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If your business needs equipment to operate, the decision to purchase, finance, or lease your business equipment will affect your year-end taxes in different ways. From cash registers to medical equipment and big, heavy equipment like tractors, dump trucks, or even airplanes, the purchase or lease of business equipment must be accounted for on your
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International trade has given business owners a plethora of opportunities for new growth. The global economy allows any aspiring entrepreneur or seasoned business owner the opportunity to engage with clients from around the world. And we’re here to help. Read on to learn about the 10 things you need to know about operating a cross
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There are a number of factors related to for-profit and not-for-profit organization accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status. However, there are also a number of significant differences. These accounting differences are related to the not-for-profit organization’s allocation of
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Are you a Board member, Financial Officer or Treasurer of a not-for-profit organization? Perhaps you are an entrepreneur or owner-manager and have recently opened up your business or looking to start operations. In any of these circumstances, it might be wise to consult with a chartered accountant. Speaking with a chartered accountant could prove to
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Theme: Economic growth, Job creation, Strong middle class When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next and add $100 billion in debt over the next five years. But lower-than-expected revenues have forced the government’s hand,
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As a not-for-profit organization you have a mandate to achieve certain goals. The money that is available to your not-for-profit organization is essential for reaching the goals, and a quality bookkeeping system is essential to keep track of and manage that money. Since the funds are such an essential part of keeping your organization running, it
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Those of us with family members in a medical residency program welcomed the recent technical interpretation (2015-0592051I7) issued by the Canada Revenue Agency (“CRA”). The CRA has reversed its previous stance and will now allow an individual that is registered in a medical residency program to claim the education and textbook tax credits. This change
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Canada makes a specific distinction between charitable organizations and not-for-profit organizations, commonly known as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an information return
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A landlord will often use a leasehold inducement to either entice a prospective tenant or to retain an existing one. Tenants like receiving leasehold inducements since it is viewed as “free money”. However, this isn’t really the case since a leasehold inducement can result in taxable income for a tenant and a deduction for the
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Ontario Budget Commentary, February 25, 2016 If you have any questions regarding the Ontario Budget or its impact on you or your business, please contact us. We hope you find our Commentary informative. Introduction On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget. The deficit for the 2015-16 fiscal year is projected
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As the wave of baby boomers start to retire and have more free time, one’s thoughts might be spent more on travelling than ever before. Whether it’s a Mediterranean cruise, scuba diving in the Caribbean or just exploring our neighbours to the south, one desire for many Canadians is to escape our winter’s bitter cold.
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Understanding Capital Asset Accounting for Manufacturers Capital assets are the tangible items such as buildings, equipment, and property used by a business to manufacture, supply, or rent items to others. In manufacturing, these can include machines, tools, warehouses, trucks, computers, and more. It is critical that business owners understand why capital asset management is important
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