What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test, and became certified in QuickBooks. There are different types of certifications one can apply for,…
The Importance of Cash Flow Analysis in Audits In the realm of business finance, effective cash flow management is paramount for the sustainability and operational efficiency of a company. For family-owned enterprises in Canada, precise cash flow analysis is not…
Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning…
Navigating Financial Statement Audits with Expertise and Precision In the complex world of business, the accuracy and reliability of financial statements are paramount. For family-owned enterprises in Canada, ensuring these statements withstand scrutiny under financial statement audits is not just…
I've encountered numerous instances where financial advisors provide oversimplified advice that might sound beneficial in the short term but prove costly in the long run. A common piece of advice is to "keep your RRSP/RIF as long as you can…
Any Canadian Controlled Private Corporation (“CCPC”) in Canada that earns investment income (also referred to as passive income e.g., capital gains, dividends, etc.) is subject to certain tax regulations that will be discussed below: The refundable portion of Part I…
Imagine securing your family's financial future with a tool so powerful, yet often underestimated. Permanent life insurance isn't just about covering the "what ifs"; it's about embracing the "what can be." For family-owned enterprises in Canada, it's not only a…
The Canadian Federal Government's Budget 2024 has introduced sweeping revisions to the capital gains tax regime, signaling a profound shift in the fiscal environment for investors and family-owned businesses throughout the nation. These modifications, set to recalibrate the tax landscape,…
For families with family-owned enterprises in Canada, understanding the intricacies of trust management and compliance with taxation laws is crucial. With the recent changes in the T3 Trust Reporting requirements, specifically the inclusion of Schedule 15, it is essential for…
The Federal Budget 2024 has just been released, introducing several new measures that will undoubtedly impact the fiscal landscape for family-owned businesses across Canada. As a tax professional deeply rooted in financial principles, I recognize the importance of cautious and…