You have a right (and a civic responsibility) to verify the identity of anyone asking information about you.  Only then should you consider answering questions - and only if they are within their legal mandate (or you voluntarily choose to answer the questions).

If someone calls claiming to be a government representative do not automatically respond.  Quick responses are not wise in any case, but you may be giving important information to a fraudster or competitor. There is a natural tendency to answer questions, but you need to exercise restraint.

Try some of these practical and simple steps to protect your privacy:

1. Get caller identification on your phone;
2. Call back the person and ask to speak to their supervisor;
3. Call the office of the person and verify that he/she is an employee;
4. Challenge them to prove they have a right to the information they seek.  

Fraud increases when times are tough. We are all busy running businesses, and if you do not keep an eye on your business, you could be a victim.

There are some basic policies and procedures that every business should have in place to reduce the risk:

• Perform background checks on your employees.   Resume fraud is one of the most common frauds that is often uncovered by checking references and backgrounds.
• Review the monthly bank statements and returned cheques.  You might notice an unusual payment.
• Review your credit cards for unauthorized purchases.
• Review your supplier payments and check any name you do not recognize.
• Keep your financial information up to date and review it regularly (at least monthly).  Many problems surface when you spot unusual amounts, comparatives or trends.
• Carefully delegate cheque signing, and set limits on the amount.  

                              BUSINESS OWNERS

Pension plans are no longer the exclusive domain of larger employers.  Small business owners have the ability to create their own Individual Pension Plan ("IPP") with many of the same benefits.

An IPP is a defined benefit pension plan - meaning the benefits you get at retirement are determined in advance. The employer makes contributions that are tax deductible from business income.   There is no taxable benefit to the employee at the contribution date.  The income is taxable when the pension plan starts to pay benefits - typically about age 65.

CRA have reported on a number of cases where taxpayers were fined by the court for failing to file tax returns of all types. The fines are typically $1,000 - $2,000 per incident, but in one case, the judge gave a conditional sentence of 135 days if the fine was not paid by a certain date. Add in legal and accounting costs, and the time wasted resolving the matter, and it starts looking expensive.

If you have any unfiled returns (GST,  HST,  corporation income tax,  personal income tax or any other form) you should file them as soon as possible.  Contact us immediately for assistance.

September 15, 2011 -- Third quarter personal tax installments due

September 30, 2011 --  Last day to purchase a qualifying home under the Home Buyers Plan (HBP) for any RRSP withdrawal made during 2010