13th edition of 2009

June 29th, 2009

FINANCE MINISTER FLAHERTY HIGHLIGHTS PROGRESS ON TAX RELIEF FROM CANADA'S ECONOMIC ACTION PLAN

Ottawa, June 16, 2009

During an appearance today before the House of Commons Standing Committee on Finance, the Honourable Jim Flaherty, Minister of Finance, highlighted the multitude of measures taken by the Government under the Economic Action Plan that are already reducing the tax burden on individuals and businesses across Canada.

"Through Canada's Economic Action Plan our Government is providing the critical tax relief necessary to help encourage the growth required to restore confidence in the economy and help create jobs for Canadians," said Minister Flaherty. "The relief in the Plan builds upon and reaffirms our commitment to lower taxes.

Measures introduced by this Government since 2006 will provide $220 billion in relief to individuals, families and business over 2008-2009 and the following five fiscal years. Of this amount, tax relief proposed in the Economic Action Plan totals more than $20 billion."

Canada's Economic Action Plan provides immediate and enduring tax relief: Increased child benefits will start to flow in July, providing up to $436 per year for a low income family with two children, making raising children more affordable. Tax relief for low- and middle-income seniors has been put in place, providing up to an additional $150 in annual tax savings, to help our seniors thrive in retirement.

The Government is collaborating with the provinces and territories to enhance the Working Income Tax Benefit, effective for 2009. This will further reduce the welfare wall by helping ensure that more low-income Canadians are financially better off as a result of getting a job. Tax assistance of up to $1,350 in support of home renovations and improvements is helping stimulate the economy and encouraging investment in Canadian homes.

The Canada Revenue Agency has received more than 700,000 enquiries about the Home Renovation Tax Credit through its website and by telephone. Small businesses can retain more of their earnings for reinvestment, expansion and job creation through an increase in the amount of small business income eligible for the reduced federal income tax rate of 11 per cent to $500,000 in 2009 from $400,000. A two-year 100-per-cent capital cost allowance (CCA) rate for investments in computers is helping businesses adopt newer technology at a faster pace.

The extension of the temporary 50-per-cent straight-line accelerated CCA rate to manufacturing or processing machinery and equipment acquired in 2010 and 2011 is helping businesses in the manufacturing and processing industries make necessary equipment purchases and position themselves for long-term success. The one-year extension of the temporary 15-per-cent Mineral Exploration Tax Credit supports mineral exploration activity across Canada, helping to keep our mining industry growing.

"The tax reductions in the Plan reinforce the Government's ambitious agenda of tax relief aimed at creating a tax system that improves standards of living and investment in Canada," said Minister Flaherty. "We have been working to reduce the tax burden on Canadians since the day we took office, and as a result Tax Freedom Day for the average Canadian family is coming earlier every year. Even in today's global recession, we have provided tax relief that has left more money in the hands of families and businesses across Canada, giving the economy a boost when it needs it most."

PASSWORDS

Password protection for sensitive personal and other data is only as good as the password itself. Easily accessed "cracker," "breaker," or "recovery" software runs millions of passwords per second through a log-on box. A password of even 6 characters combining numbers, symbols, and upper- and lower-case letters can be broken in 5 hours; only numbers, symbols, or letters, in minutes.

Your password should:

· contain a minimum of 8 characters;

· not use any word found in a dictionary (dictionaries in any language can be downloaded to be used in cracking software);

· combine numbers, symbols, and upper- and lower-case letters;

· not include personal information-it's too easy to obtain a user's name, address, birthday, and names of relatives.

· lock users out of the system after a few tries at the correct password fail (prevents hacking software from trying thousands of passwords per second).

IPBC NEWS DESK

From The Executive Director's Desk

Imagine networking with some of the top bookkeepers in the country. Imagine the chance to be on the fast track to a more lucrative practice . . . to being a certified professional bookkeeper (CPB) . . . and to receiving greater professional recognition inside and outside of this network. Regional Meetings are a vital part of that formula for success.

They're a unique chance to combine learning - a guest speaker shares expertise that's sure to make your work a bit easier - with fun and powerful networking. Every meeting is free to attend.

Meeting Details

VANCOUVER, BC

Date: Thursday July 16th, 2009

Time: 6PM to 8:30PM (We start and end precisely on schedule.)

Location:

ABC Country Restaurant at the Accent Inn

2350 Boundary Road (Boundary & Lougheed Hwy)

--access parking off of Boundary Road

You are responsible for your own meal and beverages

Facilitators: Kathy Fike, CPB and Kandice Keith

Speaker: Neil Godin

Topic:"Organic Marketing: Six ways to grow your business naturally- without the toxic stress of old-fashioned selling, or the ineffective fertilizer of advertising that doesn't produce."

Non members are welcome to attend two meetings to evaluate IPBC.

To register for this meeting, please contact us at info@ipbc.ca

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CALGARY, AB

Date: Wednesday July 15th, 2009

Time: Dinner & Networking start at 6PM

Meeting starts at 7PM

You are responsible for your meal and beverages

Location: ABC Country Restaurant 11520- 24 Street SE Calgary, AB

Facilitator: Allan Stenbeck, CPB

Guest Speaker: Ellen Britton, CGA (CRA Rep)

Topic: How to Prepare For A CRA Audit/Should I Incorporate?

Non members are welcome to attend two meetings to evaluate IPBC.

To register for this meeting, please contact us at info@ipbc.ca

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SUDBURY, ON

Date: Wednesday July 22th, 2009

Time:6PM to 8:30PM (We start and end precisely on schedule)

Location:

Casey's Restaurant

1070 The Kingsway , Sudbury, ON

You are responsible for your own beverages and meals

Facilitator: Susan Peters, CPB

Presenter: Mr. Tom McGibbon

Topic: CRA - Electronic Services

Non members are welcome to attend two meetings to evaluate IPBC.

To register for this meeting, please contact us at info@ipbc.ca

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VICTORIA, BC

Date: Tuesday July 28th, 2009

Time: 6:30PM to 8:30PM

Location:

Christ Community Church

3897 Holland Avenue, Victoria, BC

You are responsible for your meal and beverages

Facilitator: Wendy Willis, CPB

Guest Speakers:

David Medler, from the Executive Network

Lisa Jorgensen, from Worksource

Topic: Hiring Staff; Worksource Programs

Non members are welcome to attend two meetings to evaluate IPBC.

To register for this meeting, contact us at info@ipbc.ca

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PRINCE GEORGE, BC

Date:Thursday July 23rd, 2009

Time: 6PM to 8PM

Location: The Ramada Hotel, Prince George, BC (The only Ramada Hotel in Prince George)

Cost $20 (Includes your meal, beverage, and dessert)

Facilitator: Margaret Ana Fernandez, CPB

Topic: What Accountants expect from Bookkeepers at year end

Speaker: Cheryl Riddle, BSc., C.A., Chan Foucher Lefebvre

Non members are welcome to attend two meetings to evaluate IPBC.

To register for this meeting, contact us at info@ipbc.ca

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UPCOMING MEETINGS

Kelowna - August 20th - Books & Records for New Businesses; Speaker is Yvonee McCreary from the CRA

Edmonton - August 20th-TBA

Cobourg - August 26th - TBA

Ottawa - Sept 8th - "Software solutions that can assist us in our business". Each person at the June meeting has been challenged to provide a solution that they think is valuable in their business and we will share information. (mini trade show)

Calgary - Sept 16th - 7 Steps To Successful Business Marketing; Speaker is Cidnee Stephen from Stategies for Success

Halifax - Sept. 18th - How to build a scalable solution; Speaker is Stephen Doiron from Change Management

Victoria - Sept. 22nd - What Accountants Require at Year End; Speaker is Nancy Davy from Grant Thornton

Prince George - Sept. 24th - TBA

Mississauga - Sept 28th-TBA

Bridgewater - Sept. 29th -TBA

Guelph - Sept -details TBA

Schedule for the National Phone Conferences

August 19th - CRA speaking on 3rd party liability and preparing for an audit

September 18th- Miles Sweeney, CA, speaking on what accountants want from bookkeepers at year end

October 21- Robert MacKenzie, from Soft Trust, presenting new tools for transferring highly confidential files electronically. Professionals today have a responsibility to care about protecting their clients confidential information. Attend this information packed meeting to learn how to take advantage of this new technology.

November 18th - Esmail Bharwani, Lawyer, speaking on the CRA's Voluntary Disclosure Program

If you are interested in facilitating a meeting in your area, email info@ipbc.ca for an information package. Please include your full contact details.

National Phone Conference- July 15th, 2009 @ 11:30am PST

The July 15th National Phone Conference will feature Ray Gonzales, Marsh & Co., and Brad Greening, Corporate Errors & Omissions Underwriter for AXA Pacific.

The presentation is on Errors & Omissions Insurance:

· Why do you need Errors & Omissions Insurance?

· Key Features Of The Policy

· Your Exposures to Loss

· Claims Examples

· Office Package Review

About Brad Greening

Mr. Greening graduated from Vancouver Community College with a 2 year Business Diploma (insurance major) in 1993. He obtained his designation as a Chartered Insurance Professional (CIP) in 1995. He has been the Corporate Errors &Omissions Underwriter for AXA Pacific for the past 4 years. Before that, he was the E&O underwriter for London Guarantee/St. Paul Travelers Mr.Greening also has been involved in underwriting E&O, as well as some Commercial Insurance, since 1993.

About Ray Gonzales

Mr.Gonzales graduated with a Bachelors Degree in Industrial Engineering). He has been in the insurance business - both Property and Casualty and Life Insurance for many years. He has mostly been involved in sales and marketing, and agency development.

Mr. Gonzales currently is an Account Executive for Marsh Canada in the Global Consumer, Affinity, and Private Client Solutions Division, handling mostly programs and insurance packages for small to medium sized companies.

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To make a reservation for this event please please send your complete contact info to info@ipbc.ca

IPBC SPECIAL EVENT

IPBC is proud to announce that EPR Coquitlam will be hosting Vancouver's Regional Meetings & a buffet dinner for two consecutive meetings this fall. Cost is free.

Meetings will be held at the Coquitlam Best Western Inn at 319 North Road. Space is limited to 100 reservations per meeting; reserve your spot now at info@ipbc.ca

Thursday Sept 10 - Dual Topics (each topic 30 min + Q&A)

Please RSVP by Sept. 2nd.

Topic 1: Adding Value to Your Clients (Ken Richardson)

· How to control that entrepreneur in your life

· Shareholder/partnerships - why shareholder/partnership agreements are essential

· How to spot opportunities for improving your client's bottom line

· Corporate reorganizations - why, when, where, and how

Topic 2: Managing the Fraud Risk (Ken Richardson & Sheralynne Merritt)

· Warning Signals

· Steps you can take to reduce the risk of fraud

· Steps you can take if you suspect fraud

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Thursday October 15 - Multiple Topics

Please RSVP by Oct 9th.

Topic 1: The Dreaded Audit (Ken Richardson- 30 min + Q&A)

What to do if the Auditor comes knocking Preparing for a CRA audit - pre and post audit steps

Voluntary Disclosures

Topic 2: SR&ED Tax Credits for businesses (Trevor Sutherland - 15 minutes + Q&A)

Your clients could be missing thousands of dollars in unclaimed credits. What qualifies - how to recognize eligible scientific research & development activities

The SR&ED Application process

Topic 3: Taxation for Non-residents (Sheralynne Merritt - 15 minutes + Q&A)

Tax rules for Canadian property owned by Non-Residents

-Annual filings, remittances and filing deadlines

What to do when a Canadian property owned by a Non-resident is sold

- CRA Clearance Certificates

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Firm Bio

EPR Coquitlam is a full service professional firm providing audit, accounting, and business advisory services to the mid-market. Based in the Tri-Cities for more than 30 years, their client base includes individuals, not-for-profits, owner-operator enterprises, corporate entities, government, and educational institutions.

EPR Coquitlam is an independent member of the EPR Canada Group Inc which has offices in all major cities in the country. Nationally, EPR Canada is ranked among the top fifteen accounting firms in the country and is affiliated with CPAUSA, a US-based National Association of Certified Public Accounting Firms located throughout the United States.

MEMBER PROFILE

Name: Alison Wright

What is your company name?

Wright Business and Admin Services

Where is your business located?

Saskatoon, Saskatchewan

Are you Certified?

Yes.

How long have you been a member?

Since July 2008 .

What do you enjoy the most about being a member of IPBC?

Membership in IPBC has so much to offer that when I was asked what I enjoy most about being a part of this organization, I wanted to say everything! My number one choice would have to be the member forums. What an amazing tool. It's great to know that feedback when problem solving is only a mouse click away.

--Thanks for sharing with us, Alison!

Note: Alison is the IPBC Regional Developer for Saskatchewan

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If you are interested in being featured in the Member Profile section, send us the following:

Company Name

City and province

Are you certified?

How long have you been a bookkeeper?

What do enjoy the most about your IPBC membership?

A picture of yourself

CONGRATULATIONS NEW MEMBERS IN JUNE

Here are our Newest Members:

Alberta

Mai Nguyen, Calgary

Heather Hammond, Stettler

Michelle Aberant, Edmonton

Elaine McPherson, Canmore

Dominique Veron, Calgary

Shaune Allen, Edmonton

British Columbia

Bobbi Ferguson, Vernon

Anne Bogdan, Vancouver

Liza Greaven, North Vancouver

Paul Bhushan, Surrey

Dan Reynen, Campbell River

Carole Bridge. Port Coquitlam

Denise Boughen, Surrey

Laurie Crawford, North Vancouver

Alec Hollett, Kamloops

Nova Scotia

Traci-Lyn McMenamon, Enfield

Disna De Silva, Dartmouth

Ontario

Deborah Wilson, Cobourg

Cynthia Dilney, Hamilton

Jennifer Tournour, Gravenhurst

Pinghu Chen, Cambridge

Kristi Carter, Heidelberg

Jean LeClaire, Almonte

Bonnie Gummerson, Whitby

Fiona K Cheng, Richmond Hill

Carrie Leroux, Lansdowne

Lily Cheng, Port Perry

CONGRATULATIONS NEW CPBs IN JUNE

Here are our newest Certified Professional Bookkeepers:

Alberta

Pattie Barnett, CPB, Calgary

Sharon Friestadt, CPB, Calgary

Donna T Folden, CPB, Calgary

British Columbia

Albert Burnett, CPB, Surrey

Wendy Punter, CPB, Parksville

Nova Scotia

Cheryl J Beaton, CPB, Liverpool

Ontario

Virginia Valle, CPB, St. Catharines

Lynh Vo, CPB, Barrie

Paul Cass, CPB, Toronto

Cindy Jeary, CPB, Kitchener

Partner Spotlight- LEAP

LEAP (Language Education for Accounting Professionala) is dedicated to training business professionals for communication success.

Specializing in courses for newcomer accountants, LEAP aims to help its students to be able to communicate on par or better than their native English-speaking colleagues.

LEAP delivers productive and accessible courses that cater to people who lead very busy lives and meet their highest priority needs in the workplace. To that end, LEAP teaches its students how to improve their communication skills in their daily lives, rather than setting time aside to devote to development.

Visit LEAP's website www.leapesl.ca

Words to Inspire

Life is like the carpool lane; the only way to get to your destination quickly is to take some people with you.

-Peter Ward

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 visitor can learn a little about your professional association. Membership in IPBC gives you an edge over your competition.

Show the world that you belong to a professional association for professional bookkeepers by adding a short informational video about IPBC to your signature line in your email program. The link, entitled 'View this short informational video about IPBC' is found below.

In Outlook, click 'Tools', followed by 'Options', 'Mail format', 'Signatures', and 'New' or 'Edit', depending if you already have a signature. Then copy and paste the link, "View this short informational video about IPBC", into this spot. Click OK.

Feel free to contact us at info@ipbc.ca with any questions.

View this short informational video about IPBC

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 to make your business efforts easier, and to help your business grow by delivering timely and thoughtful information. Do you have a story to share? Words of wisdom? Pass them along to us.

Email karenl@ipbc.ca