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The following is now available on the CRA Web site:

Alert: Don’t be fooled by unsolicited e-mails or phone calls!
The Canada Revenue Agency (CRA) is warning the public to beware of a number of e-mail and telephone scams in which individuals falsely identify themselves as officials from the CRA or the Department of Finance Canada.

There are many versions of the scam, but the general concept remains the same: the victim receives an unsolicited phone call from an individual claiming to be a government official or an e-mail from a legitimate-sounding generic e-mail account that appears to come from a government organization.

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

Ottawa, December 28, 2006
2006-090

The Honourable Jim Flaherty, Minister of Finance, today proposed an amendment to the Excise Tax Act to exempt the services of midwives throughout Canada from the goods and services tax (GST) and the harmonized sales tax (HST).

“By taking this action today, we are supporting the midwifery profession and making this birthing option more affordable for women throughout Canada,” said Minister Flaherty.

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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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It’s tax time here and I have many ways to keep track of clients who come in and bring me their records and income tax information. I have to … I do a lot of Income Tax Preparation during the months of March and April and well, actually all the way through until June 15th - which in Canada, is the deadline for individuals with business income.

When I meet with a client, I try to take notes. For every client or group of clients (e.g. for head of house only) I start a new “T1-Transit Mem0″. This is my typing report. This is my guide to keeping track of the tax returns that need to be prepared, who to be billed, and a guide to what to bill based on my actual time spent plus an admin charge. I also note last years’ billed amount, as a reminder and to also watch for, in case I can deduct this in the client’s business.

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As an employer, you have to remit employer payroll deductions (usually) every month by the 15th of the following month.

Payroll deductions include the Canada Pension Plan (CPP) contributions, the Employment Insurance (EI) Premiums, and the Income Tax deduction for the employee, plus the employer’s share of the CPP Contributions (employee’s CPP x 1) plus the employer’s share of the EI premimums (employee’s EI x 1.4).

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Today is one of those days …

I’m expecting a courier delivery from a client today. It’s a box of my client’s Year-End records that I need and will be working on this weekend. I was asked Wednesday afternoon what day would be a good day to send the box, so I will be at home to receive it. I suggested Friday as I had no plans for the day, but just in case - call me before the courier is sent to be sure that I am home.

Well, this morning I had an early meeting with another client, and didn’t get back to ‘my office’ until shortly after 12:00pm Noon. Now, remember - that ‘my office’ is my home, because I work out of my house. There was a message on my call answer machine to let them know when they can send the courier. I immediately called my client, and let them know that I will be home for the rest of the day. They said they would immediately call the courier for pickup and delivery.

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Subject: CRA Electronic mailing list service

Canada Revenue Agency interest rates for the first calendar quarter

Ottawa, December 2, 2005… The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from January 1, 2006, to March 31, 2006.

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Subject: CRA Electronic mailing list service

The following is now available on the CRA Web site:

CPP pensionable earnings ceiling for 2006 up to $42,100

News release

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