Canadian Revenue
Wednesday, November 11th, 2009Canadian Revenue
Did Canadian Revenue Agency screw up my reassessment?
Help! I just got this notice of reassessment and they say I owe them just under 2 grand because my revised total income was over 20 grand! Which is impossible because I didn't make anywhere near that last year. How is this possible? My amount previous assessment was only 6 thousand.
I did get a letter a few months ago about authorizing a representative (my accountant) for a reassessment but I didnt send it in yet.. does that have anything to do with it? How and where could they get such numbers from??? Any advice would help, thanks.
Ontop of that I forgot to include my T2202A amounts from school. What should I do?
The best advice I can give you at this point is to "calm down". If as you indicate, you have not earned anywhere near the number the CRA is comming up with, then there is nothing to worry about. If as also indicated you have an accountant looking after filing you income tax returns he/she should be the first person you speak with. The CRA is also bound to provide you with all the details of how they arrrived at their number. if these details were not included with your assessment there is a telephone number on your assessment that you can call to obtain this information.
Once you get all the facts together things will sort themselves out. If in fact you do owe the money favourable payment terms can be negotiated.
Don't die a thousand deaths when only one is necessary. Today is Sunday so there is nothing to be done today. Put this issue out of you mind and enjoy the moment you are in right now it is as perfect as life can be. Smile!
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Canadian Payday Loan Automated Software Press Release
It’s fast! It’s easy! It saves valuable time and money!
We are tremendously pleased and proud to introduce to you the Zippy Cash Inc. automated payday loan software 3.1! This innovative software is the first of its kind in Canada and is extremely user friendly. This will cut staffing time and allow the software to make many lending decision to save your principal for those who would statistically pay you back instead of a gut decision.
Tired of spending valuable time manually inserting all payments, loans and client information, the new automated payday loan software provides all the answers!
The President of Zippy Cash Inc., Terry Henhoeffer says “there was nothing in the Canadian market that would work so we just wrote our own. We needed something that would work with our existing software that would save time and money. We wanted a new program that would automate and eliminate all of our old processes.”
We are also excited to announce one of our many accomplishments resulting from the payday loan software. This is the development and creation of private and confidential payday loan sub-prime credit information. Data is shared between affiliated companies in order to offer a more secure way of providing loans to clients and acts as a way of verifying and confirming information. This eliminates the need of spending a tedious amount of time verifying client’s information and requesting additional information. This allows an operator to review all pay history of the client with all affiliated companies to determine whether they are a good paying client and can take the risk lending them funds. It is a huge money and time saver!
Amazing benefits associated with the automated payday loan software include:
- Automated lending decisions based on individualized criteria adjustable by each operator.
- The software reviews the borrowing history with all companies and allow you to set automated lending decisions based on past loan history – such as bank closed, nsf’s, amount of money at other brands, stopped payment history and many other criteria’s. This ensures that the principal you are lending is safer and you have much less loan losses. This eliminates easy lending decisions by a computer and could allow a person to only review the good ones and close calls. Or it could do it all.
- New application processing time has been cut down as the software automatically declines or approves clients based on personalized lending criteria
- We are able to set what we feel is comfortable for our lending criteria and the operator can override the automated decision if need be. This alone saves us money that we could be lending to good clients and allows for even new staff to process loans
- If a client’s application is approved, an email is automatically sent to the operators email account. The operator can then access the application in the software and can search for any automatic declines or existing client information
- Web bots are a compilation of all applications that were declined for that client. The operator will be able to catch clients who are lying by changing their information to get through the application process, retrieve new information on existing clients and can view the reason and store that declined the customer. This is great to have so that you know you are lending to good clients
- Depositing funds and debiting a client’s bank account by automatically uploading information to any banking institution
- The software contains all bank and transit numbers and validates transit and bank accounts and will not allow a bad bank account or transit to be entered.
- All deposits can be made to any bank account at any institution. The deposits are automatically uploaded through out the day at different times to the bank for deposit
- Prepaid debits are automatically calculated based on the amount of loan, date the loan was provided to the client, and date it is to be paid back
- Provides an option for the operator to enter in a specified amount in the pads section and create a manual pad for the next payment. A report can be automatically created so the operator can update the file and enter the manual pad
- Creates a payment file automatically each day and uploads it to the bank.
- Keeps track of all individual money transactions in each client’s file by providing two separate pages in the clients file for debits and deposits
- An operator can easily locate any client in the system and review their information such as employment, address, bank account and all debits or deposits and NSF’s
- PADs run automatically, the operator does not even need to worry about them as it is an automatic process
- Automatically retrieves the NSF report and updates the client record and next payment date and amount is calculated based on the NSF report from the bank
- Automatically adjusts balances based on whether the payment cleared or caused an NSF in each individual file
- Automatically sends an email to the client if the payment does not clear, if their loan has been deposited, or if their loan request has been declined
- Automatically calls all late clients and plays a message for them to call us
- If a payment comes back from the bank with a closed bank account status, the system will automatically apply any new bank account to the next payment if it is available in the client’s file and email the client
- Automatically updates and inserts any new banking into a client’s file if the client applies with any affiliated company
- The software also automatically updates the clients’ status based on the information from the NSF report. If a client has a payment that is returned due to a closed bank account, the status in the system is automatically updated to “no bank info.”
- There is also an option for the operator to change the status of the client. If they go into bankruptcy or credit counseling the operator can change the status and make corresponding notes.
- Information (pay history) on shared clients can easily be accessed between operators and affiliated companies.
- Most processes are now automated so the operator has less manual entries to do which frees up their time for marketing and other projects
- On the main screen within the software, the operator can access all clients files, review applications, review their bank or cash floats, and can run various reports that are automatically updated with information from the system
- When and if an error occurs while an operator is manually entering in any information (i.e. a change in pay date as requested by the client) the software will indicate if any fields are missing or if there are any errors. A message will pop up indicating what the error is so the operator can fix it immediately
- Easy access to a client’s file when they call in which is a huge time saver as you can just type in their name, verify information and process a loan request. Hit save and their loan and payments will be taken care of
- Automatically gathers existing client information and determines which are eligible to receive promotional cheques based on set requirements by the operator. All clients in the software are reviewed automatically and are run through set lending criteria and anyone that qualifies for an additional loan will be added to the mailing list.
- The software also allows for cross marketing promotional cheques. If you have more than one company you can invite your client to sign up with the other company to increase your store revenues. The software will run through the client list to determine those eligible to receive a promotional cheque for that company. The operator just has to run the report (which is compiled within minutes), print and mail the cheques.
- Based on set lending criteria by the operator, the software automatically sends emails to existing clients that indicates they are approved for a new loan or an increased amount. The email is a generic statement indicating to contact the office or website to get their loan. This saves time and generates money!
- If the client calls to borrow money, the software runs a logic check to see if they have good credit with other companies and automates the lending decision
- Ability for your online Canadian payday loan website to populate the software and the lending decisions to flow through and auto approve or auto decline the client, sending them the appropriate email and depositing their funds and setting up their next payment
- Ability for the operator to choose various reports in order to maintain and review all client activity and loan status. The reports include the following features:
a) Banking Information Available - this report generates a list showing all loans in the system for the selected company that have a status of "No Banking Info" but that have at least one active bank account in the system for the client.
b) Client Activity Report - Shows a summary of all client activity for the date range specified. Shows principal/fees/NSF paid for each client as well as loans/re-loans/cheques for each client.
c) Client Listing - Will generate a summary or detail listing of all clients for a specific company.
d) Clients Added by Month - Generates a report showing the total number of clients added for the specified date range broken down by month.
e) Data Discrepancies - Generates a report that shows possible data problems / inconsistencies for a specific company. This currently includes:
* Bad banking information
* Bad payment frequencies
f) Loan Balance Adjustment Report - Show the Principal, Fees, and NSF balance adjustments made to a loan between a given date range.
g) Loan Breakdown by Type - Shows a summary or detail report of all loans given out for the date range specified. Summary report displays one record for each loan type (New Loan, Re-loan, Cheque, Refund) and the detail report shows one line for each loan along with a total for each type.
h) Loan Reminder Report - Shows a list of all reports where the reminder date is in the date range specified.
i) Loans Flagged as "Do Not Pad" - Listing of all loans in the system that have been flagged "Do Not Pad". Loans are grouped and totaled by status.
j) Loans Requiring Attention - Lists all of the imported loans in the system requiring manual intervention.
k) Loans with Manual Pad Updates Needing Attention - Lists all loans in the system that have the "Manual Pads" flag checked and that also have a blank next pad date. This report should be run after generating a pad list to show all of the loans that now need updating.
l) Potentially Missed Pads Report - Generates a report that lists all of the loans that have a scheduled pad date equal to or earlier than today.
m) Suing Candidates Report - Shows a list of all clients matching criteria specified. Used to generate a report of people who are candidates for suing.
- The reports are easy to run and easy to read. No need to spend tedious hours manually gathering the information, the software has automated it all!
- Allows the user to determine collections status in which it will show the total amount to collect by a query that is made in the database on how late the client is and will automatically tell the operator how many NSFs and late fees to add
- Automatically keeps track of any client information that is modified in the software. If any amounts of client information are changed, the software will record the operators name in a report that can be reviewed later
- A summary report can automatically be retrieved which is a one page summary of the client’s information. It includes address, employment and all deposits and pads broken down by date for that client. This is a huge time saver as the operator can just grab the summary and send it to the client immediately
As an added bonus, the software is extremely client oriented. The software is now compatible with our website. Clients are able to visit the website 24 hours a day and have the ability to update their file, change their payments, and request loans. Once a client changes any of their information, it is automatically updated in the software. This is an enormous time saver as the client can request funds whenever they want and have their money deposited without ever having to speak with an operator. Our customers are very happy with this new service as they can request funds at their convenience even after we are closed!
Logic is included in the software which works to determine if new applications and loan requests should be approved. Logic uses individualized lending criteria and is weighed against existing information already in the software. Loan requests are approved or declined in the automated system based on this logic. It is extremely flexible and each operator can set different lending criteria. The software also allows the operator to override the original automated decision.
The Zippy Cash Inc. 3.1. Canadian software is an innovative project which provides a more advanced and easy way to maintain client’s accounts. It is a massive time and money saver as everything that used to be entered in manually has now been automated. We have been able to reduce our customer service staff by over half – this alone has provided great savings.
The biggest money saver and bonus of the whole software program, is the sub-prime credit information sharing. With client pay history made available to share with affiliated companies, lending decisions and application approvals are easier and provide more assurance since you can determine if the client has a good pay history with the other companies.
We are thrilled with the introduction on the software and remain optimistic and excited about the automated future of the Canadian online payday loan industry!
About the Author
CSR at the leading online payday loan company Zippy Cash Inc! Providing the best customer service and helping clients is what we do best! Visit us at www.zippycash.ca for more information about our loans and software!