I have a client who for years has held the Annual General Meeting for her corporation on Maui. She and her husband are the sole directors of the corporation (although I’m not sure her husband even knows where the office is, but that’s another matter). Every year she asks me the same question……”Can I write…
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We are often asked by clients whether they should own rental properties personally or own them through a corporation. Our advice is usually to own properties personally when rental income is nominal and when there are only a small number of properties. The advice usually changes as more properties are added to the rental pool…
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I thought we were going paperless. So why were we still using so much paper? Almost 10 years ago our office implemented “paperless” files. The decision arose partly out of a concern for the environment but mostly from the realization that we were spending a lot of money on: Storage – physical filing cabinets, office…
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If you are anything like me, you need a reminder if you are going to get anything done on time. Fortunately for me, there aren’t any consequences to missing my hair cut appointment – save for looking like a bit of a hippy. Dealing with CRA is a different ball game. If you owe CRA…
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Many small businesses face a common dilemma regarding financial reporting. They want to minimize tax, which means reporting low income. But they also want to keep their banker happy, which means reporting high income. I often need to counsel clients that they can’t have it both ways. Or can they? Construction contractors can have it…
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As an accountant and personal finance geek there are some things that people do and say about money that drive me crazy. That’s because often times people’s actions and thoughts on money issues make absolutely no sense mathematically. Examples include being happy about getting an income tax refund, carrying a balance on their credit card,…
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The Canada Revenue Agency (CRA) has recently come under heavy scrutiny for what critics are calling “politically motivated audits”. In the most recent high-profile case, the CRA is auditing a left-leaning think tank – a move which many are up in arms over because of the appearance that the conservative government may be influencing the…
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I’m typing this from Crete. Where I will spend the next 5 months, or longer. The Mediterranean Sea beckons mere steps from my apartment, the smells and sounds of new adventures and experiences entice. And something is not right. My world is in a state of turmoil, my mind is racing, I am anxious, worried,…
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In the last few years, there has been an explosion of new technology in the business application environment. I recently attended a conference where some of these software applications were on display. One speaker at this conference likened the recent “app explosion” to the Cambrian explosion of roughly a half-billion years ago when life on…
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Recently, I moved from Castlegar to Kelowna and began working remotely again. The transition to a remote office was smooth this time as I had a prior stint with it a couple years ago. Undoubtedly there are some obstacles to overcome, but for me, the benefits definitely outweigh any minor inconveniences. Learning to work remotely…
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