Online banking has opened up new opportunities for consumers to earn higher interest rates on their money . Online banks do not have to support bricks and mortar and as a result offer higher interest rates to their clients.
As with any new way to do business, it has also attracted fraudulent operators who are attempting to defraud people of their money. Before putting your money in with an online bank or credit union check them out to be sure they are legitimate.
For banks the Federal Deposit Insurance Corp. (FDIC) can determine if you are dealing with a legitimate bank.
For credit unions the National Credit Union Administration (NCUA) can validate if the credit union you are dealing with is legitimate.
Before depositing your money – always check to ensure you are dealing with a legitimate online banking organization.
Greg Libbrecht – President, Platinum Books & Five Star Accounting
Just a reminder – our office will be closed on Friday, April 19.
Wishing you a very Happy Easter filled with plenty of love and happiness.
Greg Libbrecht and the Team at Platinum Books & Five Star Accounting
Effective April 1 the Federal Government imposed tax is in place in Manitoba, Saskatchewan, Ontario and New Brunswick. The Federal Tax is $20 per tonne this year and will increase annually by $10 per tonne until it reaches $50 per tonne in April 2022.
This year the price of a litre of gas will increase by 4.4 cents, about 4 cents a cubic metre of natural gas and it will drive up the price of propane, butane and aviation fuel. Here in Manitoba we saw the impact immediately as prices at gas stations increased on April 1. Businesses and consumers will be paying more for many items they purchase.
The government has created a rebate system that they say will return most of the extra costs incurred by consumers in the form of an income tax rebate. They have not revealed details on how they will deal with the increase costs incurred by small to mid-sized businesses.
The new tax has resulted in uncertainty on how businesses should react – can they afford to absorb the costs or should they pass on at least part of the costs to customers. If you are unsure, contact us and we can help you assess the impact on your business and recommend an action plan.
Greg Libbrecht, President – Platinum Books & Five Star Accounting