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Business owners in Ontario often find themselves having to make choices with important financial consequences for their companies. A poorly thought out decision could lock a company into an unfavourable agreement or contract for a very long time. On the other hand, a good decision could provide a firm with a long-term strategic advantage, which
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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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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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Every business needs some type of capital to grow and thrive, and for business owners who are just starting out, that capital may come in the form of personal savings, personal lines of credit or loans. Those sources may be fine for starters, but as your business grows, you need to understand capital structure at
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When more capital is required to start and operate a business than business owners can put forth, entrepreneurs must be aware of their external financing options. Below, our accountants list some of the various options for funding your entrepreneurial enterprise. External Financing Options: Angel Investors Provide capital in exchange for convertible bonds The holder’s investment
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What is a profit & loss statement? A record of a company’s revenues and expenses within a specific period of time These statements demonstrate whether or not a company is generating a profit or loss If a company is losing money, they identify how much and where revenue is being generated and what cost structures
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Learn how to recruit and retain an effective board following a company’s declaration of bankruptcy. Our firm explores the complexities that arise when recruiting board members for a post-bankruptcy vs. a financially sound company. We hope to demonstrate how to create an effective board of directors that will position your company for long-term success, rather
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At Hogg, Shain & Scheck, we look forward to the opportunity to work with entrepreneurs. Our team loves to fuel innovation by refining the financial practices of Ontario’s business owners. To serve our clients better, we continuously perform research to remain aware and ahead of trends that may affect entrepreneurs and their growing businesses. Our
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Risk directly and indirectly affects your business’ balance sheet. Proper risk management is important to mitigating risks as to avoid excessive expenditures or the loss of growth opportunities. When a company has a high amount of risk associated with their enterprise, they should acknowledge this on their balance sheet in a number of ways. Alternatively,
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There’s no way around it, a business’ tax records can take up an enormous amount of room. Also, you may want to destroy your old records for security or other purposes. The Canada Revenue Agency has strict guidelines when it comes to keeping and destroying tax records. Their guidelines state: “You must keep all of
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Non-resident employees are generally defined as a non-resident of Canada with workdays in Canada during the calendar year—Therefore they have a Canadian source employment income. If they are employed by a non-Canadian entity, they generally remain on the non-Canadian payroll. Withholding Canadian Income Tax for Non-resident employees A non-resident employer is subject to the same
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You’ve entered negotiations for a new lease and the landlord has offered you incentives or lease inducements to entice you to sign the agreement. The lease is signed and includes a tenant allowance to assist the lessee with the construction or improvement of the premises. You might wonder:1. How should the lease inducement be treated
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