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Fraud Prevention

If you read the newspapers every day you see evidence of a disturbing consequence of the economic downturn. Identity theft, white collar crime, fraud and many other similar crimes are on the rapid rise. We mention this NOT because we think everyone is being robbed blind by their staff, neighbours and or some crime syndicate but because the old adage “forewarned is forearmed” definitely applies here.

The most recent occurrence we noticed was a Engineering Company had $1.5 Million stolen by an employee that was buying computers through the company’s purchasing system and was then selling them and pocketing the cash. Next time you get a request from our office to provide copies of fixed assets purchased during the year think of this case and understand why we ask and review fixed assets every year for our business clients.

We have listed a few broad stroke points below. They apply to everyone whether they are in business, employed, in university or retired. Admittedly, most are focused on small business but they can and do apply to everyone:

  1. Make sure the bank has your correct mailing address
  2. Pick up, open and examine all of your mail YOURSELF!!!
  3. NEVER be in too big a rush, when signing cheques, to carefully examine the invoices the cheque is paying (they should be attached to the cheque you are being asked to sign) and ask questions about them BEFORE you sign the cheque.
  4. NEVER sign blank cheques.
  5. Do not use bank accounts that do not offer to return copies of all withdrawals from your account either in electronic or original paper format.
  6. ALWAYS examine the cancelled vouchers in your bank statement every month to ensure the front, back and payee signatures match and are valid.
  7. Always make sure the signature on the front of the cheque is yours.
  8. Carefully examine your credit card statements and attach the original charge slips to each one. If something doesn’t look right REPORT it to the credit card company IMMEDIATELY!!!
  9. Bad guys are sending what look like invoices and bills that say you owe them money. If you are not sure that you owe them for goods and or services, call them, or call us. Happy to help
  10. Even if you have a bookkeeper you should do the above at least every second or third month. You are NOT doubting them. They have a serious responsibility and are your trusted staff. Looking after yourself occasionally is a good thing.

Do everything above and if all is well and your staff is doing a great job give them a slap on the back and say thank you, if there is any problem or something confuses you, talk it over with them and clear up the problem now rather than later. If you think a second set of eyes is necessary give us a call and we will help point you in the right direction.

Tax Alerts

When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. Those who had contributed could start receiving CPP on retirement, usually at the age of 65. Once an individual was receiving retirement benefits, he or she was not required (or allowed) to make further contributions to the CPP. The CPP retirement benefit for which that individual was eligible therefore could not increase (except for inflationary increases) after that point.


For all but a very fortunate few, buying a home means having to obtain financing for the portion of the purchase price not covered by a down payment. For most buyers, especially first-time buyers, that means taking out a conventional mortgage from a financial institution.


The month of September marks both the end of summer and the beginning of the new school year for millions of Canadian children, teenagers, and young adults. And, whatever the age of the student or the grade level to which he or she is returning, there will inevitably be costs which must be incurred in relation to the return to school. Those costs can range from a few hundred dollars for school supplies for grade school and high school students to thousands (or tens of thousands) of dollars for the cost of post-secondary or professional education.


The administrative policy of the Canada Revenue Agency (CRA) with respect to charities has been that no more than 10% of a registered charity’s resources can be allocated to non-partisan political activity. Where the CRA views a charity as having exceeded that threshold it may impose sanctions, up to and including revocation of a charity’s charitable registration status.


Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.