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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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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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Medical Expense Tax Credit – Nursing Homes vs. Retirement Homes
The federal and Ontario governments have tax credits available to taxpayers, including those paid for medical expenses. The Medical Expense Tax Credit (METC) can be claimed for costs associated with nursing and retirement homes that are paid by you or your spouse. METC
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