Are you considering renting out a portion of your home? There may be some tax implications to consider – both for now and in the future. Principal residence exemption Often, when you sell your “principal residence” there is no resulting tax implication. This is because of the principal residence exemption, which allows an adjustment to the…
{ ... read more ... }We often get asked about how to deal with home office expenses for your incorporated business. While there are a few different options, here’s the best way we’ve found to do it. If you have a separate and distinct part of your home you have devoted exclusively to business use, you can deduct home office…
{ ... read more ... }Most small business owners eventually face the question of whether or not to incorporate their business by creating a limited liability company or “corporation”. Owners of small business corporations enjoy preferential tax treatment in Canada in the form of lower corporate tax rates, tax-free status on sale of small business shares and access to certain…
{ ... read more ... }Your Value Proposition What sets you apart from your competition? We recently held an offsite retreat and one of the objectives was to try to better understand our “value proposition”. By understanding our value proposition, we can refine our service delivery and personal accountabilities to make our organization more valuable to its customers. Michael Lanning,…
{ ... read more ... }The Pinnacle Team recently did a self-assessment to find out the strengths and weaknesses of our team dynamic. The exercise was inspired by Patrick Lencioni’s book – The Five Dysfunctions of a Team. In his book, the author describes the five attributes that characterize a highly functioning team. He also provides an assessment tool for…
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