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Today Prime Minister Stephen Harper announced $4.6 billion a year in tax cuts for Canadian families. This will be accomplished by way of income splitting as well as an expansion of the Universal Child Care Benefit. Effective January 1, 2015, the Universal Child Care Benefit will increase to $160 per month for each child under
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Your financial statements play a critical role in your business decisions, and for most business entities, financial reporting is also a legal requirement. While some businesses may require the in-depth analysis of an audit, many smaller, privately held companies can benefit from a less comprehensive compilation. Unlike an audit which requires the auditor to perform,
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I recently attended a professional development workshop “Coaching – It’s the Manager’s Job.” Nick Forrest presented this workshop based on his company’s “SAGE” Coaching Model. SAGE is an acronym for the four coaching steps in the model – Set Expectation; Affirm Reality; Generate Options; Execute Plan. It is a tactical-level coaching model designed to address
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In Canada, the federal government provides funding for grants, but doesn’t administer them. Instead the government funnels the money to provincial and municipal government agencies to distribute. In the province of Ontario, these agencies also administer other types of lending programs, some of which require a minimal repayment or supplemental funding by the business. One
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Entrepreneurs need to properly manage profit and loss to ensure the long term sustainability of their businesses. When sales exceed expenses, the business profits. When the opposite is true, the company generates a loss. This calculation is straightforward enough, but managing profit and loss is a delicate balance that requires a thorough understanding of how
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On September 25, 2014, economist Brian Beaulieu presented a talk on prosperity in an age of decline. Sponsored by the accounting professionals at Hogg, Shain and Scheck Professional Corporation, this event was an informative presentation that examined what to expect from today’s national and international economies and even offered some investment tips. We’ve compiled a
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Developing a personal financial plan for the year ahead will help you stay focused and organized. We have outlined some important steps to consider when making your plan. Determine your financial goals for the next year Determine how much money you require to meet your goals and an action plan to meet those goals. Be
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I started working at HSS in 2011, my second year of university. While the majority of my classmates chose co-op terms at the “big four,” I chose to work at a smaller Toronto firm. This decision was definitely right for me. If you believe the quality of your performance is based on your work environment
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Many businesses – even some of today’s top companies – begin as sole proprietorships, simply because it’s the simplest and most straightforward type of company for beginners to undertake and understand. But as a business grows, the sole proprietorship often is not the ideal choice, and many businesses choose to convert to a corporation. While
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On a recent trip to Niagara Falls, New York, my friends and I were stopped at the Rainbow Bridge border for overspending. Little did we know that our spending limits were so low, and that we would have to pay taxes and duties on what we brought back to Canada to the Canadian Border Security
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On September 11, 2014 Federal Finance Minister Joe Oliver announced the creation of the Small Business Job Credit. This credit will apply to Employment Insurance (EI) premiums paid by small businesses in 2015 and 2016 and will result in a 15% net reduction in EI over those years. The credit is effective for two years,
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Telling your boss that you will be taking a year off for maternity leave can be a stressful discussion. How soon do you tell them? Will they be supportive? Will they like my replacement more? I have had to have this conversation twice with my HSS bosses, the most recent one being only five months
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