Free Tax Information pages provide examples of the kind of links you'll find on many more tax topics
Recently I used pages from the TaxLinks collection to make a submission to CGA Canada to utilize for their presentation to the Minister of Finance. I wanted to explain for example, how the rules about vehicles, home office and CCA are found in so many different places on the CRA website that it's impossible to figure out which are the right rules to use for an individual, a partnership, or a corporation or trust n any given story.
Renew or Subscribe to TaxLinks Portal now!
This is a collection of topical links generated by my research into a variety of tax topics for articles, client queries and presentations on tax to a variety of organizations including CGA Chapters for PD, CGA Financial Controllers Group, CGA Computer User Groups, CGA firm's partner's meetings plus various community family support groups and libraries.
Tax Links Annual Subscription Expires at Midnight
Scientific Research & Experimental Development program
There's a revised claim review manual setting out instructions for CRA reviewers on how to review a claim.
CRM Manual explanatory notes about changes and a link can be found here
Crime doesn't pay, but internal control might!
Imagine the heart ache for everyone who knows this fellow...
CRA fines bookkeeper for taking over $100,000 from employer.
This is one of the prime reasons small business's need internal controls.
Not everyone that works for your business is as honest as you'd think.The business owner has to protect themselves by setting up internal controls. Rules about who does what, for example would have prevented this bookkeeper from taking these funds.
The rule is simple, it's called segregation of duties and what's required is a procedure to ensure the person who reconciles the bank shouldn't be the one signing cheques.
To learn how to build internal controls into your business books, check out my video series on Mastering QuickBooks Software!
My story telling project
I'm finding this really interesting. This woman, who is really smart by my estimation, wants to do bookkeeping. She's learning QuickBooks software because business owners are using it. She's taking all kinds of courses on how it's supposed to work, but she's not getting it. There are so many ways to do things that she's hung up on all the different choices. So we've started with stories about her clients, one at a time, or stories about what she's found after doing about 50 different types of clients, what isn't being done properly by other accountants or bookkeepers when she takes the books over.
Today, it was about fixed assets and how to record the purchase, and when the asset is sold, how to record the asset sale in the books and on the tax return.
I've been recording key parts of the conversation and those conversations are for sale on my website. If fixed asset / capital asset recording has always stymied you, it's no surprise. I spent ten years doing extensive work on capital asset dispositions and acquistions, as the group of companies I worked for at the time, 30 companies in the group, about 10 operating, and 20 holding companies, re-organized, refinanced, and then sold or disposed of every single asset in the group, including 750 units in the fleet.
As a result, I know a thing or two about capital assets. If you're looking for simple ways to handle the recording and reconciliation of assets using QuickBooks software, this 23 minute conversation might completely change your outlook on this complex area of accounting.
I'm building an inventory of stories like this one, each between 20 minutes and an hour, to showcase different challenges users might face in the design and structure of their use of the software.
Check out the list so far, and if you have a challenging story, contact me with the story. We can have a similar conversation and we can if you like, record the conversation, for your use only, and yes, fees apply.
Story telling project
T4A reporting for fees for service
New for 2011: not just men with hammers will have to report based on T4A's
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/rtrns/t4a/nw-cds-eng.html
Watch for more details
I'm signed up, how about you? Shake, rattle and roll!
Register now for “Shake Out BC”
Put a note on your calendar now so you remember on the day!
New procedures for taxpayer relief (fairness)
CRA provides for taxpayer relief, a special program you have to know to apply for if your situation warrants it. This used to be called fairness, or administrative relief.
Voluntary Disclosures is another program under the programs and services banner on the CRA website.
Just last month, in August 2011, the procedures for requesting relief from penalties, or fairness to collect refunds for beyond 3 years changed.
There is an interesting new form, RC4288 that sets out the terms and conditions for a request, providing instructions and examples of supporting documentation required.
It isn't mandatory to use the new form, but it seems like it might be useful to make sure you've adequately addressed all the possible questions that might be raised and pin point exactly what you are asking for in an efficient manner. I'm impressed.