Accounting, Taxes and Finance

Finding a Share Structure That Works For Your Business

share structureShare structures are like businesses, personalities and people; every one is different and requires a unique approach. It’s a lot more simple when there’s only one owner but having a partnership adds some additional layers of complexity.

Will you own the same class of shares or different classes of shares? Will you have a holding company inside the corporation? These are questions you need to work with your accountant to answer to come up with the right plan for you before passing it off to a lawyer to finish off the job.

Factors To Consider

How do we determine which… Continue reading

How To Manage Unnecessary Accounting Costs

ID-100248452Have you ever had an unpleasant surprise when receiving a bill from your accountant? A lack of organization could be costing you money but the good news is it’s a fixable problem.

Every business is unique and has different practices that they believe in along with their own philosophy on how things should be implemented. Those in charge of making decisions should always be on the look out for ways to ensure the business is organized; you shouldn’t be bleeding money in the long run on things like restructuring or re-organizing because processes weren’t implemented right to begin with.

Compliance… Continue reading

Should You Check Your Notice of Assessments From The CRA?

ID-100256845I recently came across an article at CTV News discussing the results of an internal CRA survey conducted in late 2013. The survey showed that CRA agents incorrectly answered 25% of business inquiries.

Now I can’t speak to that number personally (or it’s accuracy) but there’s a separate issue that entrepreneurs need to be aware of: many are not checking (and double checking) their notice of assessments. There’s always a chance mistakes were made and people are human. Whether it’s corporate or personal, always pass your notice of assessment by your tax advisor to have a look at it… Continue reading

An Unconventional Guide to Early Retirement

downloadI’m constantly getting referred different books from clients and even staff at times that comes across my desk that makes me go, “OK, here comes another one.” You know, after a while it’s easy to feel like you’ve seen it all, especially as you get used to the razzle and dazzle that comes along with crafting a catchy title.

The really funny part is that, when I give them a chance, I often come out with at least a couple helpful nuggets of information that made it worthwhile. One such book to come across my desk recently was Why Swim… Continue reading

Why You Should Calculate Your Net Worth Every Year

ID-100220258Every time we turn the corner into a New Year, everybody starts setting goals and creating their resolutions for the year. Love it or hate it, it’s just something that we do.

January is a great time to think about your goals since December 31st is a hard cut off for a lot of different reports including your investment statements. It’s a perfect time to get a snapshot of where you are from a business and financial perspective by calculating net worth.

How To Estimate Your Net Worth

There are three things you need to do to be able… Continue reading

6 Signs You Invested In a Ponzi Scheme

ID-100266028I’ll occasionally have a client that comes in with an investment that sounds a little too good to be true. We’ve all seen them in one shape or another at some point, whether we realized it immediately or not. My only hope with a client is that they come to me before signing on the dotted line. Sadly, this is not always the case and there one such example happened recently with a great client of mine.

They came to us after investing significantly in a startup winery. Overall, it was a poor investment. They got caught up in how… Continue reading

Changes To Foreign Reporting Requirements By CRA

new foreign reporting requirements craThe new foreign reporting requirements for investments in Canada was a real pain for our clients this year and affected at least twice as many clients as it did last year. It affects anything that you hold outside of your RRSPs and the forms that have to be prepared for that are very balance women

One of the more frightening things we noticed is that so many investment brokers aren’t even aware of these rules and are inadvertently putting their clients into mutual funds that have some foreign components that now require additional reporting. There are penalties for… Continue reading

7 Reasons You Should Fire Your Bookkeeper

ID-100263377Do you have troubles with your bookkeeper making mistakes or do you stress out when they go on vacation?

One of the common issues we see with clients is that they end up paying us to fix the mistakes their bookkeepers should have caught. I’ve seen bookkeepers forget to pay Revenue Canada the source deductions and end up costing their clients twice as much come year-end.

So what should you replace them with? Many businesses are starting to move their bookkeeping services into the cloud and you should consider doing so as well. Continue reading

6 Costly Mistakes When Claiming Automobile Expenses In Canada

automobile expensesHow diligent are you when tracking your automobile expenses?

In the fast paced lives of entrepreneurs, it’s understandable that there are more important things to be concerned about then tracking those 7.2km runs to the post office. Unfortunately, this lack of attention to detail is causing some trouble for the few that are getting audited by the CRA (Canada Revenue Agency).

The good news is that CRA is starting to become more understanding to the fact that business owners and employees using their own vehicles for their employment are busy earning income for the company and, frankly, tracking kilometers… Continue reading

Why No One Can Tell You How To Invest $10,000

how to invest 10,000 dollarsInvesting is such a vast field that is so personal and I hate having to answer questions like, “How should I invest $10,000 dollars?” I simply can’t tell you what to do whether it’s $10,000 or $100. If someone tells you they know how to invest 10,000 for you, it’s probably because they’ve got something to sell. Good advice is hard to come by and sometimes even more difficult to discern when you don’t have an understanding of that end of the financial world.

When you’re working with an advisor and you’re trying to determine where to start investing, realize… Continue reading

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