Noteworthy:August 24.2010 - R&D Credits, 9 Phrases to Make Customers Happy, Incorporate to Protect your Small Business

  • R&D Credits for Small Business

Any business that carries out activities relating to development of a new product or process may be eligible for R&D Credits, up to 35%, on qualifying costs including wages, material costs, equipment and overhead.

  • 9 Phrases that Make Customers Happy

"I appreciate your business" and "I can solve your problem" are among phrases that please customers

  • Mistake not to Incorporate?

Protection against personal liability is a primary reason to for small businesses to incorporate. 

If you are unable to pay, the landlord could garner your wages, attach your bank account, put a lien on you house, or employ many other methods that would both make you life miserable and damage your personal credit

Tax Tips: Employment Insurance for Self Employed Individuals

In January, 2010 the Federal Government extended  Employment Insurance benefits to self employed individuals/small business owners.  The following represents some of the key details:
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American Apparel in Trouble

American Apparelmade headlines recently when it's auditors, Deloitte and Touche, resigned recently due to the increased likelihood of "potential material errors to the [December 31, 2009] consolidated financial statements."  Recently, AA announced a preliminary second quarter loss and cast doubt on it's ability to continue as a going concern.  Other interesting details:

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Accountant Shenanigans: Revenue Canada (employees)

Three Revenue Canada employees have been implicated in a criminal investigation by the RCMP for alleged fraud relating to R&D claims.  The company in question, Delvex Consulting Group, supposedly helped 3 construction companies' to apply for almost $600,000 in credits, most of which were disallowed by Revenue Canada.  Details of the allegation include:
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Accountant Shenanigans: David G. Friehling (Madoff Accountant)

Bernie Madoff accountant, David G. Friehling, was finally stripped of his license after being accused of falsely representing that the financial statement for Bernie Madoff Investment Securities, LLC (BMIS) were audited in accordance with Generally Accepted Auditing Standards (GAAS) and conformed to GAAP. 

Some of the more egregious GAAP and GAAS irregularities included:

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Filing a Copyright

A copyright is defined by the Canadian Intellectual Property Office (CIPO) as " the exclusive right to copy a creative work or allow someone else to do so."  It applies to original literary, dramatic, musical and artistic works (including computer programs) as well as sound recordings. performers performances and communication signals.

Copyright generally exists automatically when an original work is created and is protected under copyright common law, so registration with CIPO is not necessary.  However, given the nominal fee, it is still beneficial to register as a) you receive a certificate which can be used as evidence of ownership and b)it helps others find the owner of a copyright.

An individual or corporation can register a copyright online or by downloading and mailing; the fees are $50 and $65 respectively.  This is a one time fee and no renewal is necessary.  CIPO encourages you to file the application online as it is faster (and cheaper).

Additional info available here.