Happy Mothers Day!

Mother's Day and What it Really Means

To understand Mother's Day and what it really means, you need to understand the person in your life called 'Mother'.

Mother is one who nurtures you in her womb for nine months and brings you forth to enjoy the supreme blessing on earth, that is, Life. Mother is one who guides you through your infancy and turns the soft, helpless creature to the powerful and successful YOU.

She is the guardian angel protecting you and supporting you, feeling for you and serving you silently always with a smile on her face. She prides herself watching you grow and provides you a shoulder to cry on whenever you need. She is every child's best friend. For a child, every single day should be a Mothers Day.

The essence of the meaning of Mother's Day is in the fact that we should try and make this day every year a memorable one for your mother. She should cherish the special feeling of this day and the intensity of that feeling should last her the lifetime.

This is the day to stop, remember, and pray for that special person in our life, without whom we would not have been, what we are today; a day to prove that all her efforts, towards making us a complete person, have been worthwhile and make her feel proud for us.

In the broader sense of the term, Mother's Day is a day to be grateful to God for being so kind as to bless us with an angel in the form of Mother.

Happy Mothers Day!

So How Much Do You Owe?

Payment to CRA of your balance owing for 2007 personal income tax was due yesterday for all personal income tax filers including self-employed.

If you did not pay your 2007 taxes on time or if there is a balance owing for 2007 on your Notice of Assessment, CRA will charge compound daily interest starting May 1, 2008, on any unpaid amounts owing for 2007.

This includes any balance owing if they reassess your return.

In addition, CRA will charge you interest on any penalties, starting the day after your return is due. The rate of interest they charge can change every three months.

Currently, the interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums is 8%.

If you have amounts owing from previous years, CRA will continue to charge compound daily interest on those amounts. Payments you make are first applied to amounts owing from previous years.

If you owe tax for 2007, and do not file your return for 2007 on time, CRA will charge a late-filing penalty.

The penalty is 5% of your 2007 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.

If they charged a late-filing penalty on your return for 2004, 2005, or 2006 your late-filing penalty for 2007 will be 10% of your 2007 balance owing, plus 2% of your 2007 balance owing for each full month that your return is late, to a maximum of 20 months.

As you can see, it is in your best interest to pay them as soon as possible and I may be able to help you with that.

Just go to my website www.joemalek.com , click to get started and then click on 2nd mortgage link to complete your online request and please, don’t hesitate to call me with any questions.

Thank you

Joe Malek, AMP
www.joemalek.com