IPBC's Topics and Tips Newsletter 'Dear TaxDetective®' is now a monthly column that answers burning questions about accounting and tax. Remember Dear Ann... well now's your chance, ask Dear TaxDetective a tough question. Send your questions to ....@ipbc.ca

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Dear TaxDetective®

Copyright 2009 Eileen Reppenhagen

Dear TaxDetective

What's the simplest way to record the sale of capital assets (also called fixed assets or capital assets or plant and equipment)?

Record the asset purchases with enough information that you can find the purchase when you want to sell it. For example, record serial numbers, identifying information that makes it easy to track back to the original purchase.

Calculate the net book value by calculating the accumulated amortization for each year the same way it was calculated on the books. It's best to use a spreadsheet unless you have a data base program for your capital assets and are tracking the net book value of each asset already.

Set up other income accounts for Sale of Capital Assets, with sub-accounts for Proceeds, and Net book Value (Cost, Selling Costs net of Accumulated Amortization).

Record the proceeds as an increase (debit) to the bank and credit Proceeds.

Record the Cost as a credit to the Asset account and a debit to Net Book Value.

Record the Accumulated Amortization as a debit to the Asset account and a credit to the Net Book Value account.

When you record the sale on the tax return schedules, record the Proceeds on both the capital gains and losses schedule and record an amount up to the amount of the original purchase price on the Capital Cost allowance schedule. That's because your capital gain is the difference between Proceeds and Original Cost less selling costs. Don't forget to calculate recapture, which would be any amount that your capital cost allowance was drawn down by.

Of course, you will have to separate out the amount of Proceeds and Cost that are attributable to land if the asset is a combination of land and building. Remember to review the automatic split calculation for land and building to ensure that your proceeds are correctly allocated. If you have never seen this calculation, you will find it in the Capital Gains Guide T4037 on the CRA website.

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This column is written by Eileen Reppenhagen, CGA, Certified QuickBooks ProAdvisor, regional QuickBooks trainer, and Honorary Member, IPBC

Do you have a question about tax? Send Eileen your question for a future column via eileen@taxdetective.ca

Visit her fabulous website at www.taxdetective.ca

Eileen is available for questions on the members forum

You are invited to join us for a members only reception at the Hilton Montreal Bonaventure, St. Michel room on Thursday Oct 22 at 6pm. Meet some of the board members and network with members from all over the country. You do not need to be attending the conference to attend the members reception.

Cash bar, business casual dress. Many thanks to Simply Accounting for providing the room for us.

As we are expecting about 100 people, please let us know to expect you by sending an email to info@ipbc.ca.

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.

OTTAWA, ON

Date: Tuesday, September 15th, 2009

Time: 6PM to 8:30PM

Location: Ottawa Public Library, North Gloucester Branch, 2036 Ogilvie, Ottawa, ON

Facilitator: Gayle Young, CPB

Topic: "Get Growing Your Business"

Guest Speaker: Tracy Badham, Account Manager-Small Business Scotiabank

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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CALGARY, AB

Date: Wednesday September 16th 2009

Time: Dinner & Networking start at 6PM; Meeting starts at 7PM

Location:

ABC Country Restaurant

11520- 24 Street, SE, Calgary, AB

Facilitator: Alan Stenbeck, CPB

Speaker: Paul Ennis, CGA from the CGA Association and IFRS Specialist for Alberta

Topic: New IFRS Regulations-What Bookkeepers Need to Know

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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HALIFAX, NS

Date: Thursday September 17th, 2009

Time: 6PM to 8PM

Location: Quality Inn Dartmouth, 313 Prince Albert Road

Facilitator: Angela Franklin, CPB

Topics:

-How to brainstorm and use thoughtful planning

-Getting buy in from all stakeholders through consultation

-How to use change to the benefit of the business and all involved

-CRA Clearance Certificates

Space is limited! Register early! Send an email to leslee@ipbc.ca

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WINNIPEG, MB

Date: Monday September 21st, 2009

Time: 6PM to 8:30PM

Location:

Smitty's Restaurant

Polo Park, 1017 St James ( Corner of Ellice and St. James)

Facilitator: Charlene Hiebert, CPB

Speaker: Ken Dammerman of Third Millennium Designs (www.ThirdMillenniumDesigns.ca)

Topic: Dos and Don'ts of backing up your data

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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VICTORIA, BC

Date: Tuesday September 22nd, 2009

Time:: 6:30PM to 8:30PM

Location: Christ Community Church

3897 Holland Avenue, Victoria, BC

Facilitator: Wendy Willis, CPB

Speakers: Nancy Davy of Grant Thornton

Topic: What Accountants Require at Year End

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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SUDBURY, ONDate:Wednesday September 23rd, 2009

Time: 5:45PM to 8:30PM

Location:

Caruso Club, 385 Haig Street , Sudbury

Italian buffet $14 plus tax and gratuity

Facilitator: Susan Peters, CPB

Speaker: Mr. Tony McGregor, CGA, BDO Dunwoody LLP

Topic: Bookkeeping for the New GAAP and IFRS

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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TORONTO/MISSISSAUGA, ON

Date: Monday September 28th, 2009

Time: 6PM to 8PM

Location:

Lone Star Texas Grill (upstairs meeting room), 930 Dixon Road, Toronto

Facilitator: Susan Hopcroft, CPB

Speaker: Canada Revenue Agency

Topic: Taxable Benefits

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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BRIDGEWATER, NS

Date: Tuesday September 29th, 2009

Time: 6PM to 8:30PM

Location: Acadia Centre for Social and Business Entrepreneurship, 215 Dominion Street

Facilitator: Angela Franklin, CPB

Speaker: Wendy Doane, CPM

Topics: Payroll Responsibilities for Termination & Answers to your Questions!

What is involved from a payroll perspective when an employee is terminated?

Forward your questions to Angelaf@blackandwhitebookkeeping.com and Wendy will come prepared with answers and any forms or publications that will help!

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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KELOWNA, BC

Date: Tuesday September 29th, 2009

Time: 6PM to 7:30PM

Location: Perkins, 2170 Harvey Avenue

Facilitator: Judy Rheault, CPB

Presenter: Yvonne McCreary, from the CRA

Topics: Books and Records for New Business Owners

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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ST. CATHARINES, ON

Date: Tuesday September 29th, 2009

Time: 6PM to 8:30PM

Location: The Blue Mermaid's Party Room (Market Square), St. Catharines, ON

Facilitator: Virginia Valle, CPB

Speaker: Jane Chan, Small Business Advisor for TD Canada Trust

Topic: How to prepare a Comprehensive Business Proposal to obtain small business financing.

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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GUELPH, ON

Date: Wednesday September 30th, 2009

Time: 7PM to 9:15PM (meeting starts and ends precisely on schedule)

Location: 11 Foster Ave, Guelph, ON

Facilitator: Maria Chovaz, CPB

Topic: Round table discussion of challenges we face as small business owners

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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VANCOUVER, BC

Hosted by EPR Coquitlam. Includes a buffet dinner. Cost is free.

Date: Thursday October 15th, 2009

**Please RSVP by Oct 9th

Time: 6PM to 8:30PM

Location: Coquitlam Best Western Inn, 319 North Road, Coquitlam

Facilitator: Kathy Fike, CPB

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

Space is limited to 100 reservations, reserve your spot now at info@ipbc.ca

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

Prince George Sept 24th - TBA

Chatham late Sept - TBA

Edmonton Oct 22nd - TBA

Schedule for the National Phone Conferences

October 21 - Robert MacKenzie, from e-Courier, 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.

"Preparing Year End Information for External Accountants"

Time: 11:30am PT - 12:30pm PT

Cost: The meeting is free; toll charges to access the call will be your responsibility or, you may use a VOIP connection.

Presenter: Miles T. Sweeney, CA

Topic: Preparing Year End Information for External Accountants

The presentation identifies the 3 types of year end engagements that external accountants usually prepare - Compilation (Notice to Reader) and Assurance (Review or Audit). It summarizes what is involved in each type of engagement and identifies situations where each type of engagement is usually applicable.

The presentation also describes the type of reporting to the client that is included in each type of engagement. It addresses the information that the external accountants require for each type of engagement.

The presentation also discusses the information that the external accountants provide to the bookkeeper at the end of the engagement so that the accounting records agree with the financial statements. Lastly, it addresses common pitfalls and wraps up with a Q&A session.

To make a reservation for this event, please click on the link https://www2.gotomeeting.com/register/227599939 . The connection details will be emailed to you automatically.

Name: Elaine McPherson

What is your company name?

E=MC2 The Centre For Business Excellence

Where is your business located?

Canmore, Alberta

How long have you been a member?

Since June 2009.

Are you Certified?

No - however, I will become certified by September 30, 2009.

What do you enjoy the most about your IPBC membership?

My recent membership to IPBC exceeded my expectations in the first month alone! It's great to belong to a network of like-minded individuals that take their profession as seriously as I do! The 3 benefits that I value the most are:

-National Phone Conferences - each one has hit the nail on the head in identifying exactly where my concerns are.

-Topics & Tips Newsletter - stays on top of the current issues & gives great tips!

-The Opportunity to become certified - to give my clients the security in knowing that I take my profession and their investment in my business very seriously. My goal is always to provide my clients with nothing short of excellence so that they, in turn, can achieve excellence in their business pursuits!

Thank you, IPBC and its members - I look forward to a long and mutually rewarding relationship in the years to come!!

--Thanks for sharing with us, Elaine!

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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

The Accounting Technology seminar series kicks off its 15th year this October. Once again this FREE one day seminar will bring you the latest in technology for accountants, bookkeepers, and consultants.

Over 900 of you have registered to date and several cities are close to being sold out. If you haven't already registered, you should do so asap to be guaranteed a place at the city of your choice.

Remember, you have to register by September 11th, 2009 to be eligible for the draw for a copy of Microsoft Office 2007 Professional.

The Accounting Technology seminar, to be held in Victoria, Vancouver, Edmonton, Calgary, Winnipeg, London, Toronto East, Toronto West, Burlington, Ottawa, Montreal, Halifax, and Moncton, features an intensive series of presentations designed to keep you up to date on the latest technology for an accounting or consulting practice.

Part of the day will focus on the technology you use in your office; the balance of the seminar will feature the accounting software that you install and support for your clients. The seminar starts at 8:30 and ends at 5:00.

We've got some great new stuff to show you including Microsoft Windows 7, Office 2010, QuickBooks 2010, and Simply Accounting 2010. You can look forward to an information packed day learning the latest from Microsoft, Sage, and Softrak. Plus, presentations from Client Track, DR TAX, Easypay, RBC, TelPay, and TPS Software. And, of course Alan's Picks with important information from Abacus Online Backups, ADP Canada, Avalara, CCH, e-Courier, FreshBooks, IPBC, Logicim, and MISys, Inc. A late newcomer to the tour is VL Tax Software Inc. with their innovative Odotrack device to track and log your business mileage.

If you are a CA, CGA, CMA, or certified by IPBC, the Accounting Technology seminar counts for 8 CPDs and it's verifiable. We will have a confirmation letter for you at the end of the seminar.

Our registration web site provides you with information about the seminar series, including the program, dates, cities, and much more. Click here to register.

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Alan Salmon

Chairperson

2009 Accounting Technology Seminar Series

P.S. Each attendee will get a complimentary subscription to my new Word Tips newsletter.

The Power of Women Series Presents

Barbara Walters, Erin Brockovich & Loretta LaRoche!

Live in Calgary, Alberta, September 18th - 9:30AM to 4:30PM at the Calgary TELUS Convention Centre

Register Today! IPBC members receive a discount- 35 Tickets Available

The Institute of Professional Bookkeepers of Canada (IPBC) has arranged a very special opportunity for you (and your guests) to register for the Power of Women event in Calgary, AB. The event will take place on Friday September 18th, 2009 at the Calgary TELUS Convention Centre from 9:30AM to 4:30PM.

Tickets can be purchased on behalf of colleagues, clients, and personal guests on a first-come, first-served basis! Only 35 tickets are available at the member discount.

See these dynamic speakers in person!

Barbara Walters, ABC News correspondent; "The Barbara Walters Specials"; Creator, co-host and executive producer of ABC Daytime's "The View". She will be talking about Leadership.

Erin Brockovich, Environmental activist, motivational speaker , television host and producer She will be talking about Corporate Social Responsibility .

Jean Chatzky, Best Selling Author, "Make Money, Not Excuses" . She will be talking about Finance.

IPBC Member Discount:

For a limited time, members and guests of IPBC can register for The Power of Women session at a member rate of $189 plus GST (a $140 savings off the regular door price of $329). Ask about VIP tickets, which includes the preferred seating area. Member rate is $269 (regular rate $395).

Group Rate: A Great Team Building & Staff Hosting Experience! Purchase 5 tickets and receive a complimentary 6th ticket. (Very Limited Time Offer)

Please contact The Power Within Inc., the company coordinating the event, to reserve your tickets. Call toll-free at 1-866-883-6568 and be sure to let Joseph know that you are calling for the IPBC member rate. Visa, MC, or AMEX are acceptable forms of payment.

For more details, please visit http://www.powerwithin.com/pdf/CalgaryPOW2009_jk.pdf

In order to receive your IPBC member discount, registrations must be done by telephone Toll Free 1 866 883-6568. Online registrations do not qualify for a discount.

PS: Please forward this invitation to your colleagues and guests because as a guest of yours, they will be able to take advantage of this advance offer!

All sales are final. Tickets are transferable. Please add $5 service charge per transaction.

When there is a need to upgrade legacy software or add functionality, stop asking questions and start getting answers. D & A can help you.

We offer a complete set of world-class solutions for small to midsize businesses with a focus on three main product lines: Sage Accpac, Sage BusinessVision & Simply Accounting by Sage.

We are focused solely on implementing and supporting business solutions and not on IT or accounting services. This enhances the speed of acquisition and depth of our expertise. We work with you, your IT, and your Client or Business.

www.da.ca

A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.

-David Brinkley

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

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