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FROM: SEP-OCT 2009 ISSUE
“The loonie has swung wildly in the last year and a half, trading at near parity about a year ago but falling to 77 cents US earlier this year.”
Source – CTV.ca
Quebec CGA Leads Software Improvements
CCH Canadian’s Tax and Accounting Software Development office in Sherbrooke, Quebec, is one of only 17 companies in Canada to have been appraised at a Capability Maturity Model Integration (CMMI) Level II. CMMI is a disciplined set of standards used to guide process improvement. Leading the initiative is Dominique Bourget, CGA; a 21-year veteran in the tax software industry. Bourget also leads the improvement of CCH’s software development processes.
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Higher Delinquency Rates
Equifax Canada reports that Canadians are falling behind on their credit payments at an ever-increasing rate. The average delinquency rate rose by 19 per cent between May 2008 and May 2009. More than half a million Canadians are now more than 90 days behind on their credit payments.
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Tips on Retirement Planning
Award-winning financial journalist Andrew Allentuck has written a bestselling book, When Can I Retire? Planning Your Financial Life After Work. Released earlier this year, the book discusses issues such as when to access registered savings, when to apply for Canada or Quebec Pension Plan benefits, and how to make the most of Old Age Security. Allentuck provides worksheets to estimate retirement budgets and income flow, and discusses the tax consequences of particular choices.
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Open for Business Saturdays?
Saturday is considered a business day for Quebec tax purposes under a law called “Loi d’interprétation” (L.R.Q., chapitre I-16 Article 52). If a filing deadline falls on a Saturday, payment must be filed that day and not the next business day. Leslie Katona, CGA, cites the case of a Quebec corporate return from 2006 with a filing date of Saturday, June 30, 2007. “Revenue Quebec’s offices were closed on June 30, so we paid on July 3, but Revenue Quebec levied a $400 late filing penalty.”
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