It’s a proud moment for any fledgling entrepreneur. They start a new business and manage to make it a going concern. Perhaps they’re even taking a salary—a relative luxury for many business owners in the start-up phase—and can finally think about spending on themselves. Maybe a new home is at the top of that expenditure […]
If there’s one letter that entrepreneurs dread receiving in the mail, it’s the one from the Canada Revenue Agency informing them that their business or personal returns are the subject of a tax audit. Audits can take weeks, months, even years to complete in extreme cases, and can be emotionally and financially draining for business […]
When the Office of the Superintendent of Financial Institutions’ (OSFI) implemented new rules earlier this year designed largely to cool the red-hot housing markets in Toronto and Vancouver, many economists lauded the move. Indeed, housing affordability has emerged as a major issue in Canada in recent years, particularly in our largest cities. Many homes that […]
The early days of any new business are the most exciting. That’s when entrepreneurial hope springs eternal, when innovation and ideation are most important and when unbounded growth seems just a few sales away. It’s a fun—if somewhat terrifying—time. Many business owners will develop detailed business plans as they launch a new company, often with […]
The Kestenberg Rabinowicz Partners LLP management team is growing once again. We’re proud to announce that Adriano Romeo, a KRP senior manager since 2011, has been promoted to partner. Adriano has more than a decade of experience working with the owners of small- and medium-sized businesses across sectors including construction, real estate, manufacturing, franchising and […]
If you’ve had reason to phone the Canada Revenue Agency of late, you may have experienced a long wait to speak to an agent—if anyone bothered to take your call. The anecdotal experiences of our accountants and clients has been confirmed in a new Auditor General’s report that sheds light on communication shortcomings at the […]
In more than 30 years of practice as a Chartered Accountant, one of the most common two questions I’ve been asked by clients is whether they should buy or lease a car, and whether they should buy personally or under their company name. Inevitably my answer has been, “It all depends.” How long do you […]
When the Department of Finance released its proposed changes to the taxation of private corporations in Canada on July 18, 2017, entrepreneurs across the country immediately took issue with measures they felt would cause undue financial harm to their businesses. And for good reason. If passed, these proposals will have extensive implications for all private […]
Small business owners in Ontario are getting a break on their taxes. This week Minister of Finance Charles Sousa delivered a fall economic statement that will lower the corporate small business income tax rate on the first $500,000 of business income to 3.5 per cent from 4.5 per cent, by January 1, 2018. The change […]
Whether you operate a brand-new start-up or a business that’s been in existence for many years, if you need financing, banks and other financial institutions will require some standard information before cutting you a cheque. All too often, entrepreneurs are caught off guard when asked to provide this documentation. The type of credit you need–such […]
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