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Being self employed has always carried with it a number of tax advantages, but has also had one nasty drawback: lack of eligibility for Employment Insurance (EI). Historically, if a self-employed person’s income stopped because of a work shortage, sickness, or maternity, they were not eligible for EI benefits because their income had never been ...
It is quite common for owners to borrow money from their corporations. However, you have to be aware of the potential income tax consequences of receiving a loan from the corporation. If you are a shareholder of a corporation or a person not dealing at arm’s length with a shareholder, a rule in the Income ...
If you’re a small business owner, you don’t need someone to tell you that cash flow is critical. For those just starting up, purchasing an existing business, or for established businesses looking to make the next growth step, finding the cash to pay for the costs of transitioning can be a real challenge. Many rely ...
Business has been good but the sunny beaches in Mexico are beckoning you and your spouse to start considering retirement. Your business has provided your family a good living and with the help of your accountant you have made sure to take advantage of all the tax breaks. So, as a business owner, what do ...
Learn more about Succession Planning – How to Get Your Business Ready for Re-Sale »
Traditionally, the accounting profession has used the decision usefulness model to determine its own standards for financial statement reporting. These standards are referred to as Generally Accepted Accounting Principles (GAAP). As investors are typically the key users of financial statements of public companies, the profession has busied itself with balancing the trade-off between the reliability ...
When does education end? With high school graduation? A college diploma or university degree? Never? If you answered “never,” congratulations – you are correct. Lifelong learning is a reality in today’s global economy. The nature of the training people need will naturally change over time, as will the amount that different people need, but the ...
When business owners first receive their financial reports, they will naturally look at the bottom line. Profitability is a crucial part of a business, but without expert advice and timely information, an owner could be missing vital information that could help their business. The passage of time usually diminishes the usefulness of that information to ...
For many small business owners, their main source of retirement income may be the equity they have built up in their business. Unfortunately for many of them, there may not be as much equity as they think. There are two main sources of value in a business. The first is the assets the business owns, ...
Most business owners end up being at the bottom of the list when it comes to receiving money from their company. How often have accountants seen business owners stressed, burnt out and often selling their businesses far too early because they get discouraged due to a lack of seeing any measurable rewards for being in ...
Roles and responsibilities of a finance department. The activities expected from a finance department cover a wide range from basic bookkeeping to providing information to assisting managers in making strategic decisions. What to expect from your finance department will depend largely on factors such as how much involvement the owner/manager has in the organization. At ...
Learn more about Roles and Responsibilities of a Finance Department »