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The following is 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 www.cra-arc.gc.ca/whatsnew/apprenticeship-e.html

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Three of Manitoba’s credit unions merged late last year .. Assiniboine Credit Union, Astra Credit Union and effect January 1, 2007 they are now operating under the Assiniboine Credit Union name. Their website claims that everything should be integrated by April 2, 2007 however (click the above graphic). More →

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The following is now available on the CRA Web site:

Ottawa, Ontario, January 5, 2007…
The Canada Revenue Agency (CRA) wishes to inform parents and organizations providing eligible physical activity programs that additional information about the proposed Children’s Fitness Tax Credit is now available online at www.cra.gc.ca/fitness.

“I am pleased to be working in partnership with my Cabinet colleague, the Honourable Jim Flaherty, to make this tax credit available to parents across the country, said National Revenue Minister Carol Skelton. The CRA is working to make sure parents and organizations providing eligible programs of physical activity have the information they need to ensure this tax credit supports as many children as possible in their fitness activities.”

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

Ottawa, December 19, 2006
2006-084

The Honourable Jim Flaherty, Minister of Finance, today released guidelines on the Children’s Fitness Tax Credit, which is scheduled to become effective on January 1, 2007.

The Minister confirmed that as recommended by the Expert Panel for the Children’s Fitness Tax Credit, the definition of eligible programs will support children’s participation in all programs that significantly contribute to their fitness. In addition, the Minister indicated that substantial additional support would be provided to children eligible for the disability tax credit to recognize the unique barriers they face in becoming more active.

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The information below is based on legislative proposals and may be subject to change.

Apprenticeship Job Creation Tax Credit

1. What is the Apprenticeship Job Creation Tax Credit (AJCTC)?
The AJCTC is a non-refundable tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006. The maximum credit is $2,000 per year for each eligible apprentice.

2. Who qualifies?
Any business that hires an “eligible apprentice”.

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Suppose you have an accounting blog .. like .. HART (1-800-HART) … and you want to show off your accounting knowledge ….

READER: Dear HART … I just purchased a new car that was financed over 3 years, for $25,000.00 .. I put down $3,000.00 which included the first month’s loan payment of $500.00. What’s my journal entry?

HART (1-800-HART): Congratulations on your new purchase .. I hope you have many years enjoyment with your new car. Here’s how to “book” the journal entry into your accounting records.

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This is Part (II) of two parts, because the original post seemed to be getting long. In Part (I), I had tried to identify some of the common difficulties that can arise and problems that can stir up during the bank reconciliation process. In this part, I will discuss ways in which I overcome each of those situations and provide you with some tips to help make reconciling your banks and cash accounts easier.

Reconciling - Computer Cheques

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Subject: CRA Electronic mailing list service

January goods and services tax/harmonized sales tax (GST/HST) credit payments

Ottawa, January 5, 2006… The Canada Revenue Agency (CRA) is issuing the January goods and services tax/harmonized sales tax (GST/HST) credit payments today. Individuals who have their GST/HST credit payments deposited directly into their accounts at their financial institutions can expect to receive their payments today.

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It’s 10:00 am Monday Morning, January 2, 2006 …

TIP: For Individuals with Loan Balances who want to claim interest on their Personal Income Tax Return

FACT: You need to know what your balances are first!

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