Posts

Reversionary or revocable trusts for a loved one

February tax news: Understanding trusts, managing partnership returns–and more

REVERSIONARY/REVOCABLE TRUSTS A trust is a relationship under which a person, called a settlor, contributes cash or other property in trust for the benefit of others, called the beneficiaries. The trust is not a legal person or entity for most purposes, but it is considered a “person” and a “taxpayer” for income tax purposes. The […]

employee retention

Why your best business investment could be employee retention

In the old days (e.g., prior to the coronavirus pandemic), many organizations dedicated a less-than-optimal percentage of their HR resources to employee retention. Why bother working to retain staff when new employees were lining up for their positions? Even then, top employers understood that it not only makes more financial sense to retain and engage […]

office staff in the workplace

Kick-start your return-to-growth strategy with a focus on the workplace

What will the new normal be? That’s the question businesses across Canada and around the world are trying to answer as governments lift restrictions put in place to help limit the spread of COVID-19. With companies eagerly reopening retail locations, ramping up production at manufacturing facilities and re-energizing their offices, it’s critical for leaders to […]

Business cybersecurity

Cybersecurity is a top priority for mid-sized companies in the COVID-19 era

  It goes without saying that COVID-19 has forced organizations to reconsider every aspect of their operations, from service delivery to the role of technology in keeping their workplaces safe. As they continue to restart and ramp up operations, cybersecurity will rank among their top concerns. A high degree of vigilance could help fend of […]

Cybersecurity

Cybersecurity risk is persistent and growing. For the sake of your company finances, pay attention

When I wrote last year about the risks posed by cybersecurity threats such as malware or ransomware, it was with an expectation that the situation might improve as risk awareness rose. But that hasn’t been the case. Quite the contrary, in fact. The reality is that cybersecurity risk is as great a threat to your […]

Don’t be fooled: HR law compliance is a finance issue, too

Virtually every CEO would agree that employment law non-compliance, a failure to take workplace harassment seriously, and the general flouting of accepted human resources standards, is unacceptable. Building workplaces free of anti-social behaviour isn’t just an aspirational goal, it’s a basic legal requirement in every province in Canada. That’s especially so in Ontario, which has […]

Managing one of the overlooked aspects of growth: business change

So, you’ve founded a company, managed to survive the first few start-up years and now employ a staff of around 20 people. The good news: you’ve come further than the average entrepreneur, who, statistics show, will start and crash out of multiple businesses before eventually achieving success (assuming they do, indeed, manage the feat). But […]

Brexit causing headaches for many Canadian exporters

In about a month the United Kingdom could unceremoniously stumble its way out of the European Union—the patchwork of nation states that came together in the wake of the Second World War and gradually formed what was intended as a lasting political and economic federation unlike anything the world had ever seen. It would be […]

You’ve been audited by CRA. Now what?

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 […]

Tax benefits abound when entrepreneurs make charitable donations

Canadian entrepreneurs make millions of dollars in donations to a wide range of charitable organizations each year. What many don’t realize is that giving back can have some very positive tax implications. But before we get into the details, let’s examine a few interesting facts. Did you know that according to the Canada Revenue Agency […]