April 30 is like Christmas Day for many accountants. It means that the weeks of working late nights and weekends are behind us and we are now free to finally enjoy spring. Many non-accountants are usually happy as well because they receive a refund once their tax returns are filed. However, an income tax refund…
{ ... read more ... }Pinnacle PAC knows that leaders are readers. The Pinnacle Team endeavors to constantly nurture our minds, expand and enhance our services, and remain thought and practice leaders in the accounting industry. We have assembled an ever-growing list of books that we feel are worthy of your time and attention. 1. The Emyth Revisited – by…
{ ... read more ... }If you are a doctor, dentist, or other professional and are considering purchasing a practice, you are likely contemplating a purchase of shares. And you should read this blog. There are a number of ways to structure a purchase of shares, but in this blog I will discuss three options: Purchase the shares of the…
{ ... read more ... }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…
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