There comes a time when owner-managed businesses can grow beyond the point where all aspects of the business are effectively manageable by the owner, and when hiring a competent financial controller starts to make sense.
Buying, renovating, and then renting (or selling) existing properties is a significant business. But, what many first-time investors or builders might not know is, “substantial renovations” to existing properties are not tax-free.
Passing an established business from one generation to the next is invariably difficult, especially when you add the complexity of family dynamics. So, how do you avoid the traps of failure during transition between generations? Unbiased, experienced external advisors can provide valuable advice because what they see happening with one family, they have likely seen happen to many others.
The last thing you want when you incorporate your business is for the Canada Revenue Agency (CRA) to label you a personal services business (PSB).
If CRA determines an incorporated individual working as a contractor is just an employee of the company they are working for, they would be deemed a PSB.
There are many advantages to incorporating, and despite the possible pitfalls, it may be beneficial for you to do so. But, it’s complicated and can be confusing. Talk to a tax specialist before you decide.
Although a tough decision, Tax Partner Patricia Day has decided to move on to a more rewarding career as a Grandmother. We wish her the best of luck in her retirement. Happy travels, Pat!
As you may already know, Finance Minister Bill Morneau released some additional comments the week of October 16th regarding the proposed tax changes. Here are the key points.
When the Department of Finance announced earlier this year that it was planning to end “income sprinkling,” GGFL was at the vanguard of local protest. It’s not news to anyone that the protests have grown and the issue has since become a major thorn in the federal government’s side. Along with the nation’s accountancy community and, collectively, our millions of clients, we anxiously await what we expect and hope will be significant changes to the proposed legislation.
GGFL has been named one of INSIDE Public Accounting’s ‘Best of the Best Accounting Firms’ for North America. GGFL was one of just 50 firms in North America to receive the honour from the 540 firms that participated in the in-depth survey and analysis. Only five accounting firms in Canada were among the recipients of the […]
Bill Godfrey, of Godfrey Roofing, started his business as a summer job, and has never looked back. Bill has been with GGFL for 20 years.
The decision to lease or buy an asset is an issue that business owners and individuals are faced with all the time. There are many things to consider when contemplating whether to lease or buy, be it equipment, vehicles or something else. Creating a pros and cons list is a popular decision-making tool that helps people gain perspective on the decision.