Monthly Archives: May 2012

How To Avoid The Burden of Tax Issues

Kelowna AccountantAs a Kelowna accountant, If I wanted to offer my perspective on personal tax returns, I would simply say that you need to stay organized enough to keep thinking throughout the year about preparing for your year-end taxes. You do this by saving receipts, doing great record keeping, thinking about your deductions and staying organized.  This will allow your tax returns to be completed easier and faster. Not to mention it obviously increases the probability of lowering your taxes

When you’re thinking about taxes, it’s the same as corporate year-ends and filing in time of any deadlines imposed by… Continue reading

Real Estate Flipping: How To Reduce The Risk

real estate flippingI’ve expressed a couple times in the past on my blog that I’m not a big fan of real estate flipping, and that is totally about my own level of risk tolerance. However, The Canadian Real Estate Wealth Magazine published an interesting article with “The Top 10 Tips For Would-Be Flippers” and it’s interesting because those tips that they’ve put in there are specifically to reduce the risks that concern me about real estate flipping.

1. Secure Financing Before You Look At Houses

The first thing they mention is to secure financing before you look at the houses… Continue reading

7 Top Priorities For Small Business Growth

Small business growthAs soon as I saw the article on RBC’s Small Business Survey (2011), I literally ripped the page out of the magazine so that I could share it with you. Canadian entrepreneurs were recently surveyed to determine the top priorities for small business growth and I have to say, the results were bang on.

The list below shows the most important priorities as determined by those surveyed accompanied by my comments on each point brought up in the survey.

Top Priorities for Small Business Growth

  1. Develop an effective business plan
  2. Manage time well
  3. Engage in networking
  4. Seek help and… Continue reading

4 Ways To Save Money On Taxes For Next Year

Kelowna accountantKelowna accountant, Ken Davidson tackles four different areas business owners can take advantage of to save more money on their taxes.

How to save money on taxes is truly a difficult question because the number one way to save taxes is to write off all of your business expenses but somehow, it doesn’t ever seem to be that simple. There are certain habits and practices you need to adapt, to ensure you are organized with the data you need to help your accountant achieve tax savings for all eligible expenses.

1. Keep Good Records & Understand What Is Deductible… Continue reading

Explaining Audits in Canada: Statute of Limitations

statute of limitationsIf the CRA is assessing an older year of yours that is closely approaching the end of the assessment term, you may receive a request to surrender your right to the Statute of Limitations if you need some additional time to provide CRA with all of their requests for information.

If you don’t sign it, that means Revenue Canada has to act quickly to assess it, otherwise they run into the Statute of Limitations. If you sign it, you are giving up your right to using the Statute of Limitations as a reason why their assessment might be wrong in… Continue reading

How The “Employee Mentality” Holds Back New Business Owners

kelowna accountantKen Davidson, a local Kelowna accountant, gives advice to new entrepreneurs on how to be successful when starting a business.

I had a client come in last week who recently started out their new business and they asked me what they needed to focus on to ensure they would be successful.

It’s the million-dollar question, isn’t it?

Truthfully, there are only a few things you need to do (fundamentally) to be successful.

Related: When Is It A Good Time To Sell Your Business?

Get Your Business Plan Together

Every business needs some sort of business plan on paper. It doesn’t… Continue reading

3 Great Suggestions for Long Term Investment Strategies

long term investment strategiesMy best tips for long term investment strategies always stem from one main philosophy: Everyone has to be looking after themselves. Don’t rely on CPP (Canadian Pension Plan), OAS or any of those government-funded programs. Don’t worry about what your wealth is going to be at the end of your career and what the government is or isn’t going to give you. Have the appropriate amount of wealth built up so you can stand back and say that you don’t need the government.

 

Related: The Dirty Truth About RRSP Contributions For Business Owners

Making Decisions: Pick Your Passion &… Continue reading

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