your income is taxable.

The Canadian tax system is based on voluntary compliance and you are responsible for declaring all of your income regardless of whether it appears on a T4 slip.

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The following is now available on the CRA Web site:

The Canada Revenue Agency (CRA) reminds Canadians that they must report all of their income. Individuals working in industries where cash transactions are prevalent must take extra care to accurately report their income and to maintain the documentation they need to support the income they report.

The CRA continues to vigorously enforce the provisions of the tax laws to ensure that all Canadians pay their taxes. This provides a level playing field for all taxpayers and protects the social and economic well-being of all Canadians.

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The following is now available on the CRA Web site:

Ottawa, Ontario, January 21, 2008…The Canada Revenue Agency (CRA) wants to remind Canadians who earn tips and gratuities of the rules for reporting this income on their annual income tax returns. Restaurant servers, hairdressers, valets, taxi drivers and others who earn tips may not have all of their income recorded by the employer and therefore not included on their T4 slips.

The Income Tax Act is clear regarding the treatment of income from tips and gratuities: all tips are taxable and it is your responsibility to report any you receive. The CRA is committed to administering and enforcing the Income Tax Act in a fair and equitable manner, ensuring that the requirements under the law are met while respecting the rights of the individuals involved.

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CBC had the Test The Nation: Trivia contest again last night .. and, if you didn’t catch the results part of the show … BLOGGERS RULED ~ meaning .. Celebrity Samantha B (who also scored the highest score for the celebrities involved) and her team of bloggers averaged the highest group score of correct answers.

TAKE THE TEST YOURSELF!

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The following Economy In Brief has just been posted on the Finance Canada Site.

Overview
* In the third quarter of 2007 real gross domestic product (GDP) grew 2.9%, down from a 3.8% pace in the second quarter.
* Domestic demand growth remained solid. Real final domestic demand rose 4.6% compared to 4.9% in the second quarter. Business inventory accumulation was $15.4 billion after a smaller buildup of $4.5 billion in the second quarter.
* Real imports grew more than real exports, moderating real GDP growth and narrowing the nominal trade surplus and the current account surplus (the amount that receipts from non-residents exceed payments to them). The current account surplus decreased by $21.2 billion to $4.2 billion, falling to 0.3% of nominal GDP from 1.7% in the previous quarter.
* A healthy labour market has underpinned domestic demand growth. Employment rose 1.7% in the third quarter, up from 1.3% in the second quarter. In November, the unemployment rate was 5.9%, up slightly from 5.8% in October when it was at its lowest level in nearly 33 years.

Additional: Economy In Brief / PDF Version

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For businesses in Manitoba collecting Provincial Sales Tax (PST) .. Effective February 1, 2008:

..When the return due date falles on a weekend or a public holiday, the due date is the next business day.

This relates to PST collections starting January 2008, which is due by the 20th of the following month - which is Wednesday February 20, 2008.

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

Ottawa, January 14, 2008
2008-004

The Honourable Jim Flaherty, Minister of Finance, today launched online consultations, giving all Canadians an opportunity to provide input into the development of Budget 2008. This year, the Government is asking people to focus on specific issues and questions of national significance.

“This year, we are taking a different approach to pre-budget consultations,” said Minister Flaherty. “Although our economic fundamentals are solid, we need to focus on the various risks and challenges that confront us. These include the impact of an economic slowdown in the U.S. and ongoing turmoil in financial markets, the continuing need to adjust to a higher Canadian dollar and increasing global competition, as well as the aging of the Canadian population.”

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January 18th will mark the second anniversary of the creation and inception of our “Battling The Monster” series of Health blogs, operating under the BattlingForHealth.com umbrella.

We have 12 active blogs

Battling Addiction - addiction.BattlingForHealth.com
Battling Alzheimer - alzheimer.BattlingForHealth.com
Battling Arthritis - arthritis.BattlingForHealth.com
Battling Cancer - cancer.BattlingForHealth.com
Battling Depression - depression.BattlingForHealth.com
Battling Diabetes - diabetes.BattlingForHealth.com
Battling Heart and Stroke - heart.BattlingForHealth.com
Battling Multiple Sclerosis - ms.BattlingForHealth.com
Battling Obesity - obesity.BattlingForHealth.com
Battling Schizophrenia - schizophrenia.BattlingForHealth.com
Battling Stress - stress.BattlingForHealth.com
Battling Vision - vision.BattlingForHealth.com

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The following is now available on the CRA Web site:

Did you know…

That you could benefit from the new pension income splitting tax measure? When you and your spouse or common-law partner file your 2007 income tax returns, new tax rules allow eligible taxpayers to allocate up to half of their eligible pension income (income that qualifies for the pension income tax credit) to their lower-earning spouse or common-law partner.

To make this election, you and your spouse or common-law partner must each complete Form T1032, Joint election to split pension income.

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