On July 8, 2014 the Canada Revenue Agency released a new version of form T1135 Foreign Income Verification Statement. After July 7, 2014 taxpayers who have over $100,000 of foreign property and investments must use the new form to report information about their “specified foreign property” for 2014 and later taxation years.
There are several new items and clarifications on the revised form:
The T3/T5 reporting exception has been eliminated. Taxpayers must report all “specified foreign property” even if the income from it is included on a T3 or T5 slip.
The instructions clarify what exchange rate to use for foreign currency conversions.
The explanation of what is included in the definition of “specified foreign property” is changed to point out that shares of a Canadian company that are held outside Canada are considered “specified foreign property”. This would also apply to other Canadian investments that are held outside Canada.
A new category is added to the form for reporting “specified foreign property” that is held in a Canadian securities dealer account. This new category allows taxpayers to report totals by country for “specified foreign property” held in a Canadian securities dealer account, rather than reporting the details for each item in the account. The taxpayer can report country by country totals for each account, or for each securities dealer they have an account with.
CRA’s announcement and links to the new form can be found at http://www.cra-arc.gc.ca/E/pbg/tf/t1135/
Senior Consultant Cathy McPhail on making every word count with prospective clients, employers and other business contacts
Today’s small business climate demands that many first meetings take place virtually. You might have experienced it yourself; travel was too pricey, the meeting was scheduled last minute and hey, Skype is free. We have reached a point where it’s even possible to manage entire projects and relationships remotely.
This new chapter in professional communication has opened up questions around the importance of the first impression. Salespeople have long understood that the way you are perceived has an effect on your credibility and your ability to influence others’ decisions. Aristotle, the ancient Greek philosopher, included ‘ethos’ (‘showing moral character’) as one of the three elements of persuasion. But good eye contact and a firm handshake don’t really apply on screen or over the phone.
Perhaps we’re exaggerating a little. After all, it’s unlikely that you will land a new client or business partner by electronic or digital means and then carry out a contract without even having looked one another in the face. Still, there is potential to get much further down the path than you would have 15 years ago without actually meeting.
So is there a replacement for the first impression? Well, my answer may surprise you, but only because it isn’t anything particularly new. I believe that what we write is one of the biggest determinants of how we come across professionally, whether it’s to clients, potential employers or a new business partner.
Richard Branson, founder of Virgin Group notes in his book Losing My Virginity, How I’ve Survived, Had Fun and Made a Fortune Doing Business My Way, “In the same way that I tend to make up my mind about people within thirty seconds of meeting them, I also make up my mind about whether a business proposal excites me within about thirty seconds of looking at it. I rely far more on gut instinct than researching huge amounts of statistics.”
Your present thought process might sound something like this: “But my writing is fine. I always read things twice and, while I might not be a wordsmith, I get the job done!” A 2012 U.S. survey by the Society for Human Resource Management and AARP indicates otherwise, finding that 45% of employers planned to increase staff training programs to improve grammar and other skills. If you need further convincing on the need for better writing in offices, take a look at this article from Melissa Donovan of WritingForward.com.
Perhaps you think an extra apostrophe or a misplaced comma doesn’t have much of an effect. A recent LinkedIn study by Grammarly found that professionals who had fewer grammar errors in their profiles achieved higher professional positions than those who made more grammar mistakes. The study also showed that those with fewer errors had racked up more promotions over 10 years. And to cite a slightly extreme example of how poor spelling and grammar can impact one’s job prospects, Kyle Wiens, owner of iFixit.com and Dozuki, wrote a 2012 blog post for the Harvard Business Review in which he explains why he refuses to hire people with bad grammar. “Yes, language is constantly changing, but that doesn’t make grammar unimportant. Good grammar is credibility, especially on the internet. In blog posts, on Facebook statuses, in e-mails, and on company websites, your words are all you have. They are a projection of you in your physical absence.”
No one (except maybe Wiens) is saying you are dumb if your linguistic abilities aren’t up to snuff. We all have our gifts and our shortcomings. But if you aren’t taking the extra step of having someone who is a solid writer take a look at your final draft before it goes out the door, you might have a problem.
A seamstress friend once told me it is amazing what good ironing can do. What ironing is to clothes, quality control is to writing and report preparation. If you have someone in your office who has the ability and time to look over your written work, wonderful. If not, take a look online for local copywriters and editors who you can hire on a contract or per-project basis to efficiently handle this aspect of your projects.
In the meantime, here are some great resources to remind you of some of those nitpicky little rules that will keep the receiving end from cringing, or worse!
...Don says it's the way we always find time for some fun!
I have been with MRSB Consulting Services for five years and have had some great experiences here, both working with our clients and spending time with my ever-creative colleagues. We definitely work hard, but we also know how to shake up the work week with a bit of fun.
Often our initiatives center around fundraising or volunteering in the community. To name just a few, we've taken part in Bowl For Kids Sake, Think Pink Day, Run For the Cure and Movember. Another way we like to spend quality time as a team is by getting active through different outdoor and indoor fitness initiatives like the PEI Marathon, bootcamp and the Deltaware Fun Run.
Then there are the events we organize ourselves to keep us connected and motivated. Boat cruises, BBQs, golfing, the MRSB Olympics (yep, we've done that) and parties are all par for the course and, like all true Islanders, we take advantage of the few weeks of summer sun available.
Because pictures speak louder than words, here are a few photos of the team that we've collected through the years. Enjoy!