By Chad Saikaley and Anne Van Delst. People go into business to sell either a product or a specialized service. What they don’t do, is go into business to become debt collectors – unless, of course, they are in the business of debt collecting. Nobody enjoys the collecting part of business and most business people […]
It is a common scenario. An entrepreneur has put their heart and soul into developing a successful business and now has some crucial decisions to make about who will run the business and how the accumulated wealth will be shared after he or she retires or dies. Succession planning is a detailed, often emotional and […]
By Lyman Gardiner, CPA, CA, LPA, CBV It’s a rare business that doesn’t experience the occasional financial slump. There can be many reasons for a downturn: From an unexpected dip in the national economy to something relatively simple and short term, such as a major customer who doesn’t pay on time. Whatever the reason, downturns […]
By Natalie Evans, Partner, Head of Assurance Overhead costs are a fact of business life and unless they are properly monitored and controlled, they can also quietly eat away at the bottom line. Focusing on profit margins is a given in business. ‘Profits’ may look healthy, but how much of that hard-earned profit is servicing […]
By Anne Van Delst, CPA, CA, LPA Recessions, and even lesser economic downturns, can – and do – ruin once-thriving businesses overnight. While it’s true that economic hills and valleys are beyond the control of small and medium sized business owners, those overnight crashes are often the result of months or years of inadequate planning. […]
We are in the midst of a remarkable economic period. A few weeks ago, ‘inverted yield curves’ brought predictions of an impending recession. In September, the TSX reached a record high and unemployment levels hit historic lows. But warning signs and threats persist, including on-going trade wars, geopolitical tensions in the EU and Middle East, […]
By Wendy Wong, , CPA, CA Senior Manager, Tax & Advisory Services Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look. Recently, we have noticed CRA specifically targeting their reviews on car expenses claimed by a business […]
By Kody Wilson, CPA, CA, CBV, Partner No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get higher. A […]
Competition is tough for construction companies. There are contracts to be had but they are increasingly more difficult to win. To be competitive, and win those contracts, these are some basic financial questions that company owners should be asking themselves. What profit margin should I use to bid on the job? I want to keep […]
Determining whether you’re an employee or a contractor is a critical decision with important consequences for both the worker and payer (the company, employer or individual paying for the work). Employee or contractor? It might sound like an easy distinction to make, but it is not. This article covers both the factors CRA uses to determine the tax treatment, and the advantages and disadvantages for the individual in each circumstance.