Ethics Begin at Home

MBA students likelier to cheatThe study found that 56 per cent of graduate business students admitted to cheating in the last year, compared with 47 per cent of non-business students. More than 5,000 MBA students from 11 graduate business schools in Canada and 21 schools in the U.S. took part.

The Business MBA students cheating record is interesting, especially sense they are the corporate leaders of the major Dow Jones and TSX companies of the future. Can any one sense another Enron or WorldCom in the future? I think it would be a safe bet. :)

Who Knew?

'We respect Islam': Bush

Sabres are a crime against fashion

Over the Years the symbol of the Buffalo Sabres certainly has changed from the charging buffalo and sabres crossed to just the menacing buffalo to finally the yellow buffalo that looks more like a ram. I guess theres a compeition in the NHL to find out who can come up with the weirdest looking uniforms :)

The Gossipy Pastor

Carl and Sam were at odds with each other. They could not even remember the initial cause of friction...but their hostility had festered through the years.
Pastor Fred was deeply concerned, so he prayed that God would use him as a peacemaker.
Pastor Fred called on Carl. "What do you think of Sam?" he asked.
"He's the sorriest guy in town!" Carl growled
"But," Pastor Fred replied, "you have to admit that he's a hard-working man."
"No one can deny that," said Carl. "I've never known a person who worked harder."
The next day Pastor Fred visited Sam. "Do you know what Carl said about you?"
"No, but I can imagine his lies," Sam responded angrily.
"This may surprise you," said Pastor Fred, "but he said he's never known a harder worker."
"He said that?" Sam was stunned.
"By the way, what do you think of Carl?" Pastor Fred asked Sam.
"It is no secret that I have absolutely no use for him." Sam replied slowly.
"But you must admit he's honest in business," said Pastor Fred.
"There's no getting around that," said Sam grudgingly. "In business he's a man you can trust."
The next day Pastor Fred met Carl again. "Do you know what Sam said about you? He claims you're absolutely trustworthy in business, that you are scrupulously honest."
"Well, how 'bout that," reacted Carl with a smile.
Soon the gossipy Pastor noticed Sam and Carl would cautiously nod to each other in a friendly sort of way. Before long they were shaking hands, talking, even visiting in each other's homes. Today they are best of friends.
Many people, even church folk, seem to delight in promoting a fight by carrying news of ill-will. Learn a lesson from Pastor Fred's tactic of positive-gossip. Let your *gossip* be to spread words of praise and healing. THAT's the only gossip that's worthy of a Christian.

The Pope's a Coward

Pope disavows remarks

Story Book Gardens

On the BBB the, Byer's have taken a recent trip to the mystical land of Story Book Gardens. Here's how it looked when we were little.

Tweedledum and Tweedlede

Eggs Sunny Side Up :)

King of the Castle

Taypayers pay For New arena

The Toronto Maple Leafs are going to have a new practise arena, and the taxpayers of Toronto seem to be footing a large portion of the bill. I would have thought they would just own their own practise arena and increase ticket prices again. After all for people in Toronto, they have two choices to see a OVER priced Leaf came or pay their rent... Seems like a tough decision eh? Unfortunately most people choose the Leafs, which leads to higher and higher prices, as some desparate fans will pay anything to see their team up close. Why not listen to it on the radio, thats free, and you don't have to worry about subscibing to Leafs TV to see all the games, after all the radio announcers are much better than the TV announcers, as the TV guys sometimes take the play by play for granted because you can see whats going on for yourself; accept for Joe Bowen of course, who was a radio announcer long before he got into TV broadcasting :)

Textbook free for all

A new wiki-project has been started at the University of Georgia, which aims to pool knowledge in free online texts.

Free textbooks, I wonder how the publishers and writers will get paid, maybe they'll write the text books for free:) or fill the site with massive amounts of advertisments...

2010 Winter Olympics

B.C. Auditor sounds alarm over financing for Olympics

Whether its going to cost the province of British Columbia 600 million or 2.5 billion, its still going to be costly for the provincial tax payers. But maybe the pride of holding the Olypic games is worth having to sacrifice spending on healthcare and education?

Typically Liberal

Liberals hurt themselves with smears

NDP wins by-election in Ontario.

Well It wasn't a Conservative win (far from it as they only got 17% of the vote), but at least the Liberals lost one seat in the Ontario Legislature!

CBC Report

4 dead, 16 injured in shooting at Montreal college

Montreal police: College shooting suspect shoots self

DiPietro deal 15-years, $67M

This is one of the longest deals ever. How could an NHL owner give such a long contract to one player who may not turn out as great as the expectation that is placed upon him? 67.5 over 15 years is a good amount of change.

Only in the USA free market system could you see such reckless expenditure of funds. What was the owner of the New York Islanders thinking? First giving Yashin a 10 year deal in 2001 and now a 15 year deal to DiPetro. The deal won't be over until 2021! The answer of the question what was he thinking.... he wasn't!

So what is Canada?

For my faithful American readership (55% of viewers) it might be useful to know important facts about Canada. The BBC has a good summary of Canada and its current political, economic and sociological atmosphere.

One Question before you click on the link:
Who is Canada's current Prime Minister?

:)

One Million Ways to Die

According to this article its more safe to take an air plane than to drive or walk down the street.

Ancient Legend born out of the 1930's

What some people won't say or do to deny the truth or how far reporters will go to find a story. For years people have tried to deny the sacrificial death of Christ. It appears that a 70 year old hox has come to light were it is claimed that Jesus died in Japan, and didn't die on the cross. Ironically, on his grave is a large cross; but why would they choose to put a cross on his grave if the ancient Japanese from the 1930's didn't believe that he really did die to save them from their sins?

The Japanese Jesus trail

Blog Lacks Journalistic Integrity

No I'm not talking about my blog, after all, I'll I do is copy links from newspapers :). I'm refering to the gossip rag better known as the Ribs Report. Ribs has steadly lost subscribers since he faked Rib's death to gain extra readership. But now I believe he has gone to far, as I'm sure some of the people that he talks about are gathered around his computer with torches, ready to set the record straight :). One offended person was quoted as saying "the only good hamster is a dead hamster" :)

Man Feels Old Part 2

This is part of an "Adam" comic strip. I though it shared some enligtening commentary about recent events. Todays link says as Paul Harvey would say "the rest of the story"

Harper Responds to Critics

Canada sending 15 tanks, 120 more troops

Is sending more troops to a region that the US has abandoned the right thing to do? George Bush has forgotten about the war on terror all together. Now he focuses on the war on oil and those countries that form the axis of oil :)

Man admits to growing old!!

JB

"Last evening I was playing some basketball with the young people of the church and somehow threw my back out (not too major here...I think). It's been really neat. If I bend over the wrong way, or try to sleep comfortably...yikes! Anyway, it seems to be a little better this evening, but I might still have to see the chiropractor Monday. It's tough being old."

Space shuttle Atlantis lifts off

Launch ends weeks of frustrating delays

The Space station can now be completed, with that new piece there planning to add to it, the power supply should increase by a significant amount. Who knows, soon the space program may be boldy going where no man has gone before.. to Mars... And why not spend a few trillion for a space station on mars, after all then instead of fighting over minerals on earth we could have massive space battles and fight over the resources that Scientist anticipate finding on the Moon and Mars...

When they build the space station aliens will exist on Mars. After all an alien is considered anyone not born in a specific region, so the people at the space station that will be built someday will also be considered aliens :)

Ancient Change

Sumter Woman Finds Possible Ancient Coin In Grocery Change

Finally, A revamped Senate in the Works...

Senate to be election issue?

Who Controls Canada's Senate?

Liberals: Total-- 72

Trudeau's Dynasty Liberals: 11

Turner's Failed Liberals: 1

Chrétien The Man from Quebec: 43

Martin The Short Lived Success: 17

Tories: Total -- 24

Clark's Progressive Conservatives: 1

Mulroney's The Mighty PC: 22

Harper The Current: 1

Afghanistan a `moral promise:' Ignatieff

Canada can't pull troops, MP saysRelaunches bid for Liberal leadership

Potential Liberal Leader, to keep troops in Afghanistan if elected. I guess for those planning on voting to stay or leave the troops there now won't have much of a choice, as Ignatieff is the front runner to win the leadership race. After all of the seemingly poor leaders, the liberals want one that at least has a PHD :)

Core Oil Production a proven Fact?

With the recent oil find in the Gulf of Mexico, some scientist are claiming that the 1000 of year old belief could be given validity. Philosophers believed that the earth naturally produces oil in its core, which could account for them finding oil 7 miles under the earths crust.

Stocks inch up, Gulf oil find helps Chevron

Oil & gas from the earth's core

Huge Oil Find Could Be Good News For U.S. Reserves

So what do you think? Does the earth produce a steady stream of oil within its core? Is the supply limited or unlimted?

Hockey Great Calls for a Time Out

Dryden calls for debate on Afghanistan

Ken Dryden is a leadership hopeful of the Federal Liberals. His ambition to govern sounds a lot like Sir Wilfred Laurier's when he said that "the 1900's would be Canada's centurary".

"[My government] would be very different than the present Conservative government . . . big in spirit, big in possibilities, big in ambition, big in the world. A big Canada,"

Americans kill another Canadian in Afghanistan

Friendly fire kills Canadian

ONION PATCH

This is the Song that my Grandma Taylor sang to me today, when we stoped in...
I'M A LONELY LITTLE PETUNIA IN AN ONION PATCH
Of all the saddest wordsThat I have ever heardThe saddest is the storyTold me by a birdHe had spent about and hour
Chatting with a flowerand here ís the tale the flower told
I'm a lonely little petunia in an onion patch,an onion patch, an onion patch
I'm a lonely little petunia in an onion patchand all I do is cry all day
Boo hoo, boo hoo
The air ís so strong it takes my breath away
I'm a lonely little petunia in an onion patch,
oh won't you come and play with me
Who put me in this bed?I'll bet his face is redI call him down with every teardrop that I shed
If I only had him hereI'd take him by the ear
And make him share my misery
I'm a lonely little petunia in an onion patch,an onion patch, an onion patch
I'm a lonely little petunia in an onion patchand all I do is cry all day
Boo hoo, boo hooThe air ís so strong it takes my breath away
(Feee-you!)
I'm a lonely little petunia in an onion patch,
oh won't you come and play with me

Pre-paid plastic set to save on cheques

Rather than run up a monthly debt, a card user will draw down a positive cash balance, much as he or she would with a bank account. Users are less likely to lose their money, or take back-alley bruisings for the cash. If a card is stolen, the rightful owner will not be liable for losses. Carrying the card is also touted as offering convenience and prestige.

World’s smallest man greets the world

Such traditional points in the Guinness Book of Records include one particular nomination whose candidate is now the 14-year-old Khagendra Thapa Magar from Nepal. The news is, his whole height is approximately 50.8 cm and his body weight is only around 4.5 kg. Considering such an incredibly miniature size the teenager rightly believes that he deserves to be honored in the pages of the Guinness Book of Records. He has already submitted a request to be considered. Most likely he will be granted his request since the current record belongs to a Jordanian citizen whose height is approximately 64cm and whose weight is a whole 10 kg!
Thapa Magar was born in 1992, a couple of hundred km west of Katmandu . From the very beginning it became clear that the boy was far behind others in his growth process. According to his mother, the child began walking independently only at the age of 8 but by the time he was 11 he completely stopped growing. For a long time the parents hid the boy because they were ashamed of his defect but now he has received the long-awaited world-wide fame.

Thapa Magar now has his own support group that has created a special Internet website dedicated to him alone. The activists are hoping to use the site as a fundraising resource in order to gather enough money for the boy’s medical needs, for his education and for his family’s support.

Identity Thieves Steal Home

Paul Reviczky, 89, stands outside his house at 220 Sheppard Ave. W. The property was sold out from under him in May, likely by “tenants” who forged his name on a power of attorney. “I think he was targeted because he is elderly,” his niece says.

Theft of home prompts Ontario bill

Harper's Government to Fall?

Liberals to oppose lumber agreement

The Liberals have joined the NDP in a surprising move to attempt to bring down the government. The Liberals should look back to when Harper was first elected to lead the Conservative Party, and the time it took to draft a new policy. They won't give their potential new leader any time to prepare, if they try to defeat the soft wood lumber bill.

Of course, the Harper threat of making it a confident motion could be just a threat, with no real substance. If that's the case the opposition parties (well at least the NDP) will cry out in defeat, as their positive that they can win one more seat with a new election :)

Remember a confidence motion unless stated other wise by the Prime Minister must be a money bill of some sort.

Harper's alright in the opinion polls and it would be political suicide for the Liberals to carry through with the threat. They must be confident that the Bloc will support Harper. After all the Liberals would hate to vote with the Conservatives when they don't have to. This way they can say in the next election that Harper was working with the Separatist's. Its the pot calling the kettle black isn't it?

Gas Prices as low as 76 cents in Toronto

Relief at the pumps!

Know Your Rights

CRTC issues 'bill of rights'

Did you know that you're legally not supposed to get calls from telemarketers hawking their goods and services with automated recordings?

Ever bothered by annoying computer messages? Well CRTC wants Canadians to know their rights

Fountain of Youth

David Copperfield says he's found Fountain of Youth

I guess some people will say anything to attract visitors to their private resort. At $300,000 a week, it doesn't sound like a scam to me :)

Maybe he should just become a Christian and he won't need to worry about the fountain of youth.

California Candy Makers See Virgin Mary

Chocolatier believes column of chocolate drippings looks like the Virgin Mary (with photo). --AP

New Mayor of Chatham-Kent

Chip Gordon to run in the November mayoral race in Chatham-Kent, as Wallaceburg tries to regain control of the municipalities top
position sense they held it for a year in 1996, when Joe Talyor was Warden of the former Kent- County

What about the bottom 1.7 million?

"Have both governments and the Canadian public turned their backs on the poorest of the poor?"

Harper needs Confidence?

Prime Minister Harper has threatened to make the lumber bill a confidence motion, that could result in the defeat of his government.

Pondering

Doug Gilmour could possibly become the coach of the Toronto Maple Leafs farm team the "moral's" Could this be a 5 year plan that may see the former hockey great coaching the leafs in 2011 or 2012? Wouldn't that be something to have Coach Gilmour and Assistant Coach Wendle Clark? :)

Another thing I've been pondering is the phrases that some people find offensive. Yesterday I saw a license plate that had "Red Power" written on it. Why can Natives claim what they do is a form of Red Power, and African Americans claim Black Power as there slogan but for a white individual to say white power makes them a racist? Maybe its part of North American culture, or the fact that the major wars were initiated by white ego menaces, or maybe its because of the hot weather or oil prices? :)

Joe's Getting Married

If you visit the enlightening blog of J.L Krohn you undoubtedly are aware of the news of the day. My dear friend Joe Krohn, is getting married. Joe is a really special friend to me, I feel like I've known him my whole life. Evidently he feels the same way because he asked me to be his best man.
He and Clarissa Elaine Atchley plan to marry on the second Saturday of June, 2007.

In interview Joe was quoted as saying "It was an exciting day, we went to Cateract Falls, in western Indiana. It was a very beautiful spot for a picnic lunch, walking, playing "catch-phrase", and reading the Bible and praying together. I asked Clarissa, at a section of rock, overlooking the Lower Cateract Falls. We then went to Chicago Pizza for supper, and then headed back to Westport. On the way we stopped at Wal-mart to purchase ice-cream for Clarissa's father (a Krohn family tradition) and I also got flowers for her mother."
Best of wishes Joe and Clarissa. I always wanted a brother and a sister.

P.S I finally got to out scoop the BBB on an important news story :)

The Apples are Falling

Investors of Apple Computer INC. now know the exhurbating experience that Newton experienced when the apple fell on his head (Newton's theory of "Universal Gravitatino")

12,000

No its not the number of hits on the BBB , but is included in some of the following:

• The number 12000 is used 25 times in the Bible.
• The surface of the Earth represents the 12000th part of the Sun.
• The average distance from the Earth to the Sun is 12000 times the terrestrial diameter.
• A brand of routers by Cisco (12000 Series Routers)
• Tactile12000 which is Virtual turntable software for the manipulation of digital audio files.
• And for Canadians its the value that the Toronto Stock Exchange (TSX) finished above today for the first time since May
  

The Paradox

Cuban President Fidel Castro, health is stable after surgery or is he?
Could his health condition be a secrete US plot to assassinate him?
Or maybe its the result of being a egoistic dictator for almost 50 years has finally got the better of him.

As the Cuban leader is reassured with public signs saying, "happy 80th birthday Fidel, rule for another 80" I am reminded of a short Canadian example illustrated verbally by my brother who is too busy to post on his blog right now (according to the BBB any ways).

Sir John A. Macdonalds (Canada's first Prime Minister) was praised with similar signs to that of Castro saying "You'll never die John A", and three months to the day he was dead.

It certainly is a paradox, (at least I think, maybe not, but it made a better sounding title)

Am I saying that historical and political rhetoric are against Castro's chances? Well I guess... but I'd hate to say something profound that would undermine my "Father of Accounting" article that are getting raved reviews on the BBB.

I think the BBB is like the British BBC only its in Canada, in direct competition with the CBC. :)

LEO and the Lions Den

Sunday School Story:

Many years ago there lived a lion named LEO.

From his early years as a cub, he was given the training and responsibility to be King Darius’s chief executioner.

He was the head lion of the noble king of the beasts.

One day as usual himself and his fellow lions were waiting at the usual spot to begin their daily work.

They looked up as the stone was rolled away, and they saw the king himself was a witnesses to the execution. LEO roared to his subordinates “come on boys, the King is here, we better make sure we do a good job”

LEO heard King Darius wail “Oh Daniel may the God you serve protect you”.
LEO wondered to himself that is was very strange to show regret to the man that was dropping in for brunch.

But as LEO would account to future generations of lions in the Kings service, there was something different about this man they called Daniel.

LEO recounted that his mates and him had no appetite to eat the prisoner. Oh well said LEO to himself there is always a mid-afternoon snack or dinner. But as the day and night progressed they still had no appetite.

LEO wondered to himself maybe the great creator of the animals wanted this man to live.

LEO then observed Daniel and saw that he was constantly murmuring a prayer. “AH I see” said LEO, “he’s still praying for his life.” But as LEO listen Daniel was praying for King Darius and the rest of the people.

LEO then confirmed in his mind that the creator of the animals did in deed want this man to live. So with a quiet word of comfort that a small kitty cat might do he sauntered over to were Daniel lay in prayer and sat down beside him to keep him warm through the cold dessert night.

The next morning LEO heard the stone being rolled away. He was hungry again, but only saw Daniel as an equal, not as something to eat. “Hmmm” said LEO, “Daniel sure looks scrawny I better make sure he gets a good portion of today’s feed.”

But to his surprise the King called out to Daniel and asked if he was still alive and then a rope was lowered and out went Daniel. “Wow” said LEO “he’s the first person to make it out of here from the top”.

LEO and his friends then felt really hungry when they heard King Darius order the men who arranged for Daniel to spend a night in the den to be cast in. LEO then heard the final commands of the King that truly Daniel’s God was the one true God and that he only should be worshipped.

“Amen” said LEO as he began his lunch.

Luca Pacioli "Father of Accounting"

Fra Luca Bartolomeo de Pacioli was a great Italian Mathematician and Accountant. He lived from 1445 to approximately 1514.

In 1470 he became a friar and travelled as a mathematics tutor until 1497.

Pacioli published several works on including:

1. Summa de arithmetica, geometrica, proportioni et proportionalita (Venice 1494), a synthesis of the mathematical knowledge of his time.
2. Geometry (1509), a Latin translation of Euclid.
   De divina proportione (Venice 1509),
3. a work on mathematical and artistic proportion.
   Summa de arithmetica... included the first published description of the method of keeping accounts that Venetian merchants used during the Italian Renaissance, known as the double-entry accounting system.

Although Pacioli reported rather than invented this system, he is widely regarded as the "Father of Accounting". The system he published included most of the accounting cycle as we know it today. He described the use of journals and ledgers, and warned that a person should not go to sleep at night until the debits equalled the credits! His ledger had assets (including receivables and inventories), liabilities, capital, income, and expense accounts. He demonstrated year-end closing entries and proposed that a trial balance be used to prove a balanced ledger. Also, his treatise alludes to a wide range of topics from accounting ethics to cost accounting.

Jays ship Hillenbrand to Giants

Following up on his promise to rid himself of Shea Hillenbrand, Toronto Blue Jays general manager J.P. Ricciardi traded the disgruntled infielder Friday night to the San Francisco Giants.

Ricciardi also shipped relief pitcher Vinnie Chulk to the Giants for reliever Jeremy Accardo.

Hillendbrand was designated for assignment Wednesday night after a series of events that led to a confrontation with Blue Jays manager John Gibbons.
While he was in the team's clubhouse, Hillenbrand wrote the words "Play for yourselves" and "This is a sinking ship" on the board.
The message prompted a clubhouse argument between Gibbons and Hillenbrand.
Gibbons reportedly challenged Hillenbrand to a fight in front of the team.
Hillenbrand then ripped the Jays' organization in an anger-filled tirade to reporters during batting practice.
Hillenbrand revealed his displeasure for not having a regular position and being used primarily as a designated hitter. He also claimed that management failed to congratulate him and his wife for adopting a baby girl.
Hillenbrand, who is making $5.8 million US this season, is batting .301 with 12 homers, 15 doubles and 39 RBI.
He'll likely take over the first base duties for the Giants.

Should Non-Taxpayers utilize Tax Dollars

Choppy start to sea escape

Should Lebanonese-Canadians (who have dual citizenship and reside permanently in Lebanon) pay for the aid that Canadian tax payers are so willing to send for free?

The American Goverment is charging their citizens for the transportation back to Crete. Shouldn't we be aiding Canadian tax-payers who actually live in Canada first.
According to the Canadian embassey in Lebanon only a fraction of people actually registered witht he embassy (meaning that this represented the Canadian tourists). Why should we as tax payers pay for individuals who have chosen another country over Canada. They don't meet the residency requirment as a Canadian tax payer, and should not enjoy the benefits that a truly Canadian citizen enjoys.

So You think that Taxable Income = Taxes Payable?

I'm sure none of you were taken by surprise of the not so clever title .

For a corporation's bookkeeping, taxable income never equals tax payable.

There are differences in the bottom line of accounting income and taxable income. Not all the expenses permitted by the CICA handbook and GAAP recognition are legitimate deductions from taxable income.

Two main differences include

1. Temporary Differences: occurs in one period and then reveres itself out in subsequent periods. Example of this is depreciation, warranty costs, bond discounts or premiums etc. The depreciation method used by the corporate entity may not match the CCA reporting requirement for amortization to generate the entities taxable income.
2. Permanent Differences: the item enters into the reconciliation of taxable income in one period, but does not create future income tax. Examples of these include 50% of meals and entertainment (only 50% are tax deductible), golf memberships (o% are tax deductible), dividends received by a Canadian Corporation from another Canadian Corporation.

Monkey Business

In 1705 Britain was at war with France. One morning on the beach of West Hartlepool, England, the villagers watched in amazement as a hairy stranger climbed out of a rowboat. The odd-looking creature jabbered unintelligibly. The stranger was actually an ape, previously the mascot of a wrecked ship. The villagers were not at all familiar with apes. They court-martialed the beast, found it guilty, and hanged it as a French spy.

Taxman Cartoon

You weren't planning on using ALL of the money you earned were you?

Canada jumps 29 spots in FIFA rankings: Go Canada!!!

1. Canada jumped a whopping 29 spots in FIFA's redesigned world soccer rankings to a best-ever 54th place.
2. Canada made up huge ground on its May ranking of 83rd without playing a single game in the three-month span and without having an entry in the World Cup.
3. Canada is sandwiched between No. 53 Guatemala and 54th-ranked Angola, which played in the World Cup.
4. The team's previous best was No. 55 in 2000 when Canada won the Gold Cup and earned a berth in the Confederations Cup.
5. The new system takes into account games played over the last four years instead of the last eight. It also changes the weighting system, with more importance given to World Cup games vs. friendly games. Regional strength is also considered, as are opponents, goals scored and conceded, and home or away venues.
6. The United States and Mexico were two of the biggest losers.
   The United States, knocked out in the first round of the World Cup, dropped from No. 5 to 16. Mexico, which reached the second round, fell from No. 4 to 18.
   

Strange But True

• A single share of Coca-Cola stock, purchased in 1919, when the company went public, would have been worth $92,500 in 1997.
• Carbonated soda water was invented in 1767 by Joseph Priestley, the discoverer of oxygen.
• Cheerios cereal was originally called Cheerioats.Chewing gum was patented in 1869 by William Semple.
• Gatorade was named for the University of Florida Gators, where it was first developed.
• Hershey's Kisses are called that, because the machine that makes them looks like its kissing the conveyor belt.
• In 1984, a Canadian farmer began renting out advertising space on his cows.

(fromwww.crazynews.net)

ADAM SMITH ECONOMICS: Who was Left Behind?

In a new generation of internationalism and globalization has the idea of the ‘wealth of nations’ changed? A quick answer would be yes. The states represent a completely different establishment of economic progress and development. The enlightened period of the 1700’s gave way to the 1800’s industrialization and the 1900’s information age. The great economic genius Adam Smith could not have imagined the extent of humankind’s industrial and informational development. The benevolence of the baker, butcher, and brewer has not changed. Society depends on trade (using currency or barter methods), in order for the coexistence of a modern society with professions that may provide a vast array of services that are not necessary to sustain life. Overall, the original notion of Adam Smith’s view of real wealth is true today. He envisioned the real wealth of England not in the strength of the pound, or in the balance of trade, but in the ability to self-sustain itself. He claimed in one portion of the Wealth of Nations that society’s real wealth was in the sustainable products. It was not the services of a lawyer, accountant, or other tradesmen but in the grass roots of agriculture, that society is dependent.

In a “modern” world society places value on superfluous merchandise going beyond Mashlow’s Pyramid heights of self-actualization. Western Society has reached a pinnacle of self-actualization in which the majority’s basic needs are satisfied. This can be is seen in the low prices of essential food products. The real price of self-actualization is the sweat and blood of farmers. On a societal pyramid, the agriculturalist should be near the top. It has taken western society hundred of years to reach this period, not at the expense of industrialist but at the expense of the farmers. After two hundred years of progress, should not the agriculturalist be among the elite and wealthy? Without domestic agricultural, industrialization would be an ambition like establishing a space station on the moon (something that could be attainable someday with the right resources). Agriculture fueled the industrial revolution (and the human race), and then was promptly left behind by manufacturing industry supplying society with “more important” essential services.

So what can fix agriculture? Is it safe to put back the clock to an Amish dependent on farming, closing the world to globalization, or is it even feasible return to a simple a self-sustainable society? The answer can be determined by examining further alternatives. The manufacturing sector of the economy has held farmers hostage for too long. The chain of product refinement no longer stops at the farmer. The farmer whether his product is Soya Beans, Corn, Wheat, Carrots, Peas, Eggs, or Milk is required to sell his produce to the initial manufactures. They clean and cut the produce up and place it into neat little packages, bags, or cans. A one-step process two hundred years ago has become a long value chain. Government requirements to promote a healthy generation have placed health requirements on products like milk. A few decades ago, milk went in a bucket and then into an icebox. As manufacturing capacity grew, the industrialist started to play farmer and created a long-term problem whose initial results has created the mad cow scares. The basic solution to the problem of over-manufacturing is to scale back production and value chain growth and permit the natural resource growers to refine their own produce (get rid of the Canadian Wheat Board would be a good start). If the agricultural sector controlled the value-chain, farmers could get $0.20 for every loaf of bread instead of $0.01. This would not be attainable without the Government mandating the process. The only other solution to maintain the cost of production (today’s value chain) is for the Federal Government to intervene in some other form. To maintain the delicate economic balance at the grocery store the legislative bodies should subsidize the agricultural industry for lost profits due to the over-manufacturing of the products. The over-manufacturing and increased refining cost explains why commodity prices are ‘fixed’ low so that the rest of the value chain can make a profit. Its time that the Federal Government increased current subsidies ensure that there is a “P” for profit in the word agriculture, instead of a big “L” for losses.

Conservatives Caught up in Scandal!!!!

The small but proud province of Newfoundland has been shaken by allegations involving millions in misused public dollars. The Auditor General, John Noseworthy's investigations dealt with two things: MHA constituency allowances and questionable payments made to companies by the legislature.

• Four politicians misused approximately $1 million from their constituency allowances (money given to members of the provincial legislature to pay for items such as office rentals, supplies and miscellaneous services).
• More than $2.6 million was paid to three companies for trinkets like lapel pins and fridge magnets over a seven-year period, while an additional $170,000 went to a company owned by the legislature's now-suspended director of financial operations, Bill Murray.

The first public signs of scandal occurred on June 21 when Premier Danny Williams unexpectedly announced that Ed Byrne, a senior member of the provincial Tories, had stepped aside as natural resources minister because of a review by the auditor general's office.

• Ed Byrne resigned his post as Newfoundland and Labrador's natural resources minister in June. [The announcement rocked political circles because Byrne, 43, had been one of Williams's most trusted colleagues. In 2001, Byrne stepped down as leader of the Progressive Conservatives to make way for Williams to lead the party. He has also served as government house leader in the legislature.]
• The auditor general reported that Byrne had signed and submitted claims for $358,142 during the 2003 and 2004 fiscal years – or more than $326,000 above his $31,500 limit. All the money allegedly came from Byrne's constituency allowance, and Noseworthy claimed to have a paper trail of receipts and cancelled cheques showing the money was deposited into Byrne's personal bank accounts.
• Noseworthy's office reported that payments totalling $2.8 million were made between 1999 and 2005 in untendered contracts to buy low-cost promotional materials items – including lapel pins, fridge magnets and key chains – as well as a number of more expensive items, including 79 gold rings for MHAs that cost $750 each, plus tax.
• Payments were allegedly made to four companies: Zodiac Agencies, JAS Enterprises, Cedar Scents International and Unique Keepsakes.
  Noseworthy's staff also identified a possible conflict of interest when they reported Unique Keepsakes was tied to Bill Murray, who was suspended in June as the house's director of financial operations. Between 2001 and 2005, Unique Keepsakes received $170,000 of public money, Noseworthy found.
• On July 4, Noseworthy said he has finished his investigation into spending at the house of assembly and will no longer talk publicly about the expense scandal. The Royal Newfoundland Constabulary is now investigating the matter.

::Can the Maple Leafs get Peca?::

Rib's once said that I should include hockey on this blog. Well Ok, just this once. According to rumers from the Fan 590, Peca wants to come to Toronto, for somewhat of a reduced salary. It's nice to see a hockey player taking a marginal pay cut to play for the best team in the league :).
Whats Montreal up to. The habnots have yet to dip into the free agent market. What will happen to Ribs blog if Jan isn't resigned. Well at least is was saved my the resigning of their real captin Mike Riberio.
Go Leafs, Down with the habsnots. :)



Just think if they can trade for Roberts the team will be as good as they were when they almost beat Buffalo in 1999. :)

What is a Liability?

Have you ever got out of bed in the morning and wondered what is a liability? While I haven't but maybe you have.

A Liability is defined in section 1000.33 of the CICA handbook.

A liability must represent three things:
1. A highly profitable future sacrifice of assets or services.
2. Constituting a present obligation.
3. The result of a past transaction or event
(summarized by Thomas Beechy)

There are two types of liabilities:

1. Financial Liability: which is a financial instrument (which is a contract that gives rise to a financial asset of one party and a financial liability or equity of another party) (CICA 3855.17.a).

2. Non-financial Liability: is defined appropriately as what is NOT a financial liability :). This may include unearned or deferred revenue or estimated liabilities/expenses anticipated to arise in the future.

Portugal Falls to France

Portugal looses yet again to the unlikely French. What a match it would have been to see Italy play Portugal. I guess my barber will be really depressed until the next World Cup as his team lost again. I don't really follow soccer or football or whatever you want to call it. I just took the barbers word for it that it was the greatest team of our time. I hope France wins in the finals, at least then Portugal would have lost to the champions.

Happy Canada Day

I know its July 2, and its almost July 3. I didn't mean to miss posting commentary on the joyous celebration of 139 years.

We got back from Shelbyville at 7:30 last night. I drove all the 9 hours, so I was kind of tired after we got home. Joe's back in the land of the stars and stripes finishing his internship. At least he wore his Canada tie today when he went to church. :)

Wendy's to dispose of Tim's by Oct 1

TimHortonsbecomes completelypublicalytraded

Giving Abroad...

The second question was; why can’t domestic Canadian charities funnel receipted donations to non-affiliated non-profit organizations?

The short answer can be determined in the definition of “total gifts”. Section 118.1 (3) defines what total gifts represent. They include four components. Crown gifts, cultural gifts, ecological gifts, and total charitable gifts.

Total charitable gifts are defined as gifts to:
• Canadian registered charities;
• Registered Canadian amateur athletic associations;
• Prescribed universities outside Canada;
• Certain tax-free housing organizations in Canada
• Canadian municipalities
• United Nations
• Charities outside Canada, to which the Government of Canada has made a donation in the year or the preceding year

This explains the individual limit on charitable contributions (to be eligible for a tax receipt). This ties right in to the question would people donate even if they could not receive a charitable tax credit. If their on willing to donate to US based organizations, then the answer is yes. We’ll debate that question tomorrow.

Canadian registered charities are not international organizations, nor do small charities have operations in the USA or abroad, nor do they have affiliated charities operating abroad with headquarters in Canada. ONLY donations to Canadian registered charities are eligible to receive a tax credit. Therefore donations to charitable works in the USA and the rest of the globe, are not tax deductible (except to the extent that it can offset American source income, that may be taxable to a Canadian resident).

Is there a ‘cap’ on charitable tax credits?

In the next couple of weeks, I plan to explain some perplexing issues of the Income Tax Act. The research will be based on CRA’s pronouncements and information circulars.

In Sunday school, some very interesting points were brought up. Is there a federal “cap” on charitable donations? Would people contribute charitable donations, even if they could not get a tax receipt? Why can’t domestic Canadian charities funnel receipted donations to non-affiliated non-profit organizations?

Today we’ll discuss question one. Does the federal government’s tax legislation place a ‘cap’ on charitable contributions?

The long and short of the question is, yes!

It is a common misconception that the ‘cap’ is the tax credit formula. This is not true. The limitation as articulated in section 118.1 (1) that ‘total charitable gifts may be eligible for the tax credit to a maximum tax credit of 75% of division B income’. Therefore, the ‘cap’ on charitable contributions is 75% of taxable income (supported by the proper receipts).

Most often, the ‘cap’ is considered the spirit and calculation of the tax credit. The first limitation is that tax credits can only be used to the extent that they offset division B (taxable) income. The second limitation is the calculation. The formula to calculate the charitable tax credit is equal to (A*B) + C (D-B); where A= 16%; B= first $200; C= highest federal marginal tax rate for the year; D= is the total gifts in excess of $200.

Tax Protestors

Are you still paying income tax? Didn't you hear that income doesn't include wages, or that the section 92 of the Constitution was never ratified, or that none of the provinces are actually part of Canada., or that income isn't defined in the Income Tax Act? Or didn't you know that if you simply placed all of your assets into a tax shelter that nobody could ever touch them or collect taxes on them, including the government? Well, if you didn't hear any of this, don't worry because it isn't true. What is true is that some scam artists have made good money selling these bogus theories before themselves ending up in jail.

(Canadianized from www.quatloos.com)

Canadian Debt Projections

This chart depicts the amount of the Canadian National Debt; and its projected interest expenses and debt reduction. Its hard to believe that almost 20% of the estimated budget revenues goes to maintain crediable status on bank loans and interest on Canadian Savings Bonds. Just think what improvements Canada could have if the almost 50 billion could be spent on health care or defense. I suppose it would also create another source of temptation for mismanagement and fraud [:)].

One professor at the U of Windsor, claimed that around 80% of Canada's National Debt is internally held. He said only in Canada, would citizens of a country be so willing to purchase its own governments debt.

Accounting Stories

An accountant visited the Natural History museum. While standing near the dinosaur he said to his neighbor: "This dinosaur is two billion years and ten months old".
"Where did you get this exact information?"
"I was here ten months ago, and the guide told me that the dinosaur is two billion years old."

The accountant had just read the story of Cinderella to his four-year-old daughter for the first time. The little girl was fascinated by the story, especially the part where the pumpkin turns into a golden coach. Suddenly she piped up, "Daddy, when the pumpkin turned into a golden coach, would that be classed as income or a long-term capital gain?"

An accountant is having a hard time sleeping and goes to see his doctor. "Doctor, I just can't get to sleep at night.""Have you tried counting sheep?""That's the problem - I make a mistake and then spend three hours trying to find it."

Happy Father's Day DAD

Here's a brief history of Father's Day...
fathersday

Puch Lines...

This afternoon, I helped dish out the puch at Grandma Unsworth's funneral lunch. She was 107 years old. Any ways I had the fortunate pleasure of dishing up the punch. I experienced some difficulties. I thought the punch was fine, but I had difficulties giving or forcing people to take 7 or 8ths. If its good puch, and the day is hot and humid, shouldn't they choose puch (with its sugar) over ice water? I guess the joke got old when I kept asking people (Bro Byer, Greg, Mat and Brad Moulton), if they wanted more. The puch line of the joke got old after a time, (or so my dear brother told me afterwards). I'm sure Ribs would have agreed to take 8th helping, (after all he is 9 or 10 personalities at once on his blog). As Jan would say long live the income tax act!!!

Tax Wise...

The age old question, to tax or not to tax, will soon surface on monday. Monday June 19, 2006, all municipal, provincial and federal taxes will have been paid. After this date, all Canadians can claim that they are working for themselves. The tax system was estabilished initially to create a source of economic revenue. Without this we could not enjoy services like health care, education, police and fire etc. Taxes are very much a part of our daily life. The tax man can be traced back to the very fabric of time to colonial America, Medieval Europe, the Roman Empire, the Kingdom of Isreal during the reign of King Saul. Taxes are as much a part of human society today as computers and palm pilots. Without taxes the world would be a mass of confused people without direction or leadership. It would permit wealthy people to take advantage of the masses (your saying thats different than today?). Without taxes where would we be today. One can think of the tax system as one would purchase insurance. You pay taxes to have fundamental services provided to you, whether it is healthcare or police or fire or education, its one great big insurance policy (or is it an insurance scam :)).

Outside the St. Dennis Centre

Odette Building

This building is the Odette School of Business. Its were I had most of my classes.

Graduation...

Here I am with my room mate David Ross Douglas. Who knows, someday he may be Sarnia- Lambton's Conservative MP.

Graduation

Here I am at the graduation. We would have had other pictures of me shaking the Presidents and Vice Chancellors hand, but they mysteriously disappeared. Everything has gone down hill since Jan was fired. Who knows I might have to bring him back as chief producer :).

Ribs Quits Bloging

Isn't it wonderful, my dear 3 readers, Jan has been fired, stopping the pending legal dispute, and this blog can return to its normal eloquent commentary. It has come to my attention that vetern blogger Ribs, was so depressed than Jan left him, that he stopped blogging for a week. All his subscribers need to log on to his site and demand a refund on their perscription. As Jan would say "Long live the Income Tax Act!"

Jan Fired... Settlement Reached

Beaver Meadow, ON (AP) The dispute over producer rights of noted Hab supporter Ribs and Hab antagonist JCK is over. Blog readers can now be relieved that the lawsuit will not cause further interruptions. *

JCK was quoted as saying "It was a relief to fire Jan... not only because it appeased the legal requirment, but because it appeased the necessity of firing an incorrect reporter." (Jan has previously forcasted a Buffalo Sabre win, and a Edmonton Oiler Stanley Cup Chamionship). After being down 2-0, it appears Jan is wrong for the third time, and after three strikes your out. (he also frequently misspelled words in his articles, perhaps from typing to fast and not proof reading). Any ways the Accountant Perspective will now return to its normal programing on friday.

The fued between Ribs and JCK should go down in history with some magical nick name, like the War of the Roses, the War of a thousand tears, or the Great Rodent War. Whatever historians choose, the battles and the unread (deleted) commentary will live on, in perpetual bliss of the great conflict. It was fun while it lasted, but now its over. :)

*by the way over the last few weeks the struggle between JCK and Ribs was based on ribthekid.blogspot.com, were he fired Jan, causing the orgin of the struggle, the fued, the conflict, the great gathering of words!!! Remember as Jan would so delicately put it... Long Live the Income Tax Act!!!

Giving is a Necessity...Or is It?

About 22 million Canadians, or 85 per cent of the population over the age of 15, made a financial contribution to a charity or other non-profit group in 2004, according to Statistics Canada.

The total amount contributed came to $8.9 billion, with individuals averaging $400 in donations during the year. Almost half of the money — $4 billion — was contributed to religious organizations. Only 38 per cent of adult Canadians sent money to religious organizations.

The provinces with the greatest percentage of donors were Prince Edward Island and Newfoundland and Labrador, where 93 per cent of adults gave money. "All four Atlantic provinces had a higher percentage of donors than the national rate,"

Remember the statistics are correct 19 times out of 20.
Statistics Canada surveyed 22,000 Canadians aged 15 and older about their charitable giving.

RIBS SUES President JCK

Due to the emotional distress a newspaper article will be placed in the blog today...

BEAVER MEADOW - (AP) This weekend, in superior court Rib's of Rib the Kid Blog filed a 1.2 million dollar lawsuit against President JCK and his staff of the Accountant
Perspective, over the piracy of his staff and ideas. The plaintiff claimed that a free press does not mean that producers can co-produce multi blogs at once.

It was reported that President JCK was paying the said employee "JAN" up to $10 a story (much more than free food and a trip aroung the hamster wheel that he recieved in payment from Ribs).

In interview JCK said "that Rib's was the guilty one, and I am following the principle of the American dream promoting free enterprise instead of the economic enslavement principle that Mr Rib's follows"

JAN claimed that he was forced to come up with the story in order to obtain the high paying job from the acountant perspective. He claimed developing a plan to triple the daily subscribers was a job requirment.

Sources with the associated press determined that President JCK has yet to terminate the services of JAN. No doubt the cheap accountant wants to get his moneys worth as he paid two weeks in advance for JAN's services.

Sources close to both sides, have determined that a compromise will be worked out shortly to avoid a full fledged court battle.

Yard Sales...

Well, Jan is taking the day off.
It's the weekend so I JCK must type something so that my loyal Ribs factory has something new to read (sorry Ribs, I'm just ribben you).

Today Associate Pastor Joe, Pastor Byer and I went early to a yard sale in Brigden. It was kind of enriching and amusing to see how he negotiated the prices. It went like this...

Bro Byer: "Could you tell me more about it?" (the item in question)

Lady: Answered the question about the book or box (whatever it was)
And then

Bro Byer: "I'll give you $5"

Lady: "$7.50"

Bro Byer: "OK!!"

I thought the yard selling technique was very informative, and I took a great deal of notes. So I should be more effective in the future endeavours.

At the next stop, I tried to utilize the technique.

Their was a book that I read in elementry school for $0.10, and I told the lady that I'd give here $0.25 for it. Bro Byer and Joe thought that was a little weird, but I was just trying to be a good yard sale customer. Maybe I still have work to do yet on my technique.

I found it quite awkward when we went up to a place that had an assortment of junk that couldn't be sold on Ebay :). I learned that when you walk away, you just say "Well, have a nice day". Joe teased me that I'd buy the cheapest thing there just so I could walk away with something.

The Collective...

This morning... I have received phone calls from Ribs and now Steve and Christobal both crying... begging me to come home... well to tell you the truth I do kind of miss the antagonistic view point that Ribs has with his blogging technique... but I did sign a 2 week contract... so I will continue my impressive blogging for now... Long Live the Income Tax Act.... I still don't get what that means... but it was on my contract--Jan

Oil Prices Fall...Leafs Resign McCabe

I'm glad that on this blog, I don't have to pretend to like the Montreal Canadians. Go Leafs Go... The president JCK is taking a break and has left this blog in my comfortable, capable paws. The only condition as I continue to perform my duties is that the blog must contain something to do with business... ok "Oil prices fall after U.S. suggests direct talks with Tehran"... ok enough of that... back to more important things like hockey. I predict a Sabre win tonight and a Edmonton 4-2 Stanley Cup series win in the weeks ahead... The Leafs have reportedly resigned McCabe to a 5 year 5.5 million deal... also Lindros is reportedly agreeing to 0.75 million one year deal... Leafs also seem to be interested in the Gerber, whose value has decreased after he fell apart in the playoffs... there probably thinking they don't need him for the playoffs... ops sorry its the Montreal Canadian brain washing coming through again :)...Toronto is also interested in bring the Kaberle brothers together... Go Leafs... oh ya... Long live the Income Tax Act...

Jan Speaks Out

As the new producer, I feel it prudent to discuss how I came to this point. I started off as an ordinary hamster on Ribs blog, were I was repeatedly yelled at and ordered around. I enjoy the quiet now as I'm working at a place that respects my talents. I had a call this morning from Ribs pleading with me to come home, after his ratings began to drop. I have yet to decide if I will or not... For the time being long live the Income Tax Act!!!

High Traffic

Recently the Krohn site meter has reached the 78 million mark (thanks Ribs). It was noticed that by my producer Jan (who was recently fired by Ribs), that by doing a google blog search "princeton stock name' (from a previous article written by no one in particular) that the Accountants Perspective comes up 23 on the list. Its a very enriching experience that the blog is entering into. It was about time that a qualified producer was hired. Jan would like to say something now.

I pledge that in my new position as producer of this Accounting blog, to do better. I hope that my previous position (as producer of Ribs the Kid) will not downgrade my performance, as the new producer of a superior blog :). --Jan

Thanks Jan. I too hope that your stay can better enhance the quality of the work we do here at the Accountant's Perspective. Jan's hard work is already paying off. Today at 10:05 pm, a record 11 million people have already viewed this highly recommended blog. ---Remember all this could not have been possible if my highly recognized fellow blogger had not fired the best blog producer in North America.

Its what I think: PART ONE

Do you really need a Donation Receipt?

People currently are obsessed with obtaining a tax credit. What does the tax credit really accomplish? Is receiving a tax credit the sole purpose of giving a charitable contribution to a non-profit organization. I should hope not. There are other reasons to give. Some give as a sense of duty or obligation. They give to religious orders, medical foundations, and relief funds. One of the main reasons for giving is to feel better about themselves. Some often swell up with pride that $10 J has made a significant difference to the state of the world. Therefore, a tax credit should not be the fundamental reason for making a charitable contribution. Section 118 of the Income Tax Act permits a formula that calculated the federal tax credit for charitable donations. For the purposes of an example, let us make some assumptions. The total taxable income is 20,000. The individual donated 3,500 to qualified Canadian charities. Let us calculate the ‘significant’ tax credit. The formula for 2005 included 16% of the first $200; + the highest federal marginal tax rate say 29% times total charitable donations less $200. The tax credit is = 32+ 957 = $989 (So the true cost of the gift was only $2,511). Does this tax credit make a difference? 989 * federal marginal tax credit. This amount saves $286.81 (estimated) in taxes, which might otherwise be paid out. However, wait; the tax credit for charitable contributions is usually used after all the other tax credits have been used. On a taxable income around 20,000 the minimum threshold to were federal taxes would be owing hasn’t been reached. So for the poor farmers and working families in Canada, the purpose of a charitable contribution is not for tax savings or to make themselves feel good, but to give to make a difference in their community. United we stand, and united we can make a difference in our charitable contributions. Just think how many small donations are gathered up for heart and stroke foundations, in our local community. Not one farmer or labourer could ever give millions of dollars, but united again we stand in making a fundamental difference in society. At least that’s what I think.

Strange But True

Turkey adopts an Owl

Whats in a Name?

"A good name is rather to be chosen than great riches and loving favour rather than silver and gold" Proverbs 22:1

A study by the published in the May 30 issue of the journal Proceedings of the National Academy of Sciences found that investors (prudently or otherwise) are more likely to purchase newly offered stocks that have easily pronounced names (according to Princeton University researchers).

People often take short cuts (when using their brain or mental powers), which allows them to retain more information, which allows certain key expressions or easily understood concepts to stand out in their minds.

The mental short cuts extends to immediate stock performance as on IPO, the stock out performs harder to understand names and stock tickers. The research found that on a $1000 investment on easily pernounced names they out performed harder to pronounce names by $333.

Remember don't use hard to pronounce words or phrases in your company letter head. I guess for a partner based firm, those with long names who wish to eventually have an IPO will have to go without sign recogntion. :)

Garbage Diggers versus Disgruntled Employee

The 220 million lawsuit between Air Canada and West Jet has finally be settled out of court. Air Canada had accused West Jet top executives of using a former Air Canada's employee's password to obtain 'commercially sensitive information'.

One question remains. Why didn't Air Canada change the password or lock that employee out after they are fired. Its not uncommon for former employees who were terminated to attempt to damge information on their way out. It would appear that West Jet used this to their advantage. What type of information could be commercially sensitive? Was it financial data? Customer lists? Or was it a detailed list of how they short change consumers? :)

West Jet paid 15.5 million including a gift to charity and fees to cover the lithigation costs of Air Canada.

In an era of corporate espionage, Air Canada's lack of information technology control and safeguard abilities caused the problem themselves. It wasn't as if West Jet hacked into their systems. They went in through the front door with the key. I would hope that Air Canada's future controls will include a policy of changing the passwords to safeguard their commercially sensitive information.

Shelbyville Bound

Today were going to pick up Joe in the US. Its a seven hour trip. But on a positive note this is now the earliest I've ever been on the internet. Rib's has me beat as he always posts after 12:00. But, how can I live up to the expectations set by the great experienced hamster. I heard that Ribs isn't too well, and the Jan has taken over. Its a sad thing when the commitator passes on and the producer must then take over. Good Luck Jan, in your endevours as the main guy, the big cheese, the one the only the Ribs look alike Jan Bulis

Odds and Ends...

Two RCMP constables were married yesterday. In a Liberal like tactic, PM Stephen Harper quickly restained his pack from barking up the wrong tree, and potentially give the leftest party's some momentum. Isn't is a shame the PM is constraining 120 MP's fundamental freedom of free speech. Shouldn't MP's be allowed to say what they feel about an issue that the PM promised to have a free vote on. It would appear that the homosexual viewpoint is the first political promise that the newly elected Conservatives are back away from. It shows, regardless of the political party, they all eventually will move away from issues that they previously felt stong about... In other news the Ducks fought back against there opposition. Now the Edmonton Oilers know how the US VP's friend felt when he was mistaken for a duck and got shot. The Edmonton Oilers became the lame duck after a 6-3 loss last night... the PM is also planning to make a formal apology to the Chinese for the head tax in the early 1920's. Whats the point. Every immigrant experiences some form of administration fee. If a non-refugee wanted to immigrate to Canada it certainly would cost them more than $500 in time and paper work... I say let bygones be bygones and forget it every happened. PM Harper wasn't responsible for it, so apologizing for something he didn't do seems like a staged media event to me... Don't forget about the Liberals leadership campaign. Its not as bad as the Californee election, but on a Canadian scale its certainly is confusing seeing a list of 9 potential canidates of which only 3 have a shot at winning. The rest are fighting for exposure and a chance at a future cabinet post. Why not it worked for Stockwell Day, or did it?

50 Posts past...

Recently at the Accounant's Perspective and the Accounting Reserach blogs, the 50 post mark has been surpassed, as like Jan (the producer of Rib the Kid), I Jonathan Charles Krohn, producer at large, promise me, my self and I (who are the most devoted readers of this blog), to do even better in the next 50 posts in the race towards the century mark!!!!

Proud to be Liberal if it Means maintaining Social Spending

Maintaining whats left of Canadian social life style is very important. Cutting Taxes will not alleviate the need for additional money to be spent on healthcare, education, infrastructure improvements and debt repayments.
Mr. Harper's first budget was a gift budget, as regardless of opposition pressures it was not going to be defeated. Given the time for Canada's brokerage party to rebuild and regroup and try to come to grips of what their social policies really are, they will be back in power by at least 2010.
I believe in Harpers Christian principles, I'm against same sex marriage, but at the same time regardless of the size of majority he can win in the next election he won't take away the so called right, a few years after it was given.
Mr. Harper's time in office needs to be focused on fixing the healthcare system, and maintaining the balanced budget, which are things that will indear him to the Canadian voting public. And who knows, if he can be a fiscally responsible, social welfare supporter he could break the Liberal hold on the brokerage system.

Deficits
Without sounding too Liberal :} here's a good website, which illustrates the rate of growth of the US deficit. <http://www.brillig.com/debt_clock/>

Federal Governments' regardles if its in Canada or the USA seems to have a license to over spend taxpayers money.

The last 10 years has been prosperous for Canada and the national debt has shrunk to early 1990's proportions.

The debt burden in Canada according to some economists is similar to that of Canada. The average debt American is 27,953.14, compared to an average of 23,000 per Canadian family.

PS. I did vote for the Conservatives, I guess I just a malcontent, picking apart the party that I supported.

Myth # 2 You Don't Have to File a Tax Return

There are some chaps, I hear who claim that they have not filed a tax return in years. They go on to claim that the government is not capable of forcing them to file a tax return because the Income Tax Act is unconstitutional and unenforceable. As previously acknowledged the ITA is contitutional and legal.

Has there been individuals that have been (as Ribs would say) 'dimwitted' enough to not file an income tax return?

Lets see...

1. North Bay man fined $3,000 for not filing corporate and personal tax returns
2. Sudbury man fined $6,000 for not filing tax returns
3. Kingston companies and director fined $32,000 for not filing corporate tax returns
4. Brockville man fined $4,000 for not filing tax returns
5. Not filing tax returns nets $10,000 fine for Kitchener doctor
6. Atikokan business fined $4,000 for not filing tax returns
7. Port Stanley businessman fined $7,000 for not filing tax returns
8. Echo Bay man fined $3,000 for not filing tax returns
9. Ottawa man fined $3,000 for not filing tax returns
10. Webbwood man fined $4,000 for not filing tax returns
11. London man fined for not filing tax return
12. Gore Bay man fined $3,000 for not filing tax returns
13. Kingston man fined $6,000 for not filing tax returns
14. Sarnia man fined for not filing tax returns
15. Not filing tax returns nets fines totalling $10,000
16. Ilderton man fined $5,000 for failing to file tax returns

After listing just a few of the cases, Ribs has been proven right again. Just maybe, his Site meter does count in millions...

The Honest People

While checking the lists of all the tax offenders, I came to a conclusion. The northern regions of Canada has the most honest people. Under the North West Territories, Yukon and Nunavut, there has been no tax avoidance or fraud committed in the first five months of the year. Notable mention goes out to PEI who currently has one case. These null numbers are compared to our own beloved provinces low number of 43 in the first five months.

Cash Deals Part 2

Back to the theory of the honest tradesmen. The myth that the tax system as being illegal has been proven not to be true. It was true that the income tax act was suppose to be temporary, to help finance the Great War, but has never been repealed. Before the war expenses f operating the country were minimal. Health Care or education did not require the huge capital layouts that the require today.

The Income Tax Act mandates that all cash payments are subject to GST, and you have to report them on your annual income tax return. If one fails to do so, whether by neglect or with malicous intent it results in tax evasion, which has serious legal and economic consequences.

Is Avoiding Paying GST worth the Effort?
The punishments ranges from: pay significant fines, to
loosing your assets, to have your name published in the newspaper or on the Web or going to jail.

Don't think I'm fooling about the comment above. CRA does publish the names and cases of offenders on their website. The only question remains, Is your name up there?
The URL is :http://www.cra-arc.gc.ca/newsroom/convictions/menu-e.html
(the website included personal income tax fraud as well as failure to report and pay GST).

Be Informed about giving to Charities

Know the charity your giving a donation to!!!
If the Charitable status of that particular institution has been revoked or is under review you will loose your charitable tax credit.

Check out the cra website:https://apps.cra-arc.gc.ca/, by following the links to taxpayer information section you can find a link to the list of recently revoked and invoked charities.
All you need is the name of the charity or a general area in which it operates.
The CRA website will then present a listing. Remember in Canada the tax system is a self-assessment system, and it is the taxpayers responsibility to ensure that their proposed charitable tax credits come from creditable and legal sources.

CAT= Creditable, Authorized, Trustworthy

Myth # 1 Federal income tax is unconstitutional

Constitution:

• Section 91 of the Constitution says the federal government can raise money "by any mode or system of taxation."
• Section 92 says the provinces can impose "direct taxes within a province" to raise revenue for provincial purposes.
• As a result, while federal and provincial taxing powers overlap, the federal government can levy both indirect and direct taxes, including income tax.

Court Decisions:

• The courts have confirmed the power of the federal government to levy direct taxes including income tax. No court in Canada has ever agreed with the idea that the federal government cannot levy income taxes.
• The 1950 Supreme Court decision concerning the Lord Nelson Hotel in Nova Scotia dealt with the issue of whether the federal government and a provincial government could delegate authority to each other on specific issues of labour and taxation. The Court did not address the issue of imposing direct taxes or their constitutionality.
  In Canada, if citizens feel a law is unconstitutional, they may ask the courts to declare it so. Until that happens, the law applies.

False/ Misleading Information

• A number of individuals and groups are actively promoting claims that there are lawful ways to declare oneself exempt from tax. Relying on such "advice" could result in action from late-filing penalties and interest imposed by the CRA to fines and imprisonment imposed by the courts -- in addition to having to pay your taxes.
• Before paying for such information or participating in such groups, seek advice from a trusted and knowledgeable tax professional or the CRA.

No Cash Deals (CRA)

PROTECT YOURSELF!! What to do when you hire a contractor: When a contractor works on your home, you need to be protected from a number of risks. These risks exist whether you are hiring someone for a simple home repair, a large renovation project, the construction of a new home or cottage, or to work on a rental property you own.
Cash deals without contracts mean a lot of risk for you. Contractors who don't issue receipts and don't prepare contracts are risky and may not protect you from accidents or their mistakes. You could face lawsuits and financial loss if there is a work-related injury or damage to your property.
Without a contract, you could lose any deposit or advance payment given to the contractor, or find yourself charged far more than you expected. There is little you can do about poor quality or incomplete work and no assurance that you will get warranty coverage and after-sales service.
If you participate in the underground economy, you affect the government's ability to provide services such as health care, pensions and employment insurance. The CRA takes this problem seriously, and has over 1200 employees involved on identification, audit and enforcement initiatives aimed at addressing the underground economy.

Cash or Contract?
This Revenue Canada annoucement on their website depicts a Christians (and all other taxpayers), to enter honest law abiding contracts. A Christian should not be in the business of cheating the government regardless of how much one thinks the tax man is out to get them. Christ commands his followers to pay taxes and avoid illegimate business activities, when he said "give unto Cesear the things that are Cesear's and unto God the things that are Gods". Too many people are content to make cash payements and avoid the GST or PST, thinking that no one will ever be the wiser, but God knows when we cheat on our income tax returns or enter into aggressive tax planning. Tax fraud whether it is cash sales or on your tax returns, illustrates the level of obedience we have in following all of the 10 commandments. The question remains when is it permissable to enter into civil disobedience [and not pay taxes for this reason), because the governemnt may use your tax payer dollars to fund things like abortion etc] and not violate Gods commandments?

Habs Fan Nears Record

Rib's Really Radical Blog, has come to the attention of the noted Hab antagonist (J.C.K). He has set record breaking proportions with last months site meter, which totals 177 so far. Fans of Rib the Kid need to log on at least 123 more time to shatter the all time monthly visitation record of 300.

Ribs commented in interview "that it is an honour to serve his readers", he goes on to say that "his blog is the highlight of many of his subscribers day, as they log on as early as 5:00 am to read the inspired words of the hamster extrordinaire.

Rich Canucks?

Heres a triva question. Who is the current majority owners of the Toronto Maple Leafs? Answer is of course the Ontario Teachers Pension Plan.

The CPP holdings was announced today growing $98 billion (of which some will be used to pay pension plans to hard working hockey fans :})

"In its annual report released Wednesday, the CPP said its portfolio grew by $16.7 billion in the past year, with $3.6 billion of the increase coming from net new contributions and investment gains accounting for the other $13.1 billion."

Currently $63 billion of its $98 billion portfolio is invested in Canada. Shouldn't some of our retirement plan be invested to support our own economy. Why don't the directors of the pension plan invest in hockey, and reclaim Canada's American owned franchises (ei. the Montreal Canadians)? It might be a good investment if the Habs can sign some good players and a number one goalie who can play in the playoffs. And if the franchise can't make an acceptable rate of return it could always be sold back to the league like major league baseball did with the Expos :) and move to Las Vegas and become the Lost Canadians. I know, I know with their current team, there's not much difference to the possible name of the future. :)

Heres some factual components of the CPP portfolios:

"The $98 billion CPP portfolio is made up of:
$57.3 billion in publicly-traded equities.
$4.4 billion in private equities.
$27.2 billion in bonds.
$4.2 billion in real estate.
$4.0 billion in inflation-linked bonds.
$0.3 billion in infrastructure.
$0.6 billion in cash and money market securities."

Hockey Article -- "The Habs and the Hab Nots"

The gap between the rich minority and the poor majority has risen to 28 % of the total income earned by the 10% richest individuals. This is compared to the bottom 10% of Canadians who earn 1.6% of the national average. The average income in the top financial bracket is 187,000, compared to just 10,000 for the poorest Canadians. The increasing disparity between the have and the have nots has recently drawn some comparisions with the current play of the Montreal Canadians. They have turned out to be the "Hab nots" as opposed to the "Habs". Which is more embarrassing to miss the playoffs by one point or to be up 2-0 in a series and loose 4 straight. Better luck next year for Montreal. The one consistent mistake has been trading away their top goaltender and then floundering for a decade until another rookie emerges who due to fate will be left out to dry and then propmtly traded. The Harold Ballard era in Montreal has begun, with their poor trades and ineffective free agent signings.