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Whether you’re a tenant or landlord who is taking advantage of a rent-free period to secure a new lease on a building or other asset, such as business equipment, you probably have questions on how to account for this rent-free period when it comes time for income reporting to the Canadian Revenue Agency (CRA). What
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If you are a Canadian business owner or manager, you need to make sure that you have a good grasp of fundamental accounting principals. This knowledge is important because it will allow you to analyze your firm’s financial statements, and identify problem areas or areas for improvement. One key thing that needs to be understood
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If you are a Canadian business owner considering moving your business to the United States, you probably have questions about how to make a financially successful move. For example, you may have questions pertaining specifically to your business and its employees, such as: purchasing health insurance for you and your employees, investing in property for
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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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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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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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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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An income statement is one of the many financial tools that Canadian entrepreneurs can use to measure profitability. Learn how to use an income statement to evaluate your business’ sustainability. What is an income statement? A calculation of a company’s revenue and sales less its expenses over a designated period of time. What profitability measurements
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