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2024 Federal Budget Highlights & Commentary
On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 to the House of Commons. No changes were made to personal or corporate tax rates. However, the inclusion rate on taxable capital gains has been
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Spotlight on the New Ontario Business Registry Portal
The Ontario government has recently launched an online Ontario Business Registry (“OBR”) portal for businesses and not-for-profits registered, incorporated, or licensed to carry on business in Ontario. There are over 90 different online services available through
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Understand Deferred Revenue and Contributions: a NFP Board Member’s How-to Guide
Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.
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Understand Accounts Payables and Accrued Liabilities: a NFP Board Member’s How-to Guide
Accounts payable and accrued liabilities generally are more problematic to capture completely in internal statements due to the number of estimates involved, or the delays in receiving information. Nevertheless they are as important as accounts receivable, if not more
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Understand Receivables: a NFP Board Member’s How-to Guide
All board members, including those involved with non-profit organizations, are held to a minimum standard of care and diligence when it comes to the finances of an organization. This is why, at a minimum, it is important for a non-accountant to understand what
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Understand Financial Statements: a NFP Board Member’s How-to Guide
Board members are often bored during the financial discussion or financial statement presentation at a meeting. If they are lucky, they have someone with a financial background as a treasurer or chair of the finance committee. This article addresses how the financial
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