Thinking about your CPP? Mainstream media outlets have run many stories in recent years telling of the large number of Canadians that will reach retirement age in the near future. Many of our clients fit into this category and we are often asked when they should start taking CPP. A quick recap of the issue…
{ ... read more ... }I have a Bookkeeper! Do I really need an Accountant? Two of the most frequent questions we are asked are: Explain the difference between a bookkeeper and an accountant. If I have one do I need the other? (The answer is usually yes.) They are great questions. Because we work so closely together, the boundaries…
{ ... read more ... }We are often asked by clients whether they should lease or purchase their vehicles (either outright or using a loan). We have tried to distill the decision down to a few rules of thumb. In general, leasing is more expensive than buying because the leasing company accepts a portion of the depreciation risk. The advantages…
{ ... read more ... }One of our major areas of expertise is the construction industry. Many of our clients operate successfully in this industry, and we help provide tools for them to succeed. Construction companies have some unique challenges and opportunities – from a tax perspective as well as from a general business perspective. In this industry, it is…
{ ... read more ... }How Much Is My Business Worth? As a small business owner, you probably wonder from time-to-time how much the business you’ve built is worth. There is no easy or straight-forward answer to the question “How much is my business worth?” It may be worth more to you than it would be to someone else –…
{ ... read more ... }Is your corporation a personal services business? If you are the sole individual working in your corporation, you may be carrying on a personal services business (“PSB”). More and more small corporations are being labeled as personal services businesses by Canada Revenue Agency (“CRA”). The results of this can be disastrous. Personal service business What…
{ ... read more ... }Being close to the border, we get lots of calls from Americans who plan to do business in Canada. Here are some of the basic issues you need to understand. Canada – US Tax Treaty A tax treaty exists between our two countries to address tax issues. The treaty defines, among other things, the jurisdiction…
{ ... read more ... }Cash flow is the movement of money into and out of a business or project. Cash flow is imperative to the success of any business. However, many small businesses owners don’t fully understand how important it is to estimate, track, and analyze cash flows. If cash flow is not managed correctly, a company may run…
{ ... read more ... }Automobile expense rules can be really complicated, especially for company owned vehicles because of the limitations on depreciation, lease and interest expenses and the need to think about taxable benefits that might accrue to the driver of the vehicle. Automobile expenses tend to require lots of administration and present significant tax risk because CRA views…
{ ... read more ... }You may be the envy of your neighbours as you spend your endless summer days working on your chip shot instead of chipping away at the ice on your driveway, but did you know that by flying south for the winter you may be increasing your income tax compliance obligations? Residency You are a resident…
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