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I’ve been estimating that I receive approximately 1400 emails per day … but, really I haven’t checked in a long while, so I thought I would do that today.

July 18, 2007

* 1,187 emails received that day

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The following is available on the Canada Newsroom:

Ottawa, June 18, 2008
2008-046

The Honourable Jim Flaherty, Minister of Finance, today welcomed the support of the Senate and the House of Commons for the passage of Bill C-50, legislation that will help strengthen the Canadian economy. The bill received Royal Assent today, allowing for the implementation of important elements of Budget 2008. Key measures in the bill include the Tax-Free Savings Account, initiatives to modernize Canada’s immigration system, increased funding for more front-line police officers and public transit across Canada, and increased support for post-secondary students.

“Our government is providing responsible leadership in challenging times by focusing on the priorities of Canadians, cutting taxes, and investing in people, knowledge and communities,” said Minister Flaherty. “Bill C-50 is a balanced, focused and prudent bill that will strengthen our economic fundamentals and better position Canada to compete in this highly competitive global economy.”

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June 15th was the final deadline for filing self-employed individuals’ tax returns (and their spouses) to be considered as filed on time without penalty. Because the 15th fell on a Sunday, Canada Revenue Agency rolls the deadline forward to the next business day .. which was June 16, 2008 at Midnight. G.S.T. returns for self-employed individuals, who file annually, were also due.

So … I arrive in front of the Canada Revenue Drop Box at 11:33pm with three envelopes filled with client stuff to file ….and …

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Personally, I don’t electronically file T2 Corporation Tax Returns and probably never will. It’s not a big deal to paper file. A separate bar Federal Bar Code coversheet attached to the RSI Printing summary of the entire T2 is not a waste of paper consumption in my mind, and usually (for my clients) assessments usually happen between 2 and 4 weeks for corporate returns. I’m “old school”! I have my clients sign the filing copy of T2 and deliver it with a cover page right to Canada Revenue Agency’s door myself. CRA stopped sending back acknowledgement notices or mailing receipts, but I be sure to smile for the cameras and point the envelope cover to the camera.

Of course if your company is required to make large instalments and by the time you file your T2 Tax Return you have a loss in the company and want your refund as quick as possible, then Efiling might be the way to go. Assessments (for clients of other professionals that I know) usually happen within 10-15 days. I am not suggesting that one way is better or worse than the other. As you know .. most refunds people and corporations are getting - are their own money. Some want it back as soon as possible, and others don’t mind carrying it forward towards the next fiscal year.

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I touched on this topic last month about this product and it was selling for $299 USD.

I just received an email announcing their “July 4th” Promotion - purchase this product before July 4, 2008 and you receive a $100.00 discount and the price is $199.00 USD!

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The following is now available on the CRA Web site:

Did You Know …

That you can file your goods and services tax/harmonized sales tax (GST/HST) return electronically from your home or office? Eligible registrants can use the access code from their personalized return to file returns with an amount owing, a nil balance, or a refund of $10,000 or less using GST/HST NETFILE or GST/HST TELEFILE.

When you file a return electronically, there is no need to send the Canada Revenue Agency a paper copy of your return. You will also benefit from immediate confirmation that your return has been received and faster refunds. Need to pay a balance owing? Many businesses find it convenient to use their financial institution’s Internet or telephone banking service.

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