As family-owned enterprises in Canada work to navigate the complexities of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST), understanding the intricacies of these taxes is crucial. In this post, we will delve into the current GST/HST…
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…
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…
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…
One intent behind the preparation of a will should be to ease the administration of your estate. Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…
The CRA has admitted to a glaring mistake involving erroneous late filing penalties on trusts—an error that should never have occurred and one that will impact the trust in communications received from their office. Buried in their release on new…
Navigating New Home Ownership Incentives in Canada Putting home ownership back within reach and supporting Canadian homeowners In a recent press release from the Department of Finance Canada, significant enhancements to the Home Buyers’ Plan and the Canadian Mortgage Charter…