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  • Government Announces Automobile Deduction Limits and Expense Benefit Rates for Businesses will Remain Unchanged for 2014

    February 28, 2014 by

    On December 30, 2013, the Canadian Minister of Finance announced that the automobile expense deduction limits and prescribed rates for the automobile operating expense benefit will remain unchanged for 2014. This announcement means that, in regards to the capital cost allowance that may be claimed on a company vehicle, the current $30,000 ceiling (plus applicable
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  • Don’t let tax season catch you off guard – do a mid year check

    February 26, 2014 by

    Unless you’re a dedicated tax accountant, thinking about business tax liability is probably something you’d rather avoid until the next year-end rolls around. For individuals’ tax returns, year-end is December 31. Subsequently, individuals must file by April 30th. However, if you operate a sole proprietorship or partnership, then year-end is still December 31, but you
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  • Keep Your Business and Personal Finances Separate

    February 26, 2014 by

    Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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  • Ontario Tax Bracket Changes for 2014

    February 11, 2014 by

    In 2014, the Ontario Personal Income Tax Brackets and Tax Rates Before Surtax were increased by an indexation factor of 1.010. Additionally, the Federal Tax Brackets and Tax Rates including Surtaxes were increased by an indexation factor of 1.009. This is great news for everyone because it means that you may be eligible for a
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  • Applying for a Business Loan: What the Bank Will Consider

    February 10, 2014 by

    Applying for a business loan can be a daunting endeavor, however it is often a first step towards obtaining the necessary funds to support business growth. Below is a list of factors which are likely to be considered by your bank’s credit department when determining the risk profile of your business and ultimately whether to
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  • Should I Establish a Professional Corporation?

    February 8, 2014 by

    Professional corporations (PCs) are used by a variety of professionals including physicians, dentists, lawyers, engineers and accountants. Generally, only professions governed by a professional body or association are allowed to form a PC. In Ontario, PCs are incorporated as regular corporations, however they are subject to a number of special rules and restrictions. The following
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  • Restructuring Your Customer Lists

    February 5, 2014 by

    An annual review of your customer list to rank them is a valuable management task. Knowing when you should eliminate customers from your base can be difficult but is important to ensure your business is operating efficiently and profitably. Some indicators to keep in mind when assessing your customers are: Negative attitude or low profit
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  • 5 Signs Your Business Needs an Accountant Now

    February 3, 2014 by

    If you’ve been handling the accounting for your business for a while, you may feel you’re pretty good at what you’re doing. The scary fact is most entrepreneurs who think they can simply pick up a piece of software to handle minor and major accounting tasks wind up losing money or even leaving themselves open
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  • Business Financing Options

    January 31, 2014 by

    The success of your business is dependent on the time and effort that has been invested by you—however, funding is also a critical factor which allows you to provide the fuel for your business. The following are some financing options available to start-ups and small-to-mid size businesses: Personal Savings Obtain the finances from your personal
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  • Using accounting tools to monitor your business progress

    January 29, 2014 by

    Even before your business began operating, chances are you developed a business plan to help you establish your business’ purpose, set goals and plan an initial course of action. Over time, your business has evolved and hopefully, you understand how and why those changes have occurred. Having an accounting firm that can help you track
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