Chartered Accountant

Is Canada’s Real Estate Market In Trouble?

real estate investingCanada is a big country. One of the things I have always said when looking at purchasing real estate is to pick your area and pick it for the right reasons. Do I believe there are areas in Canada that are prone to issues or that I might personally have issues with? Absolutely.

Not everywhere in the country is going to offer lukewarm investment opportunities, even during a recession – you just have to dig a little deeper to find them.

There are certainly areas of concern for real estate investing within Canada but everyone has their own reasons for… Continue reading

How Much Should You Being Paying Yourself?

kelowna accountantsWhen running a business, it’s natural to want to do everything the “right” way the including figuring out how much you should be paying yourself as the business owner. Kelowna accountants are not unique when it comes to being inundated with this same question from long time business owners and startups:

How much should entrepreneurs pay themselves?

When somebody asks me this question, the short and easy answer I always give is, you can’t take out more than the company makes because you are going to kill the business. In the long run, a business will always fail if too… Continue reading

4 Important Tax Tips To Handle Before New Year’s Eve

tax tipsWhether it is personal or for a corporation, you’re coming up to a specific date that (for tax purposes) makes a difference. It’s wise to be aware of how investments and purchases around this time can affect your bottom line so you can make the right decisions at the right time.

Pay attention to these four year-end tax tips and spare yourself the feeling of wishing you had acted when the time was right. After December 31, there is no going back.

 

1. Review Your Investments

tax tips

The first thing you have to do is you have to look at… Continue reading

What Would The Dragon’s Den Say About Your Business?

kelowna accountantIf you watch shows like Dragon’s Den and Shark Tank, then you will agree that those guys can be brutally honest when somebody comes in with a plan or a project that really needs to be shelved. Despite this, using their approach can often help you in tough times.

The best way to learn how to build your business is to talk to people in business.  Entrepreneurs tend to be too close to their project and definitely emotionally attached. If your business is starting to fail, the odds are you don’t recognize it or you simply don’t want to… Continue reading

Is Your Greed Holding You Back In Business?

kelowna accountantPart of answering this question requires defining greed itself. It really is a perception rather than the type of thing that has a consistent definition. Is it your understanding or lack of understanding on how to move your business forward that’s holding you back?

This really becomes the question because if you know what you’re doing and you are making the right decisions, your business will be moving forward.

Think of a piece of a pie for a second. Would you rather have 100% of no pie or 10-50% of good-sized piece of pie?

When I think about greed, I… Continue reading

How The Seasons Can Affect Your Business

kelowna accountantObviously it depends on where you are, but do the seasons affect your business? The answer is yes, they certainly do.

There are seasonal businesses and there is the seasonality of businesses but either way, you really need to take the seasons into consideration or else you might start making bad business decisions. I’ll use Kelowna as an example…

 

Understanding The Right Time To Promotekelowna accountant

In Kelowna, in the months of July and August, business is very difficult to move forward. There are a lot of people taking vacation or hosting those that use Kelowna as their vacation destination.… Continue reading

5 Considerations When Moving Your Business To The Okanagan

kelowna accountantKelowna accountant and business advisor Ken Davidson gives advice to entrepreneurs that are looking to move their businesses to Kelowna or the Okanagan Valley.

Depending on where you are moving from, there are a few things that are a bit unique about moving to the Okanagan, such as the costs associated with living here in Kelowna. It’s fairly well known that Kelowna isn’t the cheapest place in the country to live and that affects quite a few different factors.

 

1. Can You Build Your Team Here?kelowna accountant

It’s possible that you may have a very successful business in one location… Continue reading

Is Meeting For Coffee Wasting Your Time?

kelowna accountantI truly believe in the power of networking. The need for a business owners to expand their network, expand their knowledge of others; including potential referrals, clients and competitors.

Although we all want more referrals and clients, when the prospect of meeting a new contact for coffee comes up, we aren’t always jumping out of our seats to commit to an appointment immediately.

This is because of a few reasons:

  1. It takes time
  2. Time is money
  3. You don’t always know what the meeting is about
  4. The benefits of the meeting are not always immediately clear before it happens

Is it… Continue reading

How Much Debt Is Too Much Debt?

debtObviously right now the Bank of Canada thinks that Canadians are in too much debt and a lot of officials agree. There is a lot of discussion on the news about there being too much debt and that’s why there have been changes to the mortgages rules – the government’s attempt to control you from accumulating too much debt.

Basically everywhere you look right now, people are talking about debt.

So How Much Is Too Much? 

debt

The answer is that it’s not about debt, it’s about what you have debt for. You will hear people talk, especially accountants, about good… Continue reading

The Fleeting Pleasures of Living Beyond Your Means

kelowna accountantHave you ever seen people with a lot of toys and wonder how they can afford to have them? Some of them can afford it by not spending on frivolous purchases daily or the Latte Factor. These types aren’t spending money on things they don’t need and are aware of their purchases so they can save their money to buy things they truly desire.

Other people are doing it by borrowing money to pay for that toy over 5 years. The problem is that the toy they are buying is a depreciating asset.  It is worth less everyday you… Continue reading

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