The Bookkeeper's Reference Page
Canadian Small Business NewsOn this page you'll find Canadian small business links and news essential for ... the hard working ... self-employed ... business owner acting in the role of bookkeeper. if you're thinking about yesterday. -- Charles Kettering --
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or sneak a peek at other bookkeeping pages to book mark to come back to later when you have more time. Notice to Site Visitor I initially developed this page as a handy reference for myself. While I do my best to ensure it is accurate and complete, I make it available for your use with the understanding that I cannot be held liable for errors and/or omissions. Please make yourself familiar with my site policies prior to relying on any of the information on this site. Tax Compliance Reminders and Quick Links
Here are some links to economic and market data which may be useful when putting together your business plan. All the Canadian banks have economic newsletters you can subscribe to as well. Canadian Business newsletter Daily Market Wrap highlights the days news, US dollar close, S&P/TSX Composite close and more. The website (canadianbusiness.com) used to have economic indicators on the "Markets" drop down box. But they have revised the site and I can't find it anymore. Since the reno, The Market Wrap Information and Market News is now found in a box on the right hand side mid way down. CanWest Global Communications Business page (Financial Post, Global TV) has a lot of information including a Market Summary and very useful financial tools. Trading Economics Canada Stock Market Chart - S&P/TSX Composite gives you the monthly historical values. They also have a banner quoting the interest rate, growth rate, inflation rate, jobless rate, exchange rate and more. I like the historical value chart because I can visually see trending. Here are links to the Bank of Canada Currency Converter and a World Currency Converter. Canadian Business Deposit Rates for financial institutions seems to have gone by the way side with their latest site renovation. It was a great listing that I miss. President's Choice, ING Direct, Outlook Financial and Citizen's Bank are/were some of the high-interest* choices. *While I'm discussing banking, a great book by Globe and Mail columnist Rob Carrick is How to Pay Less and Keep More for Yourself - The Essential Consumer Guide to Canadian Banking and Investing. Because it's a few years old now, I'd probably just borrow it from the library. Do you have a favorite Market Watch resource you use to help you prepare your business plan? Why not share it with other small business owners and bookkeepers in The Bookkeeping Forum - Favorite Bookkeeping Resources. Business financial calculators, websites, where to find federal budget information and the Income Tax Act (ITA) are all found in this forum. General News ... for Small Business BookkeepersWise WordsFour things you can't recover: The stone ... after the throw. The word ... after it's said. The occasion ... after it's missed. The time ... after it's gone. Author Unknown January 8, 2012
This performance by Susan Boyle on Britain's Got Talent 2009 is still one of my favorites. I stilll get goosebumps when I listen to it. As we start the new year, I thought it was worth watching again just as a reminder that you are never too old to give up on your dreams. Enjoy your tea break with Susan's performance of I Dreamed A Dream from Les Miserables ... And there are only three words to describe this performance from the 2010 final - A Maze Ing! http://www.youtube.com/watch?v=KF2gC8GZWjM December 18, 2011 QuickBooks Payroll Tax Tables QuickBooks payroll tax tables effective January 2012 were released on December 12, 2011. If you have Automatic Updates turned on, you would have received the update automatically. December 12, 2011 B.C. MSP Rates are Increasing British Columbia's MSP (medical services premiums) rates are set to rise in 2012. If you are paying the premiums for your employees, don't forget the premiums are considered a taxable benefit and must be inclded on the employee's T4 slip. Here is a summary of the 2012 B.C. MSP rates:
Click here for premium assistance (subsidy) rates. A 100% subsidy is available for those who earn $22,000 or less. November 17, 2011 Ernst & Young 2012 Annual Tax Guide 
Ernst & Young's annual income tax guide is now available as a downloadable PDF or as an eBook for your smartphone, eReader or tablet. You can find the guide Managing Your Personal Taxes 2011-12 A Canadian Perspective on their website under Services> Tax or through this link: http://www.ey.com/CA/en/Services/Tax/Tax-MYPT They have a section for professionals and business owners as well as employees and US tax for Canadians. November 14, 2011 2012 EI Insurable Earnings Released The CEIFB (Canada Employment Insurance FInancing Board) announced the 2012 EI rates including the maximum earnings that premiums can be deducted on. Click here for 2012 EI rates. CEIFB explains that "this amount is indexed annually using the growth in the average weekly earnings as published by Statistics Canada. Thus, an increase in premiums paid by employees is a combination of any change in the EI premium rate, as well as the impact of any change in the MIE (for those at the maximum level of insurable income)." The Chief Actuary forecasts the break-even rate for 2012 for all provinces except Quebec to be $2.56 per $100 of insurable earnings. 2012 will be the first year the EI Operating Account is expected to break even on an annual basis. For more information, go to www.ceifb-ofaec.ca> Media Room> CEIFB News ReleaseThe Canada Employment Insurance Financing Board Publishes its 2012 Employment Insurance Premium Rate Report November 9, 2011 QuickBooks 2009 QuickBooks 2009 live technical and business support will be discontinued as of January 31, 2012. November 3, 2011
While all the performances were good last night, these were my two favorite performances. Enjoy your tea break with my first choice, Josh Krajick ... Drew's performance was my second choice ... can you believe she is just 14! http://www.thexfactorusa.com/videos/drew-performs-on-the-second-live-show August 22, 2011 (Update September 1, 2011) BC Votes to Retract HST September 1, 2011 Update Ernst & Young has an excellent write-up on "what we know at this time" and "what to be concerned about" with regards to how BC will transition back to the PST. At the conclusion of the article, the following comment was made: "It is widely agreed by economists, tax policy experts and tax professionals that reverting back to the PST + GST system is a significant step backwards for BC. It will negatively impact both job creation and economic growth not only in BC, but in the rest of Canada as well. It is also widely recognized that going back to PST + GST as opposed to keeping the pure HST value-added tax system will give pure GST/HST provinces like Ontario and Alberta a significant competitive tax advantage over BC as a place to invest and do business. This is particularly true with respect to the film and television and high- tech industries. However, because this is the path that has been chosen by BC voters, all businesses in and outside BC that sell to customers in the province need to prepare for the reintroduction of the PST. All affected businesses should start thinking about how this policy change will affect their operations, systems, customers, budgets, staff, etc. and start the process of converting to operating once again in a GST and PST jurisdiction." Read their excellent article at www.ey.com> Publication> Tax Alert - Canada 2011 Issue No. 31 30 August 2011> Turning back the clock: BC to extinguish HST and reinstate provincial sales tax. Original Post August 22, 2011 The votes are in and counted. BC voted against the HST in the recent referendum. Results were released today. In about 18 months ... businesses need time to change their systems back, federal and BC governments need time to create transition rules, and BC government needs time to hire PST staff back ... BC will revert back to 5% GST and 7% PST. The BC HST credit is now an annual credit of $230 per family member for individuals with incomes up to $20,000 and families with incomes up to $25,000. The credit is phased out by 4 per cent of income above the thresholds. I expect it will revert back to a $75 sales tax credit when you file your income tax return. I need time to process this. I hope this vote does not result in income tax increases ... but how else will we pay back $1.6 billion back to the federal government? I expect that companies will make plans to move to Alberta or Ontario where they can recoup their entire sales tax amount ... something they won't be able to do here. Our ability to compete on the international market will also be handicapped. If a business has to choose where they are going to invest capital infrastructure ... BC will now fall way down the list. In my mind, the jobs follow the capital investment. This is how I see it. Capital investment brings jobs. Jobs allow people discretionary income. Discretionary income creates spending. Spending creates profits. Profits creates better paying jobs. When the cycle reverses, jobs are the first thing to disappear. I heard people were perturbed because it cost more to eat in a restaurant. If jobs are reduced, the discretionary income to eat in restaurants is the first thing to go. With the HST killed, BC will now revert back to the archaic system of double taxation and tax cascading. Wow. I need time to process this. August 22, 2011 Employment Insurance Premium Rate Setting Consultations Last week, the Minister of Finance announced the launching of Employment Insurance (EI) premium rate-setting consultations. "The consultations will focus on how the EI rate-setting mechanism can be further improved to ensure more stable and predictable rates, while:
Those wishing to participate can do so at Department of Finance> About Finance Canada> Consultation Paper: Employment Insurance Premium Rate Setting - August 18 2011 (www.fin.gc.ca/activity/consult/eiprs-etcac-eng.asp). "This consultation is not about EI benefits and is focused exclusively on the EI rate-setting mechanism. In particular, the Government is seeking the views of Canadians on the following questions:
July 20, 2011
I love this couple. I chose this piece for today's tea break because the judge's portion was great fun too! Enjoy your tea break with Melanie and Marko ... I also loved J&J in this Canadian routine. They got a standing ovation from all the judges! http://www.youtube.com/watch?v=onia7Zgqcg8 July 13, 2011 Common GST/HST Errors Ernst & Young have a really good article by Alison Pavlin and Patricia Gurdyal of Toronto in their July 2011 Tax Matters newsletter. The article is titled Common GST/HST Processing Errors. It is worth a read. Restricted and recaptured ITCs, ITC documentation, bad debts, rates of tax, intercompany charges, imports, and accounting for GST/HST are discussed. For this month, you can find the article on their website at www.ey.com/CA (for Canada)> Services> Tax> TaxMatters@EY - July 2011. July 5, 2011 BC HST Referendum Ballots I thought I would just remind BC residents that your HST ballots must be received (not mailed) by Elections BC by August 5th at 4:40 pm. The date was revised due to the postal strike. You can also deliver it to a Service BC instead of dropping it in the mail. If you have not received your ballot in the mail yet, call 1-800-661-8683 for a replacement ballot. Taxtips.ca, my favorite tax website in Canada, has a good posting on Why HST is Good for BC. Take time to be informed before you vote. June 21, 2011 BC HST Referendum Video Here is an excellent BC HST Referendum video by law student Chris Thompson countering some of Chris Delaney and Bill Vander Zalm's arguments. It is titled FightFightHST 2 - Fighting the man who was "The Man," who's fighting "The Man." http://www.youtube.com/watch?v=frnBgX9QRZM&feature=share You can find the link to Chris Thompson's first video on my HST poll page. May 25, 2011 The Globe and Mail today reports that the BC Liberals have announced a 2% drop in the HST rate if BC voters keep the tax alive when it goes to referendum. A 1% drop would occur on July 1, 2012 with a further 1% drop on July 1, 2014. Small business will be hit as the plan to eliminate this tax, currently at 2.5%, will be postponed. The tax cut will also be offset by a 2% rise in the corporate tax rate ... rising to 12% from the current 10%. The Globe and Mail article points out that Ontario's corporate tax rate is scheduled to drop to 11% next year. Other changes being offered if the HST survives the referendum is a one time payment at the end of the year of $175 for each child under 18 and seniors with low-to-modest incomes. Referendum voting will begin in June using a mail-in ballot system with the results announced in August. You can find the entire article at: http://www.theglobeandmail.com/news/national/british-columbia/bc-politics/clark-announces-drop-in-bc-hst-rate-if-tax-survives-referendum/article2034539/ May 5, 2011
April 22, 2011
March 17, 2011 Bonnie Nagayama, CPA will be co-hosting a three webinar series with Intuit during the first week (oops missed that!) and last week of March. Her newsletter announces (I'm behind in my reading right now) that: "It is specifically designed for Accountants and ProAdvisors as a pilot offering. Yes, we know it is tax season so many of you won't have any time to attend, but we wanted to get it done now as a test. Each session will qualify for 1 hour CPE and have an educational component with lots of QuickBooks tips and tricks as well as highlighting an AppCenter app (my emphasis) to streamline the process. For all the details, go to https://appcenter.intuit.com/promos/training." Dates and times for the second "test" series are:
March 16, 2011 BC's new Premier announced changes to the minimum wage rate today. Bookkeeper's take a note:
March 14, 2011
January 22, 2011 Red Tape Reduction Commission There is a new website, www.reduceredtape.gc.ca. It was started on January 13, 2011 when the Prime Minister announced the new commission tasked with cutting red tape for small and medium sized businesses. There are links allowing you to weigh in with your opinions and suggestions. If you feel strongly about this subject, you will want to check out the website. December 16, 2010 QuickBooks 2011 Payroll Tax Table The January 2011 Payroll Update release will be released today. The update includes the latest government tax tables (TT93) for QuickBooks 2010 and 2011. It includes the new tax table effective January 1, 2011 to June 30, 2011 and the ability to amend or cancel T4s and RL-1s for 2010. QuickBooks Payroll 2011 already has this functionality. Other minor issues have been addressed as well. November 5, 2010 ASPE Webinar Deloitte's is offering a webinar on Tuesday November 9 at 2 pm EST on Thinking strategically about Accounting Standards for Private Enterprise. "This webcast is intended to help private enterprises start thinking strategically about all of the choices and decisions that need to be made when transitioning to Accounting Standards for Private Enterprises (ASPE). It is important to remember that the choices made can have a significant impact on users, financial statements, work effort and transition costs – among other things. Combining technical knowledge with practical experience, our Deloitte presenters will discuss:
Bookkeepers and small business owners can register at www.deloitte.ca> Insights> Webcasts >Deloitte Update webcasts> Thinking strategically about Accounting Standards for Private Enterprise. November 4, 2010 Canadian's Debt Load Increases to Unhealthy Levels The Bank of Canada released its Monetary Policy Report in late October. The Governor of the Bank of Canada lowered the economic outlook as Canada struggles to recover from the 2007 meltdown. The report touches on Canadians' need to manage their debt as a pronounced correction in housing prices is expected. Of interest to bookkeepers is a commentary on the Knowledge Bureau website. Robert Ironside, an instructor at the Knowledge Bureau, specializes in financial literacy. He has commented on how the low interest rate is affecting three different groups of people. Risk averse retirees struggle as they are forced to touch their capital. Low interest rates (currently 1%) are here to stay for a year or more. People saving for retirement will have to delay retirement or save more to ensure they have sufficient capital for retirement. Low interest rates mean they are losing the compound effect of growing their retirement savings. Canadians who have exceeded the historical debt ratios due to the low interest rates will run into trouble once rates return to more normal levels. Many Canadians are carrying debt equal to 146% of disposable income. This is about the same level Americans carried prior to the 2008 economic collapse. The CGA Association of Canada released a study in May titled, Where the Money is Now: The State of Canadian Household Debt as Conditions for Economic Recovery Emerge. The study CGA focused on Canadian indebtedness as well as spending and saving attitudes. It found an upward trend on debt levels. Borrowing on consumer credit increased. This type of borrowing does not build wealth as is evidenced by decreasing owner's equity. Bookkeepers may want to let their clients know about these reports as they work on their business plans for the coming year. The Key Highlights of the study can be found at www.cga-canada.org> Areas of Interest> Debt and Consumption. You will find a link to download the whole report here as well. You can find Mr Ironside's commentary at www.knowledgebureau.com> Tools> Knowledge Bureau Report> Breaking News Archives> BofC Lowers Economic Outlook: Response from Robert Ironside The Bank Of Canada Monetary Policy Report can be found at www.bankofcanada.ca> Media Room> Monetary Policy Report. October 28, 2010 Supplemental PST Returns Supplemental PST returns, for reporting PST after June 23, 2010, are filed on the Social Service Tax Return - Supplementary Form 400S. Page 24 of Tax Information Notice #8 General PST Transitional Rules for Transitioning to British Columbia HST discusses the filing of supplemental returns ... which must be filed on or before January 23, 2011. The Ministry of Finance released Tax Notice 2010-012 Notice to Social Service Tax Vendors clarifying that you may only refund PST to your customers up to October 31, 2010. Any PST refunded after that date is not recoverable from the ministry. Other situations are discussed as well. I believe this is also applicable in Ontario as well. See www.rev.gov.on.ca> Notices> Retail Sales Tax> Highlights from the 2010 Ontario Budget for details. Source: www.sbr.gov.bc.ca> Finance> Revenue> Consumer Tax> What's New> October 28, 2010 Notice 2001-012 October 24, 2010 I turned on the TV to find out what time the finale for So You Think You Can Dance Canada is tonight. CTV's Tech News was on. It reported that NSS Labs, the only independent lab to review and rate security programs, released a new report on computer security software. Twelve programs were tested and rated as a public service to consumers. Exploits (drive by downloads) are on the rise and malware protection effectiveness decreased, on average, by 6% since last year as cybercriminals become more effective. Exploits happen silently without the user's knowledge just by visiting an infected site. Trend Micro scored the best at 90% for malware blocking and AVG the worst at 54%. F-Secure and Kaspersky tied for the top spot at 75% for exploit blocking while Sunbelt ranked the worst at 3%. Best bets seems to be McAfee ranked 85.2% for malware blocking and 73% for exploit blocking. F-Secure ranked 80.4% for malware blocking and 75% for exploit blocking. Trend Micro was also recommended despite the low exploit blocking results. You can find the free report at NSS Labs> Endpoint Security> Anti-Malware. October 20, 2010 The CICA free e-newsletter In the Loop Standards in Transition announced that effective January 1, 2012, private not-for-profit organizations (NFPOs) will use Part III of the CICA Handbook - Accounting as their new standard. It will be available December 1, 2010. Private NFPOs will have the option of adopting IFRS. Government NFPOs will use CICA Public Sector Accounting Handbook (PSA Handbook) as their accounting standard. The AcSB's framework for the new standards for NFPOs is based on existing Canadian GAAP. It "incorporates the 4400 series of standards which relate to situations unique to the not-for-profit world". Part V of the CICA Handbook - Accounting will remain available until January 1, 2012. You can find the announcement at www.cica.ca> Canadian Standards in Transition>e-newsletter . October 13, 2010
Enjoy your tea break ... September 29, 2010 PC Magazine's 2011 Security Suite Review Released PC Magazine released their Best Security Suites for 2011 today. You can find Neil J. Rubenking's review at PCMag.com> Product Guides> Software> Security to see how all eleven suites were rated. The Editor's Choice was Norton Internet Security 2011 for its firewall, malware detection, phishing protection and parental controls. Next choice was Kaspersky Internet Security 2011. ZoneAlarm and McAfee had not been released yet and will be reviewed at a later date. September 19, 2010 BC Budget Choices 2011 On September 14, 2010 Finance Minister Colin Hansen announced that British Columbians are being asked what their priorities are for the next provincial budget. Here's your chance to have input in the budget process. You can find the on-line questionnaire at http://www.leg.bc.ca/budgetconsultations September 17, 2010 HST Myths Finance Minister Colin Hansen goes on youtube to discuss some of the misinformation "out there" about HST, following an Angus Reid survey. On this video you will find out if you pay more tax on clothing, cell phone charges, computers, diapers, groceries and junk food. You can find the video Minister Hansen Gives the Straight Goods on BC HST Myths at http://www.youtube.com/watch?v=-__ZiNxn_XQ September 3, 2010 Password Protection September is here and days are getting shorter. Summer went by way too quickly! With vacations over and everyone back at work, now is the time to review your current passwords. I've chatted before about the importance of bookkeepers having strong passwords and online protection ... last summer and this spring. Well PCMag.com has recently published a helpful guide on How to Create Strong Passwords by Eric Griffith. The guide deals with common password problems and how to avoid common passwords. For example, never use passwords that include "letmein", "love", "monkey", "money", "god" or "password". Mr. Griffith recommends you use different passwords everywhere and change them often. He gives a method to create strong passwords ... and a link to a site where you can test your password strength. The most interesting part of the guide, for me, was how long it takes hackers to crack a password. Here is his example: "... cracking "kroywen" would take 13 minutes, "kr0yw3n" would take about 2 hours, "Kr0yw3^" 15 days, and "MA7ApUp#" about 3 years. You can tell from these results that more capitals letters are better for strength and more characters (eight instead of seven) also make a huge difference. Adding a single capital letter to the end of "Kr0yw3^," such as "Kr0yw3nZ," boosts the crack time to 3 years. Throw another special character in ("Kr0yw3^Z!") and it jumps to 237 years." Then he wraps up the guide explaining why you might want to flaunt conventional password wisdom. You can find the guide at pcmag.com/article2/0,2817,2368484,00.asp . You may also enjoy this video as you lament that summer is over ... Now That Summer Is Gone at http://www.youtube.com/watch?v=kJOtZqT4elk . July 28, 2010 The Employer's Adviser The Employer's Adviser is a free newsletter published by The Employer's Advisers Office. Their purpose, at no charge to you, is to provide advice, assistance, representation and training on all aspects of Workers' Compensation. Bookkeepers should not hesitate to use their services, especially if your client's rates include a surcharge. Their summer newsletter is available on their website at www.labour.gov.bc.ca. Go to Ministry of Labour> Employer's Advisers> The Employer's Adviser Newsletter. Click on the issue you want to read. Read more about their services here. July 4, 2010 
For this teabreak, I'm finally posting my favorite dance routine on last week's "So You Think You Can Dance" ... Alex and Twitch. I had two other favorite dances last week too ... Ashley and Ade ... Adechike and Lauren. http://www.youtube.com/watch?v=PxpHyT0hf0I
June 14, 2010 Carbon Tax Increases The BC carbon fuel tax is set to rise July 1. It annoys me that they raise the rates at the beginning of the vacation season instead of waiting for the fall ... For anyone interested, you can find a schedule of all carbon tax increases by fuel type on the BC government website www.sbr.gov.bc.ca at http://www.sbr.gov.bc.ca/documents_library/shared_documents/ It is a pdf document so you can save it to your desktop for future reference. May 25, 2010
On the lighter side, I hope Erin and Maks win Dancing With The Stars this season. Their freestyle was my favourite dance of the night. ... and as this is a tea break, Maks recommends Dr. Tea as a herbal medicinal drink that is an all round remedy for everything. You can find out more about it in the book "The Ultimate Tea Diet". I'm marking this down for my next book purchase. You can watch Erin and Maks here ... http://www.youtube.com/watch?v=CeiSmovrP6E April 6, 2010 How to Protect Yourself Online Canwest News Service published an article by freelance journalist Steve Makris that provides a few tips on how to protect yourself online. He suggests: September 27, 2009 Coming Inflation ... Do You Need to Protect Yourself? Patrick McKeough writes daily tips for Canadian investors. In his September 22 tip, he talks about the coming inflation. He says, "Governments have dramatically increased spending in order to pull their economies out of recession. Moreover, central banks have cut interest rates to record lows. These moves will likely help solve the financial crisis. But the cost will be much higher inflation, possibly starting in the next decade. This will have an impact on all stock sectors. Higher inflation would come as a result of the large increase in the amount of money in the global financial system. Inflation can be defined as a persistent rise in consumer prices, or a persistent drop in the purchasing power of money, caused by an increase in currency and credit that is out of proportion with the amount of available goods and services. In other words, if at some point more money is chasing the same amount of goods and services, it will push up the prices of those goods and services." He gives advice on how to protect your investments. You can find the whole article at TSI Network Daily. The Advice Hotline for September 23, 2009, a free newsletter published by MPL Communications, feels there are five factors working against inflation even though governments are running large deficits, have falling tax revenues and placed more money into our economy through infrastructure spending.
While this post does not pertain directly to being a bookkeeper or bookkeeping, it's a reminder not to forget about managing your personal assets while you are running your business.
July 19, 2009 Commonly Used Passwords This is not new news. In PC Magazine's May 8, 2007 issue, they posted the 10 most commonly used passwords. password A strong password should contain and combine a minimum of 8 characters that include small and UPPERcase letters, numbers, and special characters. It should not contain words found in the dictionary or be based on personal information. Always keep sensitive passwords for online banking unique and private. Consider using different passwords for the different sites you visit to keep them secure. Not changing your passwords for various sites increases your risk of a hacker obtaining access to your information and accounts. I read one blog (can't find where though) that says a good way to create a strong password is to take a word you know and insert numbers/special characters that you have designated to represent SOME letters. Combine this with a numerical sequence that you know but when you type it in, hold the alt key down. For example: bookkeeper2009 would be b()()KkeEpEr™ººª. In another blog there was a suggestion that instead of creating a strong password, create something long and memorable ... such as "This summer the weather is COLDER than normal in Canada." Another suggestion I came across a while back was to create a phrase and use the first letter of each word as your password ... so if we used "This summer the weather is COLDER than normal in Canada.", the password would be TSTWictnic. Whatever you pick, I hope it isn't one of the ones listed above! As a bookkeeper, you are responsible for ensuring financial information remains confidential. This is especially important when you work from home. One way to protect the information, is to password protect your computer and data files so that family members, friends, or visitors cannot inadvertently obtain access to it. Consideration should be given to using an encrypted e-mail service such as e-Courier for confidential emails. Using such a service meets PIPEDA standards. Inspiration Trust that still, small voice that says, "This might work and I'll try it." DIANE MARIECHILD I found this quote on page 133 of The Artist's Way by Julia Cameron. Something about it makes me exhale ... and I didn't even know I was holding my breath! More Inspiration "Shoot for the moon. Even if you miss it you will land among the stars." Les Brown April 2009 Self-Employed Parents - Here's a tip Do you have kids attending post secondary school? My recommendation for students needing to prepare their tax returns - Online QuickTax Student Edition. It leads you through an interview and is free if your income is $20,000 or less. It's good for your kids to learn how they are being taxed and how to reduce the tax they are paying while their return is still simple. Maybe they will be future bookkeepers! Canadian Business Magazine and KPMG have a 4-part series on Sustaining Value in a Changing Economy. Part 1 Staying ahead of the storm It is available in podcasts or downloading at canadianbusiness.com/kpmg "Endurance is like tax, [he said]. "You're silly to pay more than you have to, but you can't always escape it." from the fictional novel Risk by Dick Francis Bookkeeper Alerts - Let Your Friends Know About ThisSeptember 22, 2010Twitter Security Watch PC Magazine online at blogs.pcmag.com reports there was a Twitter internet worm attack yesterday that affect thousands of users. PC Magazine reports that exploit has been fully patched as of this morning. Redirect, like what happened in this attack, can be used to send you phishing sites, deliver malware or ... The attack affected those who sign on directly to the main Twitter site. PC Magazine recommends, "One good defense is to use a third-party, non-HTML based Twitter client. Some could be vulnerable, but it's less likely." The guardian.co.uk says some third party applications to consider are Tweetdeck, Twhirl or iPhone and Andriod apps. Now might be a good time to read PC Magazine's SMB Security: Eight Tips to Protect Your Business Network. It is located at pcmag.com>product guides> software> small business . April 23, 2010 Intuit Small Business Phishing Emails I subscribe to CPA Bonnie Nagayama's free newsletter. She says there are some phishing emails circulating relating to security suggestions. The subject line refers to Intuit Update. As always, do NOT click on the link(s) ... instead forward the email to spoof[at]intuit.com ... then delete it. Intuit never emails "updates" or "update attachments" of any kind through emails. Any action / follow through requires you to be signed into your account or signed into your software program to effect the changes. You can learn more information and see an example of the fraudulent email at http://security.intuit.com/alert.php?a=14. October 29, 2009 Intuit QuickBooks® Security Issue Intuit announced an advisory warning for 2007- 2009 versions of QuickBooks® that could allow hackers to access a user's computer through 2 activex files. Their latest updates fix the problem. Anyone who has already switched to version 2010 are fine. To make sure you have the fix, all QuickBooks® users should make sure they have the latest release. If you have automated update turned on, you should be fine. If you don't, you can do a manual update. To see what version you have, just press your F2 key while in the program. The latest versions that have the fix are: Canada
United States
UK and Australia
Intuit no longer supports 2006 and prior product years so no fix is available for these years. You can find out more details at Intuit QuickBooks Support. May 2009 The Bookkeeper's Alert Eileen Reppenhagen, CGA sent out an alert that there are currently businesses that are actively contacting people to encourage them to adjust up to 10 years of their tax returns for the disability tax credit. The fee they charge for this is a very large percentage of the refund you receive back from the CRA ... and they generally don't review your returns for possible risks, errors or omissions. There are a few problems with this. One - The fee percentage is too large. A reputable accountant will do it for less. They will probably look for other error and omissions on these 10 years so you understand the full implication of filing the adjustment. Two- Adjusting a past tax return opens it up to the possibility of being audited again for the next three years of ALL the parties involved. Normally after three years, CRA is statute barred from auditing those returns unless fraud is suspected. Three - Worst part of all ... if they close up shop after they have been paid and CRA audits you and doesn't agree with the requested changes ... they will want some money back. Problem is ... you don't have it to give back because the business took their cut. Think twice before you give these businesses Level 2 access (on form T1013 Authorizing or Cancelling a Representative) to your CRA account. Best bet, say thanks but no thanks or get a second opinion from another professional like a bookkeeper, accountant or professional tax preparer. Psssst ... small business bookkeepers ... Intuit Community sometimes offers free webinars as a thank you to its customers ... along with access to past webinars as well. Click here for current and past webinars.
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Thanks for the information. It is nice to see there is an online site where I can go get answers to my bookkeeping questions. It was really a stroke of luck I came across this site. I googled my bookkeeping question to see if I could get an answer, a shot in the dark, and bookkeeping-essentials was one of the results listed. I looked over some other sites but none were as flexible as this site. I got a quick response and I will be using this site in the future. Thanks again.
Bayside, NY, United States
I love your site...its very homey!!! It's like reading/talking to a friend!! Thanks!!
Kim, Jackson, MS United States
Your website is positively BRILLIANT! I don't care at all for the numbers side of my business, but you've made it interesting, fun, comfortable--downright enjoyable! Bite-sized WELL WRITTEN bits walking me through fundamentals, encouraging me, explaining.(Note: "well written" covers everything from "interesting" to "intelligent." The reader doesn't stumble over elementary grammar errors, lots of typos, etc.) I've only just discovered this lovely gold mine!
Cherie, U.S.
I have just come across your site and it's great...thank you so much for the time it must take you to compile the data and information. I have no accountancy or book keeping knowledge and am currently trying to learn QuickBooks via YouTube. (lol) There must be an easier way as I don't have the time or finances, what with starting a new business, to attend a course at college or similar.
Debbie, Vancouver, BC Canada
As a novice at the bookkeeping game, this site has become my go to site for research. Thank you for the great resource. I do my data entry one or twice a year (very low volume) and I find I need retraining on Quickbooks for things like depreciation/CCA.
Den, St. Albert, AB Canada
A More Than FANTASTIC site! So often I've thought about putting something together like your site, but didn't have the time. Googling information about Supplies or Tools over under $500.00 was the most useful Google search I've ever done because of discovering your site. Way to go and THANKS VERY MUCH. PS.... Also loved it that you put the Tax chart for GST HST back to 1997; I spent hours trying to get this information from the CRA website. I've not had time to look at your whole site, but I will be refering to it often I'm sure and will mention anything I think is missing, should I not discover information as I might be looking for it. Thanks, Again
Leona, Sicamous, BC Canada
Thank you for your comprehensive reply to my question. I really appreciate the time you took to explain it to me.
Connie, Canada
This is an absolutely awesome site! I am not lying. I went to Chapters to try to find something just like this and they did not have what I was looking for - which your site does ... which is good definitions and explanations. I am going to book mark this page if that's okay. ... Great job and thank you. I will definitely use this resource.
PK Lethbridge, Alberta
My biggest problem in doing my books is keeping debits & credits straight in liability and equity accounts. I really liked the cheat sheet. (I think that will help me keep the debits and credits straight.)
Lisa, Williston, USA
Lake you're awesome in every way. I have had some insight about how to properly classify some accounts.
Karim, Calgary, Alberta
Thank you so much for this website. I am interviewing for my first bookkeeping position in over 10 years--and my first in Canada. I have AAS degrees in Accounting and Business Admin from the US but have never worked in "my field" since immigrating in 2000. Your website makes me feel more confident I can actually do the job I am interviewing for. So far, I have been refreshing my knowledge and preparing for a job interview. I've bookmarked the site for WHEN I get the job!
Robin, Toronto, ON
I love your website. Just love it.
Carolann
CPB Bookkeeping, Inc.
"The Organizer"
Lake Worth, FL
I posted a question on Accumulated Surplus and you asked me to comment on your comments. I really appreciated reading what you posted and it did help. Especially the part of talking to the accountant. That really makes sense. I find more and more that I interact with the accountants to keep on learning. Love Love Love your website. Just discovered it about 3 weeks ago and have been on it lots since then.
Jan
Red Deer, Alberta
Wow. I'm so thankful to have stumbled across your site, with the assistance of Google. :) I love your style of writing, your approach, and your message. Thank you for your time and efforts. In a nutshell, your light humor and simple approach is refreshing and uplifting.
Kathy, Hillsdale, United States
Your site is great by the way. I just came across it.
Trish, Canada
Thanks for responding so quickly ... I really appreciate all the forum help ... I do Love the forum and have looked through other questions on it and feel it will greatly help in the future. Your site is fantastic and I will recommend it to anyone asking about bookkeeping help.
Cindy, Calgary, Canada
It (your site) is very helpful and thank you for your tips and advice. I am so glad I found your site.
Lee, Calgary, Alberta
Thank you so much for your hard work on your site ... I find I learn quicker and easier with you than I did with courses. Your site has helped my knowledge, learning new things and with the explanation of terms/items. Keep up the good "BookWORK"!
Naomi, Balance Your Books, Squamish, B.C.
This website has been very helpful. It's been too many years since school and I'm a bit rusty.
Sue, Medicine Hat, Alberta
I just found this site tonight. It's going to help me a lot as I learn how to use my Quickbooks more fully (I've only used it for payroll). Don't ask me how I've managed to keep the books this long -5 years- without knowing much more than how to balance a checkbook. I'm getting some help from a professional now, but your site will keep my pro costs down. Thank you. I will definitely donate once I begin to use it with my QuickBooks. It's [your site] easier to understand than Help in QuickBooks. QuickBooks assumes I know bookkeeping concepts. It [your site] appears to be very thorough, though I've only scratched the surface of what I can learn. I took an online bookkeeping class a couple of years ago, but this site has direct application to quickbooks and it's a searchable site!
Ruth, Dos Palos, CA USA
Thank you for providing valuable information regarding home business taxes on this website.
U.C., Toronto, Canada
I started my own bookkeeping business two years ago and enjoy your site. I literally grab my cup of coffee and look around for hours. :D It's a wonderful site with loads of information and I'm all about learning from my peers who might have the answers to some of the questions I may have. Keep up the good work. :)
Tania, TaniasBookkeeping.org
Taking the worry away
Belledune, New Brunswick
BTW, did you say Bookkeeping? Cuz I fell asleep... just kidding!
Dr. Julia
www.advice-with-dr-julia.com
(I love her humour!)
Absolutely a great site! I have often dreamed of having a similar site but figured I might have to wait until I retire to get the time. I have bookmarked this site and will return again.
C.H.
Alwyn Enterprises
Scarborough , Ontario
You have a wonderful website. Thank you so much for letting me know you have one now. [It] is really well done and very, very informative. Also really charming.
R.P.
Reliable Recordkeeping
Toronto, Ontario
I'm enjoying reading your blog! Thought I'd drop you a quick note of encouragement.
Loralee, Red2Black.ca
QuickBooks "one
on one" coaching
Edmonton, Alberta
This is a marvelous site and one that I would like to use as the basis for training bookkeepers. I am a CPA here in the states and am in the process of building a what will hopefully become a substantial bookkeeping business (not a dark wood & gold lettered CPA firm). I want to serve the small business owner with the day to day service they need. You have obviously put in an enormous amount of time and effort here (there is no doubt there) and provide a wealth of fantastic information.
R. Keith Pierce, CPA, P.A.
I'll Sweat The Small Stuff For You - JaxTaxPro.com
Jacksonville, Florida