Reporting Money to Customs at the Canadian Border

When traveling to and from Canada, there are rules surrounding what youre allowed to bring into and out of the country. Canadians returning home must declare any goods they purchased or otherwise acquired while out of the country. This includes things like gifts, prizes, and awards, including items that will be shipped later. Anything purchased at a Canadian or foreign duty-free shop also must be declared.   A good rule of thumb when returning to Canada through customs: If youre not sure whether or not  something needs to be declared, its better to declare it and clear it with border personnel. It would be much worse to fail to declare something that officers discover later. Officials can seize any goods being illegally imported into Canada and, if  caught, youre likely to face penalties and fines. If you try to bring a firearm or other weapon into Canada without declaring it, you could face criminal charges. Bringing Money Into Canada There are no limits to the amount of money that travelers may bring into or take out of Canada. However, amounts of $10,000 or more must be reported to customs officials at the Canadian border.  Anyone who fails to report amounts of $10,000 or more could find their funds seized, and face a penalty between  $250 and $500. If you are carrying $10,000 or more in coins, domestic and foreign bank notes, securities such as travelers checks, stocks, and bonds, you must complete a Cross-Border Currency or Monetary Instruments Report - Individual Form E677. If the money is not your own, you should complete Form E667 Cross-Border Currency or Monetary Instruments Report - General. The form should be signed and handed to a customs officer for review. Completed forms are sent to the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) for assessment and analysis. Non-Canadians Visiting Canada Anyone bringing goods into Canada must declare them to a border officer. This rule applies to cash and other items of monetary value. Its a good idea to have some idea of exchange rates because the minimum amount required to be declared is $10,000 in Canadian dollars. Personal Exemptions for Returning Canadians Canadian residents or temporary residents returning to Canada from a trip outside the country and former Canadian residents returning to live in Canada may qualify for personal exemptions. This allows them to bring a certain value of goods into Canada without having to pay the regular duties. Theyll still have to pay duties, taxes and any provincial/territory assessments on the value of goods above the personal exemption. Future Issues at the Border The Canada Border Services Agency keeps a record of violations. Travelers into and out of Canada who develop a record of infractions may have issues crossing the border in the future and may be subject to more detailed examinations. Tip: The best course of action for anyone entering Canada, whether youre a citizen or not, is to have your identification and travel documents readily available.   Be honest and be patient, and youll be on your way quickly.

A Poem Of Changgan By Li Po - 864 Words

The poem I read for this assignment is â€Å"A Poem of Changgan† by Li Po. I was surprised by that I can find a Chinese poem in the website. Li Po is one of the greatest poets in China and wrote hundreds of poems during his lifetime. This poem describes a merchant woman’s love story. Li was using a young woman live in Changgan as first person in the poem, and the poem is based on her narrative of her life. In the poem, young woman’s husband was traveled to another place for business purpose, and she has to stay home and waiting for him to come back home. It is very uncommon for a woman to travel with her husband for business in that era. The poem portrays her love, her loneliness, and her eagerness to see her husband through both physical and emotional expressions. The poem started with descriptions of her childhood with her husband. The first line, â€Å"My hair had hardly covered my forehead†, reveals that she was in her early age because her hair hasn’t fully grown. â€Å"Green plum† and â€Å"bamboo horse† can combine together to form a Chinese idiom, which means a boy and a girl have known each other since their childhood. They have a happy childhood and spend a great amount of time together. I can imagine their childhood when I read through first stanza. â€Å"Picking†, â€Å"playing†, â€Å"trotting†, and â€Å"throwing† illustrate their childhood through various actions and provide a detailed image for readers. The first stanza end with â€Å"Both of us young and happy hearted†, I think this line emphasize

Total Revenue Free Essays

The principle that a till will maximize its prompt (or minimize Its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost. (McConnell, 2010) According tour text the MR.=MAC rule applies to all firms whether they are purely competitive, monopolistic, unapologetically competitive or logistically. We will write a custom essay sample on Total Revenue or any similar topic only for you Order Now (McConnell, 2010) Using Microsoft Excel. Graph the data in Columns 9 and 10. 4. The profit maximizing or (loss minimizing) output for this firm is 9. That is the last output quantity where the marginal revenue ($165) exceeds the marginal cost ($162). There is an economic profit after producing more than a quantity output of 3. This is the point where Total Revenue exceeds the Total Cost. 5, A firm in pure competition Is considered a â€Å"appreciate† because a firm that Is In pure competition cannot attest their product’s price changing the amount to the product that it sells. They can only maximize the product’s economic profit (or minimize its loss) by adjusting its output How to cite Total Revenue, Papers

Events after the Reporting Period Financial Reporting

Question: Describe about the Events after the Reporting Period for Financial Reporting. Answer: The provisions as regards computation and discloser of deprecation are contained in the AASB 1021. In respect of the change in the rates and method of depreciation, the provisions of paragraph 6.3 this standard require that effect of such change must be given in the current year financial statements and the depreciation for the future years must be computed considering such changes (AASB 1021, 1997). Further, the standard also provides that the prior period financial statements should not be given any effect in respect of the changes in the rate and method of deprecation (AASB 1021, 1997). Applying these provisions to the current case of Rainyday Ltd, the depreciation for the financial year 2015-16 would change as has been worked out below: S.No. Description Amount ($) A Cost of manufacturing equipment 500,000.00 B Life 10 C Residual value 0 D Depreciation per year (A-C/B) 50,000.00 E Depreciation for 2013-14 and 2014-15 (D*2) 100,000.00 F Written down value on 01.07.2015 (A-E) 400,000.00 G Revised life 6 H Revised depreciation from 2015-16 and onwards (F/G) 66,666.67 Thus, it can be observed from the above that the depreciation for the financial year has changed from $50,000 to $66,666.67 as a result of change in the effective useful life of the equipment. The change in the depreciation is non-adjusting item for the previous financial years; therefore, the directors of Rainyday Ltd are advised not to make any adjustments in the accounts for this change for the previous financial years 2013-14 and 2014-15. 1(b) As per the provisions of the AASB 108, the adjustment for the errors and omissions of the previous periods is given in the current financial statements by restating the assets, liabilities, and the equity. Further, tax effect of such adjustment is accounted for in accordance with the provisions of AASB 112, Income Taxes (AASB 108, 2013). In the case of Rainyday Ltd, the repair expense of $25,000, which remained unaccounted in the year 2015, need to be adjusted in the books in the year 2016. The adjusting journal entries for Rainyday Ltd are given below: Journal for Prior Period Adjustments: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 5-Jul-16 Repair expense 25000 Cash 25000 30-Jun-16 Retained earnings 25000 Deferred tax 7500 Repair expense 25000 1(c) As per the provisions AASB 9, the measure fall in the fair value of the equity instrument is recognized in the financial statements (AASB 9, 2010). Further, the provisions of the AASB 110 entail that the events taking place after the closer of the financial year but before the finalization of the financial statements, should be adjusted (AASB 110, 2011). Therefore, Rainyday Ltd should adjust the loss of $350,000 ($800,000-$450,000) in the profit and loss account for the financial year 2015-16 by passing the following journal entry: Journal: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 30-June-16 Profit and loss account 350000 Equity investment account 350000 1(d) In the current situation, the since the debtor of the company has gone bankrupt before the finalization of the financial statements, the event is adjusting nature as per the AASB 110 (AASB 110, 2011). Therefore, the RainydayLtd should write off the remaining amount $450,000 as well in the financial year 2015-16 itself by passing the following journal entry: Journal: Rainyday Ltd 2015-16 Date Description Debit ($) Credit ($) 30-June-16 Profit and loss account 450000 Bad debts 450000 2. Journal for share issue: Sunny Ltd Date Description Debit ($) Credit ($) 31-Jan-16 Cash Trust 1,890,000.00 Application 1,890,000.00 (For application money on ordinary shares received) 31-Jan-16 Cash 30,000.00 Share options 30,000.00 (Issue of 60000 share options at 50c each) 12-Feb-16 Application 1,890,000.00 Share capital 1,800,000.00 Share allotment 90,000.00 (For shares allotted and excess money received on application adjusted toward allotment) 12-Mar-16 Cash 1,890,000.00 Cash Trust 1,890,000.00 (Transfer on allotment of shares) 12-Mar-16 Allotment 600,000.00 Share capital 600,000.00 (Allotment money due on 600000 shares) 12-Mar-16 Cash 493,000.00 Allotment 493,000.00 [Allotment money received on 580000 shares=$580000-$90000)] 20-Mar-16 Share capital 80,000.00 Share forfeited (630000/600000*20000)=21000 shares*$3 63,000.00 Allotment 17,000.00 (20000 shares forfeited) 5-Apr-16 Cash 74,000.00 Share forfeited ($4-$3.70)*20000 6,000.00 Share capital 80,000.00 (20000 forfeited shares reissued @ $3.70 per share) 5-Apr-16 Share forfeited ($63000-$6000) 57,000.00 Share re-issue costs 3,600.00 Cash 53,400.00 (Balance in share forfeit after meeting reissue cost paid back) 30-Jun-16 Cash (50000*$4.2) 210,000.00 Share capital 210,000.00 (50000 shares issued against 50000 options allotted) 30-Jun-16 Share options 30,000.00 Share capital 25,000.00 Lapsed options reserve 5,000.00 (Write-off of options exercised, and lapsed) 3. Computation of current tax Amount ($) Amount ($) Accounting profit before tax 190,750.00 Add: Adjustments for taxation purpose Depreciation equipment (Accounting) 40,000.00 Depreciation - motor vehicles (Accounting) 15,000.00 Entertainment expenses (not tax deductible) 4,500.00 Provision for annual leave 11,000.00 Provision for warranties 6,900.00 Rent payable 6,000.00 83,400.00 Less: Adjustments for taxation purpose Prepaid insurance 3,000.00 Government grant (exempt from income tax) 30,000.00 Depreciation equipment (taxation) 60,000.00 Depreciation - motor vehicles (taxation) 12,000.00 Taxable profit 169,150.00 Tax Rate 30% Current Tax 50,745.00 Temporary Differences Tax base Carrying amount Taxable temporary differences (liability) Deductible temporary differences (asset) Prepaid insurance - 3,000.00 3,000.00 Equipment 340,000.00 360,000.00 20,000.00 Motor vehicles 48,000.00 45,000.00 3,000.00 Provision for annual leave - 11,000.00 11,000.00 Provision for warranties - 6,900.00 6,900.00 Rent payable - 6,000.00 6,000.00 Total 23,000.00 26,900.00 Deferred Tax Asset/ liability Amount ($) Deductible temporary differences (asset) 26,900.00 Less: Taxable temporary differences (liability) 23,000.00 3,900.00 Tax Rate 30% Deferred Tax Asset 1,170.00 Journal Entries S.No. Description Debit ($) Credit ($) 1 Deferred tax asset 1,170.00 Profit and Loss 1,170.00 2 Profit and Loss 50,745.00 Current tax 50,745.00 4 Journal Entries Date Description Debit ($) Credit ($) 1-Jul-13 Equipment 800,000.00 Cash 800,000.00 30-Jun-14 Depreciation expense 152,000.00 Accumulated depreciation-equipment 152,000.00 [($800000-$40000)/5] 30-Jun-14 Accumulated depreciation-equipment 152,000.00 Equipment 152,000.00 30-Jun-14 Profit and loss 152,000.00 Depreciation expense 152,000.00 1-Jul-14 Equipment 82,000.00 Revaluation reserve 82,000.00 $800,000-$152,000=$648,000 (WDV) ($730,000-$648,000= Revaluation reserve) 30-Jun-15 Depreciation expense 115,000.00 Accumulated depreciation-equipment 115,000.00 [$730000-$40000]/6 30-Jun-15 Accumulated depreciation-equipment 115,000.00 Equipment 115,000.00 30-Jun-15 Profit and loss 115,000.00 Depreciation expense 115,000.00 30-Jun-16 Profit and loss 201,333.33 Revaluation reserve ($82000/6) 13,666.67 Impairment loss [($730000-$115000)-$400000] 215,000.00 30-Jun-16 Impairment loss 215,000.00 Equipment 215,000.00 30-Jun-16 Depreciation expense 72,000.00 Accumulated depreciation-equipment 72,000.00 [($400000-$40000)/5] 30-Jun-16 Accumulated depreciation-equipment 72,000.00 Equipment 72,000.00 30-Jun-16 Profit and loss 72,000.00 Depreciation expense 72,000.00 30-Sep-16 Cash 390,000.00 Accumulated depreciation 339,000.00 Loss on disposal 71,000.00 Equipment 800,000.00 30-Sep-16 Revaluation reserve ($82000-$13666.70) 68,333.33 Profit and loss 2,666.67 Loss on disposal 71,000.00 5. As per the provisions of the AASB 136, the allocation of the impairment loss of a cash generating unit is made first to the goodwill and then to the other assets in the proportion of their carrying amounts. However, it should be kept in mind that the allocation of the impairment loss in such a manner does not result in excess of the amount that would have been calculated considering a particular asset singly (AASB 136, 2010). In accordance with the relevant provisions of AASB 136, the computation and allocation of the impairment loss of CGUs of Movies Ltd is presented below: Computation of impairment loss for cash generating units Cash Generating Units Cinema ($) DVD Sales ($) A. Fair value less cost to sell 780,000.00 318,000.00 B. Value in use 900,000.00 290,000.00 C. Recoverable value (higher of A and B) 900,000.00 318,000.00 D. Carrying amount of cash generating unit 1,019,000.00 326,000.00 E. Impairment loss (D-C) 119,000.00 8,000.00 Allocation of impairment loss: Cinema Carrying amount ($) Impairment loss allocated Max limit (individual impairment) Goodwill 45,000.00 5,301.98 Furniture and fittings 205,000.00 24,153.47 Electrical equipment 110,000.00 12,960.40 Land and buildings 625,000.00 73,638.61 75,000.00 Licence 25,000.00 2,945.54 1,000.00 1,010,000.00 119,000.00 Allocation of impairment loss: DVD Sales Carrying amount ($) Impairment loss allocated Max limit (individual impairment) Furniture and fittings 25,000.00 873.36 Electrical equipment 10,000.00 349.34 **Land and buildings 179,000.00 6,253.28 4,000.00 Goodwill 15,000.00 524.02 229,000.00 8,000.00 **Note: In case of land and building, the impairment loss considering land and building as single asset comes to $4,000, but the in CGU allocation it comes to $6,253.28. As per provisions of AASB 136, max amount that can be allocated would be $4000 only. Journal Entries Date Description Debit ($) Credit ($) 30-Jun-16 Profit and loss 127,000.00 Impairment loss-Cinema 119,000.00 Impairment loss-DVD Sales 8,000.00 30-Jun-16 Impairment loss-Cinema 119,000.00 Goodwill 5,301.98 Furniture and fittings 24,153.47 Electrical equipment 12,960.40 Land and buildings 73,638.61 Licence 2,945.54 30-Jun-16 Impairment loss-DVD Sales 5,746.72 Furniture and fittings 873.36 Electrical equipment 349.34 **Land and buildings 4,000.00 Goodwill 524.02 References AASB 110. (2011). Events after the Reporting Period. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB110_07-04_COMPdec09_01-11.pdf AASB 136. (2010). Impairment of Assets. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf AASB 1021. (1997). Deprecation. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content102/c3/AASB1021_8-97.pdf AASB 108. (2013). Deprecation. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB108_07-04_COMPdec09_01-11.pdf AASB 9. (2010). Financial Instruments. Retrieved September 13, 2016, from https://www.aasb.gov.au/admin/file/content105/c9/AASB9_12-10.pdf