Monday, 31 October 2016

Originally posted on Facebook - Financial Planning Tip Oct 31, 2015 - 001 Establish an Emergency Fund.

Depending on your level of risk, (to some that is the way you feel about companies or investment products, such as banks, unit trusts (money market funds)), your age, your expected retirement income, your current financial circumstances, you can decide on an amount of money which you will save either weekly or monthly or a goal towards which you are working.These funds will be placed in the absolutely safest investment that you or your advisor can think of.

Then write down in your diary or notebook the next date you will assess both the value and the placement of funds or the events which will cause you to rethink your placement of funds, such as a salary increase!

These funds are the funds which you will access for the payments for which you have not planned!

Now these payments may differ from person to person and at the start, everything may seem to fall into the emergency category, however with time, you may rethink your strategies and create other savings plans as with experience, some of the emergencies may become predictable

Originally posted on Facebook - Oct 31, 2015 - Financial Planning Tip Oct 31, 2015 - 002 Adjusting the amount of funds in retirement accounts.

For some persons, using a retirement savings plan where they can commit to a small amount monthly and add an extra amount at the end of the year can work for a period of time. This is partially due to their assessment of risk at a point in time.

For some persons, they manage their initial assessment of risk by saving an amount equal to their investment in a retirement account in a safe investment. That way they are "covered".

Perhaps their subconscious is telling them that this is not all that it seems and in real terms should the rate of tax change in the future, then the retirement income may be much smaller than planned or their family life may be one where they may be planning to take care of the grand kids at some time in the future.

In this way, there may be costs that they are willing to save towards (for those days) and which they are not willing to risk!

Thursday, 27 October 2016

Originally posted on Facebook: Financial Planning Tip - Oct 27, 2015 - 001 - (applies to Trinidad and Tobago)

Unless there is an extension, the deadline for filing the Income Tax return for Year of Income 2014 is October 31, 2015, that leaves 3 working days to submit the return without incurring a penalty.

See page 220 of the Act as filed on the BIR website:…/IRD…/IncTaxandCorporationTaxActs.pdf 

Please consult your tax practitioner or financial planner as to advice which is relevant to your situation.

Remember to collect your invoice and receipt at the time of collecting your tax return or your copy, so that they too can be tax compliant!

Originally posted on Facebook Financial Planning Tip - Oct 27, 2015 -003 Ways to reduce your taxes -

Here is a link to site for the BIR - Trinidad and Tobago on ways to reduce your taxes.…

Please consult your tax practitioner or your financial planner! Remember to collect the invoice and the receipt on making the payment for the advice as they too have taxes to pay

Originally posted on Facebook Financial Planning Tip - Oct 27, 2015 - 004 (applies to Trinidad and Tobago) Wear and Tear on Assets acquired for use in the production of Income.

Here is a list of the rates which can be used with respect to calculating wear and tear on assets which have been used in the generation of Income:…/IRDLegislati…/WEAR_TEAR_SCHEDULE.pdf

The assets are listed in four classes A, B, C, D, with classes A, B and C being applicable to almost everyone who is on Facebook, after all who owns aircraft either new or second hand and is on Facebook!

The list covers assets such as coolers in Class B ( 25 % wear and tear (reducing balance)); computers in Class C 33.3% ( same concept for calculating wear and tear).

Boats are in class B, remember there may be restrictions on the amount of wear and tear which may be claimed on this asset, so consult your tax practitioner or financial planner for advice as to your situation!

Please remember to collect the invoice and the receipt on making the payment to the tax practitioner for the advice which has been provided as they too have taxes to pay

Originally posted on Facebook: Financial Planning Tip - Oct 27, 2015-005 (applies to Trinidad and Tobago)

Here is a definition of non - resident and the opinion of the BIR based on law as to their tax status: "A non-resident is a person who is employed or a company that is operating in T&T for a period of less than 183 days in any year.

Non-residents are subject to tax on their total income ( in relation to Trinidad and Tobago activities and operations) unless they qualify under a specific legal exemption".

Please consult your tax practitioner for advice relevant to your situation!|  By Government of the Republic of Trinidad and Tobago

Originally posted on Facebook as Financial Planning Tip - Oct 27, 2015 - 002 (applies to Trinidad and Tobago) Payment of Taxes for Year of Income (YOI) 2015.

If you earn income aside from emolument income, at this time you should be aware of your estimated tax liability for corporation tax ( income tax) for the YOI 2015.

If you are liable to tax and have not made any payments, then the Board of Inland Revenue (BIR) has the option to assess your liability to taxation based on the income earned for 2014 ...and ask that you make payments based on that level of Income. If your income in 2014 was higher than that for 2015, then that may not be to your advantage.

There is the option to write to the BIR, asking for a reduction in the amount of Income Tax which is estimated to be paid for YOI 2015. Please attach to your letter support such as draft financial statements with comparative figures, that is, figures for the prior year as applicable. Remember to keep a copy of the letters and support which you send to the BIR for your files. 

Also there is the expectation that a minimum of 80% of your taxes due would be paid by Dec 31, 2015 and that you would communicate in writing if you expect that there is a shortfall in the current year. This communication would be your second official communication to the BIR for the YOI 2015.

This information when added together helps with the financial planning and tax compliance of the country!

We all have a part to play in this!  

Here is some assistance which was provided by the BIR, see the link:…/calculation-of-quarterly-instalment

Some of the above information was acquired through working in the tax department at Deloitte - 16 Victoria Avenue, Port of Spain, Trinidad and Tobago. This firm merged with the local firm of Coopers & Lybrand which was located on Charles Street, Port of Spain. Subsequent to the merger the newly formed firm traded under the name of Coopers & Lybrand, however the offices remained at Victoria Avenue, Port of Spain....
In hind sight, I would say that when firms merge, it takes time for the cultures of the companies to fit and for operating practices to become a way of life....

Also some of the information has been obtained through research, reading, and the development of tax planning knowledge and skills over time.
Copyright Jennifer N Bailey

Tuesday, 25 October 2016

Marketing 101

Today I called a business which was fairly young in its operations and received responses to 3 of my questions which left me amused.....

After  putting on my thinking hat, I wrote the following  points as a starter to a cost efficient method of gathering information on your business and providing feedback to the wider community which may apply to any business:

A business may need to:
  1. Develop a list of persons who have made enquiries via telephone or email, noting the date, time, name of the person, the name of the company as applicable,  the nature of the enquiry, a telephone number and an email address. This information can be entered into database for further analysis. 
  2. Consider business development. This may occur when a person with experience can cast their eye on the list which has been created based on the information which has been listed in point 1; discern ways forward, develop strategies to deal with the information which was received or receive and retain data on the activities of the business for future use.  The implementation of the strategies may await the formal analysis of the information, which may support the proposed changes or which may feed into the identification of other needs such as:  ~ Periods when additional staff are required during normal periods of operation.
  3. Consider using the  analysis of the information to feed into:
    • A formal, purpose - specific market survey
    • A marketing plan for the short and medium term. If you are dealing with crops, the short term period may take six to nine months within a financial year or  may straddle two financial years. Alternatively the short term  for an investor  may be a three year period, as an investor may wish to consider a three to five year term for crops.
  4. Develop a preprinted tracking sheet with lots of space to capture the information noted in point 1 daily. This noting of the query/information in its raw form may allow for a more detailed response by another person or a follow up call to touch base or to provide an update on changes in the business or in the area which may be ongoing. After all, you never know when a hurricane or storm may approach the island and having at hand persons who are skilled in handling produce or who may have knowledge of the terrain can always be tracked separately and used when needed.
  5. The use of the information on the tracking sheet may be used to:
    • Identify persons who wish to be employed in the company or industry.
    • Provide suggestions and feedback for the national budgeting process and training plan for the country, when used with additional information.
    • Develop the skills of all and any of the persons within the company via training or the development of new practices.
Some of the above information which has been noted above was obtained from Marketing classes   in the Edinburgh Business School - Master in Business Administration and some  of the knowledge and skills were  developed through trial and error while managing the front office in a geographical area outside of my home area. Realising that I learnt in a way which was different to others and needing to track requests from walk in persons and telephone calls, I started tracking  these items... P.S. The large spaces and the noting of the raw information above is intended to allow for conversations where  the concept of follow up and marketing is being undertaken rather than assessment of the employee.

copyright Jennifer N Bailey email:

Assumptions, Theories & Purchasing Power Parity Theory

Formal learning in secondary school has shaped my thinking and some of the expressions which I use from time to time.... Thus having studied Principles of Business and Accounting at CXC and Economics and Accounting at Advanced Level GCE some of my fall back concepts are:

Assumptions: Assumptions tend to be related to budgeting and the more defined the assumptions are, the more information is conveyed.  In some things, times or areas, the concepts  may work exceedingly well, while some of the others may not. However the pluses and the minuses may balance out over time or within a period on which we may be reporting or they may be carried forward to another period. The carrying forward to another period may be impacted upon by a person's willingness to commit to transactions for one period or for an extended period.

Many of the things of which we speak  are theories which may have been tested over time and which most likely were documented and reported upon in a university. Economics is one of the studies which is based on theories, put forward by persons who were dealing with changing times and who were attempting to solve or assist in the solution of known challenges. 

Thus the Monetarists' solution to one of the problems of their times may have been to increase or decrease the supply of money in the economy to control inflation at times and to stimulate purchases at other times.   Here is a link to Wikipedia with additional information on Monetarism;

Some of the most creative thinking on Monetarism was publicized by Milton Friedman, an American who was born in 1912 and who would have lived through two World Wars and other changes in society. Thus his "world" may have been influenced by the periods before, during and after the wars and attempting to rejuvenate the economy with an influx of working persons in some periods and with a reduction in the workforce at other times.

Most persons tend to think of Keynesian Economic thinking, as being guided by taxation, indirect or direct to impact on the growth, stability of a nation. According to "Keynesian economics, state intervention was necessary to moderate "boom and bust" cycles of economic activity.[7] Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions." Given that  Keynes was born in 1883 and in England rather than in the USA, it is likely that there may have been a greater reliance on the use of monetary policies, rather than fiscal policies, as fiscal policies tend to be much more difficult to implement given that they require changes to the law, understanding and application of same for them to be seen as being effective rather than punitive to the people.

Purchasing power parity theory: Purchasing power parity theory deals with the ability (power) to purchase an item usually in another  currency which may be located in another country in many instances.  With the advent of online shopping, the exercises which were associated with testing this theory may have been lost. With the recent introduction of the online purchase tax in Trinidad and Tobago, there may be a reintroduction of the physical purchase of items from another country.

However in examining the concept of purchasing power parity theory, one would look at the price of the item, compare the cost of the item to what you would pay for a similar item at home and then determine if you would purchase it. If  the comparison of values leads to a determination that it is not economical to purchase the item, then one would tend not to purchase same. 

At times,  one may elect to purchase an item which did not meet the criterion of being economically priced when the purchasing power parity theory was used due to changes in tastes. For example when one is one a diet, one may eat salads, soups, sandwiches and steer away from beef burgers, however attractive the result of the application of the purchasing power parity theory. On the other hand if one is conscientious about consuming vegetables, soups and such daily, then  the more economically priced beef burger may be the favored choice while on vacation.

Here is a link to a text which may be of use to a student of Economics...

Friday, 21 October 2016

Feeling nostalgic: Corn Cakes

In March or April 2002 we visited Curacao and discovered corn cakes at a little inn...

We also had a great time with happy hour snacks such as ribs and some Dutch treats which were sold at that inn.... We ate so much, we could not have dinner most nights...

Also from that visit we expected that we would have a choice of corn cakes every time or in every hotel, however that was not the reality...

Too bad!!! They are missing out on a creating a wonderful authentic experience..... 

In this day and age,  that product can be exported (individually wrapped in green fig leaves, sold by the half dozen) sold at the airport, can be eaten at any time of the day...

Would be wonderful with fish... It may become part of my next Lenten meal plan for fast foods....

Following up on the need to have corn cakes, I made corn pies, some of which was delicious with "bhagee," fried pumpkin and curried potato. The combination added depth and satisfaction to a meal which would have been needing a dessert....

copyright Jennifer N Bailey

Tuesday, 18 October 2016

Originally posted as a comment on Facebook - Short term Options - Haiti ( Oct 17, 2017)

The following was posted as a comment in response to a notice which was placed on Facebook as to the accounts which have been opened at the various banks in Trinidad and Tobago to receive contributions to support Haiti's after the passing of Hurricane Matthew which created widespread devastation in the island.

"I appreciate the information which was provided, however being opinionated and coming from a different perspective at this time, some of the ways that I would suggest that the people of Haiti be helped are: 

1) Trini's commit to: the purchase of blocks from ANSA McAL/TAP or other local company or the purchase of concrete, rental of cement mixers, steel & other like items to send to Haiti to build Hurricane shelters for medium term use, i.e. over a five year period, as over the next five years Hurricane season will come around sooner than one can blink an eye; P.S. These products may have to be specially formulated; Persons from other countries may commit to supplying like items based on the supplies which are available in their country. In that way, every country grows, as the knowledge required to build shelters, churches to withstand hurricanes and earthquakes may be needed in every Caribbean country going forward . A wise priest, one reminded me that when persons donate for a purpose, that may be the only purpose for which the funds may be used. 
2) Commit to funding the cost of "Traffic Development Plan" for wont of a better word so that there is a structural plan for the country or to revisit the Development Plan in light of the need for Shelters which are Hurricane and Earthquake proof
3) Over the medium to long term, i.e. 5-10 years, consider contributing to funding three (3) story housing units either with two sets of three families to live in areas outside of the Capital over a ten year period. P.S. Am not sure how feasible the sizes of these units would be, in light of the location of the stress points, however on a cost basis, it may make sense.
Update: Oct 18, 2016 8:47 p.m.  A weather system appears to be forming in the Caribbean and is moving up the islands, hence my medium term plan may need to be realized within the short term or in a matter of days to prevent further losses to our neighbours.... The following link was accessed to provide a pictoral image of the cloud cover in the Caribbean at this time:

Originally posted on Facebook - Crop Options for the short Term for Haiti

Am thinking of Haiti and short term prospects to help some of the farmers who have lost most of their trees, crops, animals according to an article I read from Associated Press ( cannot find the article online btw)

Yes, I know that trees such as breadfruit, bananas, cocoa, coffee can take 8-10 years to bear and that Haiti may experience many hurricanes, storms and ITCZs in that time.

Those factors influenced my thinking about short term crops and my practical experience... Pumpkin grows on the ground, however that may not be seen as a staple for the Haitians, cannot imagine them eating fried pumpkin, the way we do... After all, there are many persons in the Hindu community, who take as little as possible of that item when there are prayers. Tomatoes can stretch so far, melongene can go so far also.. Beans which grow on vines, need wire fencing to be placed on to spread and provide a yield....

Regardless of our choices or opinions as to what can be done to regenerate their food supply, here are some practical suggestions:
1) Take some of those $1.00 plants which are available in seedling form, transplant them to a brown paper bag filled with potting mix or pro mix which is a growth medium. This will speed up the growth of the plant and provide that much nutrients into a fragile soil.
2) Label the plant, with the date of receiving the plant, possible age, instructions on the care of the plant, the name of the plant and if possible a drawing of the fruit ( no colors nor inks pls).
3) Water the plants gently so as to leave the brown paper bag intact for as long as it is in your possession (be mindful of the type of water which you are using as you do not want to make the persons ill on eating their crops....
4) Find out about the regulations as to the import of plants into Haiti.
5) Obtain approval for our "fast grow plants" (no fertilisers nor artificial stuff pls, as this is food for persons with sensitive stomachs)...
6) On the day, prior to the plant leaving, place the skin of one banana peel chopped as small as possible so as to provide extra nutrients
7) Donate some younger plants of a similar type so that a person may have some fast growing and some slower growing plants to provide for them for a little longer....
8)Alternatively you can grow some vegetables and send some across for a period of time.....
9) Pray and let go....

copyright Jennifer N Bailey email:

Everyday Learning 101

For many persons  learning takes place in the classroom, for some it occurs when they see how things are done.

In some programmes, the observation of activities may form one aspect of  the "practicum." This element adds weight or value to the course and is intended to be one way in which the student is shaped by attending a particular school, through the use of conscious observation of activities. Thus when we hear about great schools, great teachers, great programmes, great students, some of the elements of the "practicum" concept may have been included  in the curriculum.

On the other side to formal learning, one of the things which I have learnt from observing individuals who  achieve or accomplish a great deal is that they learn continually. One way in which learning takes place is through  the frequent use of their creative thinking... Thus they attempt crossword puzzles, word find and or word scramblers.  One of our local newspapers, the "Guardian" of Trinidad and Tobago  provides access to this type of learning. Quite frequently, a page is devoted to some of these 'creative thinking type exercises". *

Over time I realized that  I may not achieve a level of competence in a certain time frame with Sudoku, or cross words, after all, one can "hog" a newspaper for so long. However I realized that I  wanted to keep trying the word scramblers. Thus I started listing the word to the back of my notebook.

When the list of words to scramble reached about six and I had not attempted scrambling the letters of any of the words, I took a time out and listed all of the words at the top of one page. Then I started creating words out of that one word which was listed in columnar format at the top of the page. When I started experiencing difficulty with any word, I counted up the words which I had created, listed it at the top of the page and I moved on to another word.

Midway through the exercise, I stopped and decided to catch up on my writing as I wanted to capture all  or some of what was buzzing in my head....

Hmmm I may not have studied or practiced any exam papers, but I continued to learn in a way that will help me to develop habits and knowledge going forward....

* Another way the newspaper contributes to learning or catching up on learning is through their weekly publication of SEA, & CSEC practice tests with the results being published later in the week.

The information on the theory and application of the "practicum" was provided by Dr. Vena Jules  President of  CREDI and Mr. Alfred Wafe, Head of Practicum at CREDI in 2011. The concept was discussed in relation to the Bachelor of Education with Honours programmes which were offered by CREDI, Trinidad and Tobago from 2011.

Sunday, 16 October 2016

Maraval, Trinidad & Tobago

Here is a copy of my writing in Wikipedia, on Maraval, Trinidad and Tobago, first there is a summary which covers the main areas into which I have entered information and the details follow. One of my reasons for entering the information is primarily to raise the awareness of the positive in places and also to highlight the work on recording the history of Trinidad which is captured in so many sites which may have been initially created to market hikes and other activities.

3 Business and Banking

Business and Banking


Maraval has branches of the major locally-operating banks, Republic Bank such as Scotiabank and well as RBTT, so residents do not have to go downtown to conduct business.

Churches & Parish Groups

There are church buildings located along the Saddle Road, Maraval, within one hundred yards of each other. These are:
Our Lady of Lourdes Roman Catholic Church which falls under the title R.C. Archdiocese of Port of Spain - Parish of Maraval. Within the Catholic Church there are beautiful stained glass windows, one of which acts as a remembrance to a Roman Catholic priest, a Fr. "Alvarez", who died close to one hundred years ago. The property is quite large and includes a Parish Hall and other buildings which will be covered in this section.
There is a Presbytery which is attached to the Parish Office which is located at the front of the compound. The buildings on the compound appears to be quite old. Over the years there have been modifications to the Presbytery/ Office which have allowed the Parish Office to continue to meet the needs of the public. Air conditioning units have been added and several of the open areas have been "closed off" to facilitate the preservation of the building and its contents.
Located in the Parish Hall are a Soup Kitchen which is managed by the Society of St. Vincent de Paul - Maraval Conference and which offers meals to the public. Also offered to the public are gently used items of clothing for persons of all ages and sizes.
Other groups belonging to the Catholic church meet on the compound and offer services to the parishioners and the public, such as the Kids Klub, Gentle Doves and Rite of Christian Initiation (RCIA).
An Anglican Church with a beautiful driveway and several buildings on its compound. This church is located close to a Massy Stores Express Outlet.
A Seventh Day Adventist Church is also located in this area.

Catholic Schools

There are at least two Catholic Schools located in the are of Maraval. These are La Seiva Catholic Primary School and Maraval R.C. School. Both primary schools serve the children of the area. The Maraval R.C. School is located in the compound of the Roman Catholic Presbytery and Parish Office, however it is located on level of the church, (Our Lady of Lourdes).


Within the one hundred yard reach of the Catholic Church is a branch of a well known fabric store Yufe's where one can obtain fabrics of different textures and styles to allow the homeowner to create drapes, cushion covers, bed spreads and clothes if that is their desire. Alternatively, one may employ the services of a dressmaker or seamstress who may purchase the material and prepare the outfit, thus reducing the time and effort taken by the individual to source an item.

Supermarkets, Green Grocers

There are two outlets of the Massy Stores which are located at either end of the Saddle Road in Maraval. Each outlet was designed to cater to the needs of the area and to suit a marketing strategy designed to offer goods and services to the population yet retain the culture of the area which is to allow the small business owner to thrive. There are several green grocers which are established throughout the area of Maraval, many of which have been long established. Some of the green grocers are situated to allow the vehicles to pull off the main road either in front of the establishment or a little way off to purchase items and merge into the roadway with ease, except during the busy hours when this may be a bit more difficult.

Boutiques, Clothing Outlets

There are several clothing outlets which are located along the Saddle Road Stretch and are positioned either in mini malls or as individual stores. Some of these stores are positioned to cater to special events such as weddings, Christmas and Easter, while some of the other clothing stores are positioned to cater to the daily needs of the average individual.


There are several pharmacies located throughout Maraval, from SuperPharm to the smaller pharmacy. All of the pharmacies have evolved to offer stationary and other items to meet the needs of the Sunday nighter who is preparing for school and needs an item for Monday.


Within the compound of the Roman Catholic Church is a cemetery which is quite old. The cemetery is located above the church and the school and appears to stretch to the sky. The cemetery has been built to cater to the needs of the parish from then to now as there are more than five hundred plots on the site. Grave markers from the past have been retained and allow for a glimpse into the history of Trinidad and Tobago.

Wednesday, 5 October 2016

I've been thinking: Saving to build a Nest Egg

Recently I was dreaming about saving some additional funds and was looking at "waitressing" Being female, I would not call it "waitering" or being the assistant or  being the server. Although those are good titles, I was caught up with saving my tips, in a formal way as any income from the position would have being included in my budget already, thus it could not be included as saving. Thus I considered the following:

Saving $10 per day from tips over a year and investing same in short term fixed deposits.... Now I know that in some places, there are taxes on interest income such as income tax or withholding tax if you are saving in a foreign currency. While these concepts may not appeal to some persons, there are others to whom this type of saving would appeal.

Also the deduction (of taxes) can be a benefit if your saving in a foreign currency is to facilitate a payment in the future, such as exam fees or tuition. However  there are others who prefer to pay their taxes at the latest time possible.

And then there are persons, who consider  the process of tracking the funds, converting the values to the local currency to be time consuming, while for others it may be part of taking care of themselves.

However back to saving $10 per day. In three months or ninety days, I would have saved $900.00 and so forth...

For some persons, who may be challenged cash wise  or who may be aware of the unexpected events in life occurring, they may wait until they  have saved for  half of the next month when they have additional  savings of $150, then they may open a short term deposit. The amounts of the first fixed deposit may be the full $900, or it may be split into 2 deposits of $450 or it may be one deposit of  two months savings of $600 or perhaps $750. In that way, the remainder acts as a nest egg in their account or just some back up cash, until the next deposit...... 

For some persons, the possible date of maturity of the account may impact on the placement of their fixed deposits.

Some persons  may want to stagger the dates of maturity of the accounts  to take account of the due dates of taxes, while for some, the staggering of the dates may be scheduled to periods when they may want to take a break from their everyday routine. For some, if withholding tax is applicable thirty days from the receipt of the interest, those persons may deduct the amount of tax  from the maturing deposit and roll over the net amount ...

If taxes on the receipt of interest is due in quarterly intervals, then having a deposit which matures prior to the end of the quarter may be a good idea so that the taxes may be paid in time to take account of changes in the weather and other events... For some, this may be a lot of calculations and maths, which may give them a headache.

Over time, if savings and deposits continue, the deposits may increase in number and possibly in value and one may want to reconsider the concepts employed.

It would be good to document your assumptions, your planned use of the income and the principal at the time of starting your savings and then provide updates going forward. For some persons this may act as a representation, especially if  the documents are signed, dated and names printed.

Some of the above concepts were absorbed during my career in audit, where several of the companies held deposits as part of their assets. This was a requirement by law.
Some of the above concepts were learnt during periods of consulting, from the clients where I worked and through reading posts on money on the internet and through formal learning.

copyright Jennifer Bailey & Partners -

Tuesday, 4 October 2016

Capital Gains Tax

For several years I avoided acquiring assets which were to be held for the short term, being aware that gains which were "realized" on the sale of assets which were purchased and sold in the short term or in less than a year or twelve months would attract a tax which was exorbitant to my pocket in Trinidad and Tobago at that time.  See Wikipedia for a great definition on Capital Gains Tax.

In real terms this capital gains tax would have been charged on cars, property and possibly everything under the sun, given the way that the law was written. 

In hind sight,  in auditing financial statements one would note: the date of purchase and sale of the asset,  the value of  the transaction, then the frequency with which the transactions occurred.

However please see the link to the UK Govt site on Capital Gains which is more comprehensive with respect to understanding CGT. UK taxes were included in at least one course as part of my studies in ACCA.

Also here is a link to the US site on  the topic of Capital Gains if you are looking for a comparative view on the subject.

All of the above would lead to the next question and the next!!!

Monday, 3 October 2016

Budget Statement of Trinidad and Tobago - 2017 - Originally posted on Facebook

Here is a link to a copy of Trinidad & Tobago's 2017 Budget Statement.

"In several posts over the last hour, I have pasted extracts from the Statement (citing page numbers and highlighting the extracts with quotation marks) on areas which I consider interesting, such as Taxes, Education, Bonds, Renewable Energy....

It is not that I am not interested in the "big picture or where will we be going or the state of things and lots of areas which persons tend to be concerned about".

Rather I am looking at things that can impact on employment, choice of professions, investing in T&T and investments /changes which persons can make with the intention of having additional cash in their pockets going forward.

I consider these things/ activities as important in attracting persons and generating savings in our economy and country"

Read and enjoy.

Financial Planning Tip 2016 Oct, 3 - Altering your spending - Originally posted on Facebook

Many of us have our indulgences which get us through the day or the extra hours of work or when we are trying to save that little bit of extra funds to develop a skill or meet a commitment. Here are some of the alterations which I have adopted to meet my savings goals:
1~ Switch from a cocoa mix to an unsweetened cocoa powder. This may reduce your sugar consumption and, or allow you to save. One of my favorite brands of unsweetened cocoa is... Richmond Valley Cocoa of Jamaica. Yes, I can buy a local brand. However since my last splurge  was on a TT$33.00 container early last year (and which I have not used at least half of,) then I would have made a good choice in reducing my costs.
Yes, I am economizing, since I do not like a strong cocoa taste, I use a quarter of a teaspoon of cocoa to full cream liquid evaporated milk  (a good amount) and at most a teaspoon of brown sugar, with hot water to fill the space in the cup.
2~ Switch to refill packs. I was "crazy happy" buying the refill packs of Nescafe Coffee after downsizing from the Nescafe 3 in one to which I had been faithful, for a long time. I considered that I was saving tons of money spending only TT$14.00 or TT$12.00 when I could purchase a pack on special. That was my habit, until I discovered a 50gm pack of Colcafe which costs TT$8.75. I can make gourmet coffee with flavorings, a large size cup of coffee, several times during the day and or just one small one when I am rushing to go somewhere. (Note, I do not like a strong coffee taste either).
3~ Bonus points - There are credit card companies which offer frequent flyer miles or bonus points. Bonus points was confirmed as the only choice when the places to which I was flying was mainly with another airline, which flew at odd times and which did not accept miles which I would have had. Bonus points certificates meant money which could be applied to groceries, hence additional savings. Did I mention that I earn points for shopping in certain supermarkets which I can redeem toward groceries?

copyright Jennifer Bailey email

Hurricane Matthew and Haiti

Here are some extracts from an article which was written on Hurricane Matthew and Haiti, which prompted my comment on Facebook and  which I have pasted below in italics:

"In the impoverished nation of Haiti, more than 55,000 people are living in tents and could be in danger from the massive storm. "

"(We have) pre-positioned emergency supplies to assist up to 15,000 families with items including tarps, water containers, hygiene kits and blankets," said Fisher.

We’re mobilizing with plans to provide relief for approximately 250,000 people, depending on the impact of the storm."

This is an interesting article, especially with the information on Haiti, where persons are living in tents...

I wonder if there is enough room in areas outside of the Capital so that foundations for homes can be laid, so that these "homes" can evolve over time. That would be one way to get persons out of the Capital. Another alternative is to lay the foundations where the tents are located to allow for the individual's "right of tenancy" to be maintained.

I guess that there is a lot of legal work to be done to allow for any growth, that, combined with language barriers can impede the growth of the country...

On a practical basis, unless there is the expectation of a return or an inflow of cash from a tenant, using funds from a country's budget may put the country in greater financial constraints...

The concept of a small return may have helped a lot of Trinidadians in various places own their small home as land was rented until it could be paid for, wooden houses were built, which were converted to concrete homes... 

The timeframe in which the person "earned" a home may have taken a great number of years as those persons were not earning large amounts....

Most of those "homeowners" grew a vegetable or two on the side of the house to feed their families and reduce their outflow of cash.

Walls to surround the property were not a priority, as wire fences were used so that vines with crops could grow between the owner and the neighbor's yard.

All of that was to help persons survive in the years subsequent to 1938, which was one hundred years after the emancipation of slaves in Trinidad and Tobago!!!! 

See the link below to access the article.
Some of my knowledge on the financing of housing in Trinidad and Tobago  during the period 1929 to 1997 + was obtained from my career in audit with a Big 4 Firm of Accountants in Trinidad and Tobago.  During that time, I learnt about the different  services (lines of business) which accountants can offer to the public, which may be  individuals, partnerships, limited liability companies whose shares are quoted on the Trinidad and Tobago Stock Exchange, and privately owned companies. Some of my knowledge was also obtained from CXC Examinations on Caribbean History where the focus for that year's examinations  was the period of  one hundred years subsequent to the Abolition of  Slavery in 1838.
copyright Jennifer N Bailey email