Family-owned businesses are a key driving force behind the success of the Canadian economy. As an accounting firm that works almost exclusively with entrepreneurs, we see this widespread reality playing out almost every day. Indeed, we’ve worked with dozens of family-run corporations, many in their second or third generations, that have enjoyed sustained financial success […]
A new Canada Revenue Agency (CRA) directive is about to make it much harder for entrepreneurs to correct legitimate tax errors without significant repercussions. The CRA recently proposed changes to the Voluntary Disclosure Program (VDP), an initiative that allows taxpayers to correct mistakes or oversights on their Canadian tax returns, or make new submissions, for […]
If finance and accounting were easy, there would be far more successful businesses operating (and thriving) in this country. It’s a point I made in Pt. 1 of this two-part series on tackling one of the toughest challenges facing any small to medium-size business owner: cash flow management. In that last post, I noted a […]
Welcome to our new Ask the Accountant series, where our clients and readers pose accounting, finance and business management questions to KRP partners Hartley Cohen and George Grignano. Have a question you’d like answered? Email us now and we’ll put your query in the queue. Q: Thanks to a handful of new clients, the management consulting company that […]
If two of the nastier inevitabilities in life are death and taxes, then tax audits would certainly rank as one of the more unpleasant possibilities. More so when you consider that Canada Revenue Agency’s ability to monitor tax filings for inconsistencies and to detect patterns of potential error or fraud are only becoming more sophisticated […]
Obtaining the right accounting and tax planning advice is critical for every business owner. That requires a strategic approach that takes both their personal and professional finances into account, while also incorporating long-term goals into any financial plan. At least that’s a best practice we reinforce here at KRP. But in some cases, we take […]
Comprehensive record-keeping is a major challenge for many entrepreneurs. After all, most business owners are so busy running their organizations that taking the time to document minutiae such as travel time to client meetings becomes a burden—and a task that many inevitably neglect. But as one recent engagement with a KRP client proves, doing so […]
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