By Mark Lee, as originally posted on his blog, www.bookmarklee.co.uk
[Thanks to Grant Rowson, CISA, CGA, of BDO Canada Technology Solutions, Inc., for bringing this article to my attention.]
A number of people have mentioned in conversation recently how much it costs to go to the dentist. In each case their dentists are getting close to retirement and their longstanding patients are stating to look for someone new. The patients are shocked at how much more they have to pay their new dentist.
I have now posted the newly released Superintendent’s Standards for surplus income for 2010. I have also updated the Sample Surplus Income Calculation with its downloadable Excel spreadsheet.
The Superintendent’s standards are derived from the Low Income Cutoffs (LICO) released by Statistics Canada. The Superintendent of Bankruptcy uses the before-tax LICO for urban areas with 500 000 people or more.The 2010 standards are updated by adding to the 2008 LICO the 2009 Consumer Price Index (CPI) of 0.26 percent, plus a 1.7 percent adjustment reflecting the 2010 CPI expectation. Because the actual and expected changes in CPI are currently so low, there has been very little change in this year’s standards.
The most frequent question asked on this site is, “How much is my surplus income requirement?” (Surplus income is the amount of monthly income that a bankrupt must share with his creditors during the period of bankruptcy.) I have now provided a sample calculation of surplus income, with a downloadable spreadsheet that can be modified for specific cases. See Surplus Income under the Bankruptcy Rules menu item above for more information.
Directors must always ensure that the proper source deductions from payroll are withheld and then remitted. Under the Income Tax Act 227.1(1) directors who were in office at the time that
