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Why Board Members Need to Understand Accounts Receivable

Why Board Members Need to Understand Accounts Receivable

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 “accounts receivable” are on an internal financial statement. Check out our other articles on Financial Literacy.

The Importance for Board Members to Understand Financial Statements

The Importance for Board Members to Understand Financial Statements

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 process of your organization should operate and how it impacts you because you share the responsibilities for ensuring that proper financial controls are in place.

How to Avoid CRA Audits: Staying Under Their Radar

How to Avoid CRA Audits: Staying Under Their Radar

There are ways to stay below the Canada Revenue Agency’s (CRA) radar and, aside from correct and iron-clad calculations on tax returns, being proactive is chief among them. The trick, through proper planning and review, is to avoid sending them an invitation to do so. In other words, if you’ve made a mistake, tell CRA before they tell you.

Mortgage Your Own Property – A Different Kind of RRSP Investment

Mortgage Your Own Property – A Different Kind of RRSP Investment

Have you ever considered the possibility of lending yourself money in the form of a mortgage through your RRSP on a property you own?

What if you had enough money invested in your Registered Retirement Savings Plan (RRSP) to cover the remaining cost? Legally, an RRSP cannot own a piece of real estate, but it can lend money, in the form of a mortgage, for a piece of property. Many people are not aware of this option.

How to Stay Together While Moving Forward: Anticipating Issues in Succession Planning for the Family Business

How to Stay Together While Moving Forward: Anticipating Issues in Succession Planning for the Family Business

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 Doctor’s Financial Lifecycle Part 2: Transitioning From Salaried to Self-Employed

The Doctor’s Financial Lifecycle Part 2: Transitioning From Salaried to Self-Employed

Becoming a doctor is no easy feat. We can tell you a few things about the business side of your practice and help get you on the road to financial security.
We can help you navigate the tax issues that distinguish the salaried resident from the self-employed physician. You should know about paying income tax installments, allowable business deductions, and filing returns. And, should you incorporate?

The Doctor’s Financial Lifecycle Part 1: Medical Residency

The Doctor’s Financial Lifecycle Part 1: Medical Residency

Anyone embarking on a career as a self-employed physician has lots to think about. While retirement might seem light years away, it isn’t too soon to start thinking about it, so, we’re offering you this starter kit on how you might want to save and protect some of your hard-earned money.

Personal Services Business – Avoid the Trap

Personal Services Business – Avoid the Trap

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.