dear taxdetective® - c.ymcdn.com · this question is a compilation of about 20 emails or phone...
TRANSCRIPT
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Sept 20th, 2010
Welcome to IPBC's TOPICS and TIPS Newsletter
It is our commitment to provide timely and informative content to our members and the public.Your feedback is welcomed and encouraged on topics, content, and inquiries.
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Dear TaxDetective®...
IPBC's Topics and Tips Newsletter 'Dear TaxDetective®' is a monthly column that answersburning questions about accounting and tax. Remember Dear Ann? Well, now's your chance--ask Dear TaxDetective a tough question. Send your questions to [email protected]
The information and materials in this article are provided for general information purposes onlyand are not intended to constitute legal, accounting, or tax advice or opinions on any specificmatters. Laws and regulations change frequently, and their application can vary widely based upon facts andcircumstances involved. You, and not IPBC, or Eileen Reppenhagen, are responsible for the applicability andaccuracy of information as it relates to your specific situation.
Dear TaxDetective®
©Copyright 2010 Eileen Reppenhagen
Dear TaxDetective:
I've heard that it's possible for me to claim the Disability Tax Credit for the previous ten years. My 30 year oldadult son lives with me. I'm a single mom. He was diagnosed with bi-polar disorder 10 years ago.
Signed: Mom on the edge...
Dear Mom OTE:
This question is a compilation of about 20 emails or phone calls this summer. Yes, it may be possible to claimthe transfer of the disability tax credit if your son is qualified for the disability tax credit for the past ten years. The challenge is finding a qualified medical practitioner (we call them QP's) who has known your son for tenyears, or can get access to medical records and is willing to certify an impairment in mental functions on aT2201. The QP's challenge is client knowledge. Then it's up to you, mom, to prove support was provided each
year. Support is described best in IT 513 in the Appendices.
There may also be other tax credits available if your son lived with you, or you supported him and paid medicalexpenses. It's a good idea to check the criteria for tax credits on a TD1 and please obtain and read the guide,RC4064 and T2201, the application form.
Warning: If it sounds too good to be true it may be. There are those who have made it a business to assist withthis process who will charge 40% of the refund. I'd be very wary of signing a contract with them as they won'thave your best interests at heart. It's better to find a qualified, experienced tax preparer to help you assess
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have your best interests at heart. It's better to find a qualified, experienced tax preparer to help you assessyour prior years' returns to see if it's worth it to make a claim. If you decide to request these adjustments toprior years, if you didn't report all of your income in those years, there may be adverse consequences becausethose years are now all open for audit for a further number of years.
I've created a web page for families like yours: www.taxdetective.ca/ptc.html
Note to readers: You may not be aware I volunteered to advise CRA on disability administration in spring of2005. The Disability Advisory Committee met three times, then along with every other committee, wasdisbanded due to cost of committees. We were working on how to communicate about the disability tax creditwith medical practitioners, addressing the new criteria for disability, called 'cumulative effects' and majorchanges in portrayal of disability definitions. We approached Benefits Administration and made a case to meetby teleconference, monthly.
Over the past five years we advised on revisions to T2201 and RC4064, the RDSP and how to communicateeffectively with medical practitioners. CRA created a new web page that includes video vignettes thateffectively portray what is and isn't a disability. CRA includes in its budget attendance at medical conferencesto communicate with 'QP's' and introduce them to the certification process.
Please forward this link to any medical practitioners or clients who support a person with a disability or infirmity(not the same thing) who may not be claiming their tax credits or have started an RDSP. Those RDSP's areworth $90,000 in gov't contributions of bonds and matching grants over 20 years up to age 49. For that reasonalone it may be worth qualifying for the credit.
The disability tax credit may be transferrable and it may be split among supportive family and other medicalexpenses paid by family claimed up to $10,000 per supportive family claimant. This mom may be entitled toabout $14,000 over 10 years for the disability credit transfer, and other credits plus medical expenses, may reduce her taxes further. Some claims, for example, cumulative effects, are possible only to 2005. If you wantto know more about support criteria, IT 513, Personal Tax Credits, Appendix A defines support and includesexamples.
Link to QP's videos:
http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/dsblts/qlfd-prcts/rspnsblts-eng.html
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This column is written by Eileen Reppenhagen, CGA, Certified QuickBooks ProAdvisor, and Honorary Member,IPBC. Do you have a question about tax? Send Eileen your question for a future column via [email protected] Visit her website at www.tax detective.ca
Website and E-mail Services
What image are you portraying to your prospective clients? In this day and age, your clients are expecting youto have a website at the very least.
IPBC has teamed up with Bookkeepers Web Design to help you get a website set up quickly, easily, and forvery little money. Check out their website at www.bookkeeperswebdesign.ca
If you are looking for a more professional image and increased revenue, a website should be the first place youstart.
If you believe that you don't need a website, at the very least get a professional email address [email protected]
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Visit www.bookkeeperswebdesign.ca/plans/bwd-email for more information.
Save $$ on Fuel
Are you driving to client's work sites? Save 2.5 cents a litre on Shell fuel as an IPBC member. The savingsalone can pay for your membership.
Visit www.ipbc.ca/membership/toolbox.aspx#ShellTriton for more information. Members, visit "My Desktop" tofind the application on the Special Offers page.
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VersAccounts is a complete web-based accounting system for Canadian small businesses. It allowsbookkeepers to securely share accounting information with clients over the internet. It can be used withWindows-based PC's or Apple iMac computers. And of course, it handles Canadian taxes such as GST/HSTand PST.
Get started with VersAccounts today. Visit them at http://www.versaccounts.com
Register Program Venue Accreditation
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Take the Basic Bookkeeping for Business Course
Of Special Interest to Tax and BookkeepingServices, Small Business Owners
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Or call for personal assistance(1-866-953-4769)
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NATIONAL PHONE CONFERENCE
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Quick Links
Our Website
2009 Benchmark
NATIONAL PHONE CONFERENCEWednesday September 29th, 2010 at 11:30 PT
Grow Your Bookkeeping Practice-Think Big!
Move Beyond the Clerical Backwater
Time: 11:30am PT- 12:30pm PT
Cost: The meeting is free for both members and non-members. Toll charges to access the call will be yourresponsibility or you may use a VOIP connection.
Topic: Grow your bookkeeping practice-Think Big! Move beyond the clerical backwater
Topics included:1.Value of a multi-faceted bookkeeping practice2.How to find your niche - Be different and make a difference3.Steps in moving to the next level4.Staffing, contractors and implementing your own Admin procedures5.Understand your new role as a business owner6.Procedures for protecting your company
Presenter: Sandi Holst, from the Holst Equation
www.holstequation.com
This webinar is being recorded and will be available on the member's portion of the website To make a reservation for this event, please click on the following link:
https://www2.gotomeeting.com/register/850820987
The connection details will be emailed to you automatically.
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Upcoming Phone Conferences
October 28th - How to Create a Business Plan Presented by Sue Hopcroft, CPB & Regional Developer for Toronto
Simply Accounting Conference Register for Simply Partnership 2010 today and get $80 off the standard rate!
Join a passionate partner community in Vancouver as we celebrate 25 years of the Simply Accounting bySage product. We have a fantastic relationship with IPBC and want to extend an exclusive offer for membersto attend. Currently, our price to attend our conference is $309. However, we have designed an opportunity toinvite all IPBC members for only $229--this includes 2 ! days of action packed sessions, opportunities tonetwork, your food, and of course, fun.
Take advantage of this exciting gathering for Accountants, bookkeepers, and Simply Accounting channelpartners. This year's deep-diving educational sessions and networking opportunities can't be found elsewhere.
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2009 BenchmarkStudy
partners. This year's deep-diving educational sessions and networking opportunities can't be found elsewhere.Get ready to build winning strategies for the future growth of your business!
Top reasons to attend the conference.
If you are interested in this opportunity, please contact Amber Kenyon at [email protected] or 1-877-828-6371 and she will be happy to answer all your questions and get you signed up.
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Are you attending the Simply Conference in Vancouver in October? If so, please let us know as we would liketo plan a get together with our members. Send an email to [email protected]
Accounting Technology Seminar Series Presented by Alan Salmon & Associates
Burlington City - Burlington Date - Oct 04, 2010Hotel - Holiday Inn Burlington, 3063 South Service Rd Hotel Phone - 905-639-4443Register
Moncton Date - Oct 05, 2010Hotel - TBD Register
Halifax City - Halifax Date - Oct 06, 2010Hotel - World Trade and Convention Centre, 1800 Argyle Street Hotel Phone - 902-421-1302 Register
MontrealCity - Montreal Date - Oct 07, 2010Hotel - Hotel Ruby Foo's, 7655 Boul Decarie Hotel Phone - 514-731-7707Register
Ottawa City - Ottawa Date - Oct 08, 2010Hotel - Southway Inn, 2431 Bank St South Hotel Phone - 613-737-0811 Register
Toronto East City - Toronto Date - Oct 16, 2010Hotel - Holiday Inn Yorkdale, 3450 Dufferin Street Hotel Phone - 416-789-5161Register
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London City - London Date - Oct 18, 2010Hotel - Best Western Lamplighter Inn, 591 Wellington Road South Hotel Phone - 519-681-7151
Register
Toronto West City - Mississauga Date - Oct 19, 2010Hotel - Microsoft Canada, 1950 Meadowvale Boulevard Hotel Phone - 905-568-0434Register
Winnipeg City - Winnipeg Date - Oct 26, 2010Hotel - Greenwood Inn, 1715 Wellington Ave Hotel Phone - 204-775-9889Register
Edmonton City - Edmonton Date - Oct 27, 2010Hotel - Greenwood Inn, 4485 Gateway Boulevard Hotel Phone - 780-431-1100Register
Calgary City - Calgary Date - Oct 28, 2010Hotel - Blackfoot Inn, 5940 Blackfoot Trail SE Hotel Phone - 403-259-1709Register
Victoria City - Victoria Date - Oct 29, 2010Hotel - Royal Roads University, 2005 Sooke Road Hotel Phone - 250-391-2600Register
Vancouver City - Richmond Date - Oct 30, 2010Hotel - River Rock Casino Resort, 8811 River Rd Hotel Phone - 604-273-1895 Register
IPBC NEWS DESKFrom The Executive Director's Desk
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Imagine networking with some of the top bookkeepers in the country. Imagine the chance to be on the fasttrack to a more lucrative practice . . . to being a Certified Professional Bookkeeper (CPB) . . . and to receivinggreater professional recognition inside and outside of this network. Regional Meetings are a vital part of thatformula for success.
They're a unique chance to combine learning - a guest speaker shares expertise that's sure to make your worka bit easier - with fun and powerful networking. Most meetings are free to attend.
ALBERTA GRANDE PRAIRIE
Date: Wednesday September 22nd, 2010
Time: 6:00 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Stanford Inn
11401-100 Ave
Grande Prairie, AB
Each attendee is responsible for his or her meal and beverages
Regional Developer: Pam Chorney, CPB
Presenter: Sheldon Hannah, from Co-operators Insurance
Topic: Business Insurance Needs- Are you and your clients covered?
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
BRITISH COLUMBIA
PRINCE GEORGE
Date: Thursday Sept 23rd, 2010
Time: 6PM to 8:30PM (meetings start and end precisely on schedule)
Location:
The Great Wall Restaurant
2757 Spruce Street (Next Door to the Thanh Vu Restaurant)
Prince George, BC
Price: $20.00 + tax--registration fee includes Buffet.
Please register for the Prince George regional meeting with PayPal. Once your reservation isconfirmed by PayPal, they will email you a confirmation, as will IPBC. Sorry, no refunds.
To register, click hereIf you have trouble registering through PayPal, please contact Leslee Tapella by emailing [email protected]
Regional Developer: Clarence Lowey, CPB
Topic: A Roundtable Discussion on where IPBC is going and what direction you would like the local meetingto take
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to take
Non Members are welcome to attend two meetings to evaluate IPBC
KELOWNA
Date: Tuesday Sept 21st, 2010
Time: 6:00 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Perkins
2170 Harvey Avenue
Kelowna, BC
Each attendee is responsible for his or her meal and beverages
Regional Developer: Judy Rheault, CPB
Presenter: Jennifer Warawa, from Sage
Topic: Simply Accounting
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
SOUTH CARIBOO
Date: Wednesday Sept 22nd, 2010
Time: 5:30 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Clancy's Restaurant
3727 Cariboo Hwy 97
Lac La Hache, BC
Each attendee is responsible for his or her meal and beverages
Regional Developers: Ann Granger, CPB, and Cindy Steven, CPB
Presenter: Stephen Pellizzari, CAIB
Topic: Errors & Omissions Insurance and other types of business insurance, including liability, general, auto,and the difference between different types of business insurance
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
VICTORIA
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Date: Monday Oct 4th, 2010
Time: 6:00 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
The Pantry Restaurant
Unit 202, 3214 Douglas Street
Victoria, BC
Each attendee is responsible for his or her meal and beverages Regional Developer: Avis Michalovsky, CPB
Presenter: John Watson, System Analyst, JB-Networks
Topic: How secure is your client data?
Do you store data offsite? How to handle secure data transfers
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
SOUTH CARIBOO
Date: Wednesday Sept 22nd, 2010
Time: 5:30 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Clancy's Restaurant
3727 Cariboo Hwy 97
Lac La Hache, BC
Each attendee is responsible for his or her meal and beverages
Regional Developer: Ann Granger, CPB, and Cindy Steven, CPB
Presenter: Stephen Pellizzari, CAIB
Topic: Errors & Omissions Insurance and other types of business insurance, including liability, general, auto,and the difference between different types of business insurance
Non Members are welcome to attend two meetings to evaluate IPBC To register for this meeting, contact [email protected]
LANGLEY
IPBC SPECIAL EVENT
IPBC is proud to announce that EPR Coquitlam will be hosting Langley's Regional Meetings & a dinner forthe October 2010 regional meeting.
Date: Thursday Oct 14th, 2010
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Date: Thursday Oct 14th, 2010
Time: 6:00 PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Ricky's Restaurant
8720-204th Street
Walnut Grove, BC
Cost: Free for both the meeting and the dinner, hosted by EPR Coquitlam Regional Developer: Tina Lakey, CPB
Presenter: Ken Richardson, CGA Managing Partner, EPR Coquitlam
Topic: Succession Planning and What you need to know when selling your business
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
Maximum of 70 reservations for this meetingOut of respect for our host, you must reserve a space for this event by October 11th.
Thank-you for your consideration-no walk in's for this event
To register, please contact Leslee Tapella -- [email protected]
ONTARIO
TORONTO WEST Date: Monday Sept 27th, 2010
Time: 7:00 PM to 9:00 PM (meetings start and end precisely on schedule)
Location:
On The Move
5200 Dixie Road
Mississauga, ON
Cost: $30.00 -- includes a catered dinner.
This meeting can accomodate a maximum of 40 guests so please register early.Sorry, no refunds. PayPal registration
If you have trouble registering through PayPal, please contact Leslee Tapella by [email protected]
Regional Developer: Susan Hopcroft, CPB
Presenter: Kim Voisin, Human Resources Professionals of West Toronto
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Topic: Employment Standards-includes severance pay, termination pay, and public holidays
As bookkeepers, we need to know what our clients' employees are entitled to in order to ensure our clientsremain in compliance Non Members are welcome to attend two meetings to evaluate IPBC
LEAMINGTON Date: Tuesday Sept 21st, 2010
Time: 6:00PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Sherman Station Restaurant
119 Erie Street North
Leamington, ON
Each attendee is responsible for his or her meal and beverages
Regional Developer: Beverly Haggins, CPB, and Penny Brando, CPB
Presenter: Belinda Armstrong, from Service Canada
Topic: A Roundtable discussion of the challenges you are facing
During dinner, topics for discussion will be chosen--bring your ideas!
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
KITCHENER Date: Wednesday Sept 22nd, 2010
Time: 5:15 PM to 8:00 PM (meetings start and end precisely on schedule)
Location:
Country Boy Restaurant
5 Manitou Drive
Kitchener, ON
Each attendee is responsible for his or her meal and beverages
Regional Developer: Cindy Jeary, CPB
Presenter: Belinda Armstrong, from Service Canada
Topic: Employment Insurance Rules and Regulations, Electronic ROEs
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Part 1- "Registration and Use of the ROE Web"
If you would like to register while at this meeting, please bring proof of your payroll or your HST number. Wewill be continuing with this topic at a later meeting with the same speaker
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected] Non Members are welcome to attend two meetings to evaluate IPBC
SASKATCHEWAN
SASKATOON Date: Wednesday Sept 22nd, 2010
Time: 6:00PM to 8:30 PM (meetings start and end precisely on schedule)
Location:
Grainfields Pancake and Waffle House
2105-8th Street East
Saskatoon, SK
Each attendee is responsible for his or her meal and beverages
Regional Developer: Brenda Cross, CPB
Presenter: Belinda Armstrong, from Service Canada
Topic: A Roundtable discussion of the challenges you are facing
During dinner, topics for discussion will be chosen--bring your ideas!
Non Members are welcome to attend two meetings to evaluate IPBC
To register for this meeting, contact [email protected]
Upcoming Regional Meetings:
*Winnipeg - Sept 21st - CANCELLED*
*Cobourg - Sept 22nd - CANCELLED*
Halifax - Sept 23rd - TBA
*St.Catharines - Sept 28th - CANCELLED*
Winnipeg - October 12th - TBA
Red Deer - October 14th - TBA
Please note that our Vancouver Regional Meeting for October 21st has been cancelled due to theSimply Accounting Conference in Vancouver that week. We hope to see you there!
Words To Inspire
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Words To Inspire
Perseverance is the hard work you do after you gettired of doing the hard work you already did.
~Newt Gingrich
Do you have a Website?
If you are an IPBC member, you should proudly be displaying the IPBC logo along with a link, so your visitorcan learn a little about your professional association. Membership in IPBC gives you an edge over yourcompetition.
Show the world that you belong to a professional association for professional bookkeepers by adding theIPBC logo to your web site and e-mail signature with a link to IPBC's Mission Statement page.
In Outlook, click 'Tools', followed by 'Options', 'Mail format', 'Signatures', and 'New' or 'Edit', depending ifyou already have a signature. Then copy and paste the logo below into this spot. Click 'OK'.
Feel free to contact us at [email protected] with any questions.
Do you have a story to share, or words of wisdom? The purpose of the IPBC newsletter is to assist Canadian bookkeepers with tools, ideas, and resources tomake your business efforts easier, and to help your business grow by delivering timely and thoughtfulinformation. Do you have a story to share? Words of wisdom? Pass them along to us.
Email [email protected]
IPBC makes every effort to ensure that all content is correct, however, IPBC recommends independent verification before acting on the information contained herein.
© Copyright 2010-All Rights Reserved Institute of Professional Bookkeepers of Canada (IPBC) You areencouraged to share this newsletter with your friends and associates as long as you do not change it in anyway.
Institute of Professional Bookkeepers of Canada
email: [email protected]: 1-866-616-IPBC (4722)