Sage, the leading supplier of business management software, recently released a survey to determine the opinions of small businesses on outside accounting services. Over 450 small business owners in the US and Canada were surveyed and were able to provide extremely valuable insight for every small business owner.
Over 60% of the companies surveyed are currently using outside accounting services and 90% of them say it’s absolutely critical to the success of their business. Being an accountant myself, my opinion is somewhat biased but I have always fundamentally believed this to be true and it’s part of… Continue reading
I generally don’t recommend RRSP contributions for business owners because of the restrictions in the investments that can be made within an RRSP and that the minimum amounts that have to be withdrawn in retirement are out of your control. What I recommend for business owners is to have a holding company for their investments and they can hold the exact same investments that they hold in their RRSPs, if that’s what they want to invest in.
The business owners do not have to withdraw cash from… Continue reading