It’s supposed to be the time of life when you enjoy the fruits of your entrepreneurial labour—taking the time to travel, enjoy hobbies, spend more time with the family—activities that were often impractical or outright impossible when you were working day and night to operate and grow your business. But a recent CIBC poll sheds […]
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 […]
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 […]
Canadian entrepreneurs are some of the best in the world when it comes to starting, managing and growing their small to medium-sized businesses. But most have little or no accounting experience, particularly in the start-up years when their energy is focused on making their company a success. All too often this results in avoidable–and potentially […]
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 […]
There are plenty of reasons why small and medium-sized businesses (SMEs) succeed in their respective marketplaces, but perhaps even more why they don’t. From developing products and services that their target clientele really doesn’t need, to strategic miscalculations, Canadian SMEs face a raft of obstacles to achieving business success. There’s one challenge that can be […]
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 […]
Recent changes to federal tax rules related to life insurance policies could have a significant impact on tax, estate and financial planning for some entrepreneurs. The good news: there’s still time to act and adjust your insurance strategy before these changes take effect in 2017. It’s important to note that tax rules related to life […]
Many aspects of the Income Tax Act are difficult for taxpayers to understand and navigate, but Section 160 is perhaps one of the most obscure. In fact, most taxpayers are not aware that this section exists, let alone do they understand its full implications. That’s because Section 160 gives the Canada Revenue Agency (CRA) broad […]
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