What the new ‘income sprinkling’ rules mean for tax planning
Small business owners, including incorporated professionals such as doctors, lawyers, accountants and others, will likely face a higher tax bill in the years ahead as a result of Finance Minister...
View ArticleThe dos and don'ts of tax-free gifts in Canada
If you’ve ever considered making a significant financial gift to your children, you’re not alone. A recent CIBC poll of 3,021 randomly selected Canadian adults found that the majority (76 per cent)...
View ArticleA 93% tax rate? Private corporation tax could make it possible
Small business owners across the land are still reeling from last month’s announcement by Finance Minister Bill Morneau targeting private corporations and fundamentally changing the way businesses...
View ArticleFour new strategies you can use this year to get ahead of Ottawa's proposed...
The Justin Trudeau government in July announced a number of tax changes that will have a big impact on business owners, sparking a lot of anger and frustration about the changes among advisers, but...
View ArticleWhat’s New In QBO: August 2017
Whether you choose to crank up the A/C or pitch a tent in the frozen food aisle of your local supermarket (hey, we’re not judging), August is a month where keeping cool is key. Grab a spot in the...
View ArticleThe good, bad and downright offensive in Morneau’s tax-reform proposals
So you finally agreed to meet the tax accountant that everyone has been talking about. “He reduced my tax bill by thousands of dollars,” your neighbour says. “And it’s all perfectly legal.” You live...
View ArticleWHAT TO LOOK OUT FOR WHEN DOING YOUR OWN BOOKKEEPING
Many small businesses do their own bookkeeping. And why not? Initially, when your business is small, the bookkeeping is quite simple. But what are the things you should look out for when you’re...
View ArticleMorneau's tax changes are so complex and unfair, they'll turn accountants...
The philosophy behind the proposals is to “level the playing field” and the example given in the summary overview is an individual living in Ontario and earning a salary of $220,000 versus his...
View ArticleHow Trudeau’s plan to target corporate passive investment got it so wrong
Both Prime Minister Justin Trudeau and Finance Minister Bill Morneau have stated that the government’s private-corporation tax proposals will not affect businesses earning less than $150,000 a year....
View ArticleFive tools for forecasting your small business's cash flow
As a small business owner, there may be nothing more important to To get a handle on your company’s future cash at hand, several tools are available to help you analyze projected income and...
View ArticleFive common options for financing your small business
For most small businesses, financing can be a challenge. Whether you need bridge capital to keep the business running in tough times, or structured debt for long-term growth, it pays to have a...
View ArticleWhat's changed, what's the same and what's to come with the Liberal small...
Taking a page out of its 2015 playbook when the government raised taxes on the wealthiest one per cent so that it could, in its words, “introduce a middle class tax cut for nearly nine million...
View ArticleHow to Run QuickBooks Online up to 46% Faster
The All-New QuickBooks® Online Desktop App is Here! Our QuickBooks apps for Mac & PC allow you to run QuickBooks Online up to 46 percent faster when visiting the client page.* And, it’s free to...
View ArticleFive financial facepalms small businesses should avoid
For many small business owners, it’s difficult enough keeping customers happy without thinking about the stuffy world of finance. But money management isn’t something you can afford to ignore. Doing...
View ArticleHow Morneau’s small-business tax cut increased another tax without people...
On Oct. 16, 2017, Finance Minister Bill Morneau announced that the Liberal government intends to lower the small-business tax rate from 10.5 to 10 per cent, effective Jan. 1, 2018, and to nine per...
View ArticleTax change backlash gets changes made, but more are needed: CFIB
Back in January, if someone had asked me what the dominant political headline would be for much of 2017, I don’t think I would have responded with “A series of complicated tax changes affecting...
View ArticleThe trouble with capital gains taxes, and why we're likely still stuck with them
Canada’s capital gains tax should be reduced or abolished as a number of countries have done, according to an economic note published this week by the Montreal Economic Institute, an independent,...
View ArticleIt's that time to break out the year-end tax-planning playbook
The whiff of nutmeg, sprinkled atop a freshly-brewed eggnog latte, can only mean one thing — year-end tax planning season is upon us, once again. While it’s true that the list of year-end tax...
View ArticleWe can’t rely on IT forever: Why accounting must not be immune to innovation
Innovation is a necessary part of any industry, but some sectors are slower than others when it comes to embracing technological change. In recent decades, accounting has become one of the worst...
View ArticleIntuit to Acquire TSheets: It’s About Time
Intuit® is taking the next step in making the QuickBooks® platform the smarter way to do business by signing an agreement to acquire TSheets, a leading platform that small and medium businesses,...
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