Monthly Archives: August 2012

Why Family Businesses Fail

kelowna accountantKelowna accountant Ken Davidson reviews a recent article discussing the top ten reasons family businesses fail written by Leah Golob.

There was a recent article published in The Globe and Mail entitled Ten Reasons Why Family Businesses Fail and I wanted to address it here because it really hit the points on the head. I’m not going to get into every point, I’m just going to cover a few of the really strong points that resonated with me.  If you would like to read the full article, you can check it out here.

Poor Succession Planning

This is truly… Continue reading

What Classifies As A Specialty Audit?

kelowna accountantAudits have been a popular topic with readers here at Business Growth Strategies so this week we have Ken Davidson, a local Kelowna accountant, discussing the significance of a specialty audit.

A specialty audit would be a specific audit. There are a few different types but to give you an example from a few years ago, Revenue Canada decided they would audit all hair stylists. Whether or not you filed correctly or incorrectly, they decided that they felt there was a risk that hair stylists weren’t filing their taxes correctly.

Specific Transactions & Audits

Another type of specialty audit… Continue reading

Should You Lock In Your Mortgage On Investment Properties?

Kelowna AccountantMortgages are a hot topic with any tax advisor and they are certainly no stranger to Kelowna accountant, Ken Davidson. In this blog, Ken gives his advice on whether or not to lock in an interest rate for mortgages on investment properties.

When it comes to real estate investing, the debate on variable interest rates vs. fixed is a hot one with many different perspectives and beliefs. The question always boils down to the simple “yes or no” answer that everyone seeks…but there is never a simple, straight answer because that would be too easy!

The answer, generally, is yes.… Continue reading

How To Negotiate A Payment Schedule With CRA

Kelowna AccountantKelowna accountant Ken Davidson talks about negotiating payment schedules with the CRA. Is it possible? Find out below.

Have you been audited recently and have a hefty tax bill to pay? Or maybe you didn’t put enough money aside to pay your year end taxes. Either way, many people wonder how much room there is with Revenue Canada (CRA) to negotiate a payment plan.

If you do not have all the money available to pay your tax bill here’s what to do:

  1. Wait for your notice of assessment to arrive in the mail
  2. The minute you receive your notice of… Continue reading

Do I Need An Accountant For An Audit?

Kelowna accountantKelowna accountant Ken Davidson discusses when you need an accountant when being audited by Revenue Canada.

If Revenue Canada (CRA) has decided to audit you, you should definitely be using your advisory team. If you are not experienced with accounting, you should not be going it alone. I’m not a contractor so I don’t go and build my own house, if you know what I mean.

Don’t fight your own battle when it comes to taxes and audits but there are some things to consider when making the right judgment. Sometimes the numbers don’t make sense to hire a tax… Continue reading

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