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Employees and the Cost of Owning a Small Business
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
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Highlights from the Ontario Fall Economic Statement
The provincial government released their Fall Economic Statement on Thursday. Billed as a pre-election mini-budget to Build Ontario, the statement proposes a number of investments in infrastructure, health care and skilled trades, but very few income tax initiatives.
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COVID Relief Program Update – October 2021
On October 21st, the federal government made a number of announcements about COVID-19 relief programs. Some programs are coming to end, new programs are being introduced and some programs have been extended. Here’s a summary of the changes. What’s Ending?
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New Tax Rules for Family Business Owners In Place…But More Changes Coming
There has been a great deal of confusion coming from Parliament Hill over a Bill intended to reduce the tax bill when a family business is transferred to the next generation. As it stands now, Bill C-208 is law. But the government has announced that it intends to amend
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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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