TAXATION Operating an automobile for business and personal use has tax consequences. Purchasing or leasing an automobile in the company name and allowing employees to drive the automobile has tax consequences that may require owner-managers to add a taxable benefit to the employee’s T4. CRA Definition of Automobile For there to be a taxable benefit, […]

TECHNOLOGY The way you store your data is about to change. For the last 60 years, increasingly vast amounts of data have been stored primarily on magnetic hard disk drives (HDDs). Hard drives are capable of storing a huge amount of information, but they are mechanical devices and can be more delicate and a lot […]

MONEYSAVER Playing Scrooge is not just for Christmas any more. Even though penny-pinching is harder to do today without any pennies, the concept remains valid and is especially applicable to the expenses incurred by small businesses. Here are a few ideas to improve the bottom line. Outsource Employees require salaries and benefits as well as […]

MANAGEMENT An insurance plan today can support your business and family tomorrow. No one, with the possible exception of a professional gambler, expects to build a reserve of funds by gambling. Nevertheless, purchasing or not purchasing life insurance is a gamble in itself. If you buy life insurance, you only win if you die early […]

MONEYSAVER Look beyond revenue for profit growth. Businesses are already looking toward 2017 and considering what has to be done to keep profits growing. The Canadian economy is expected to grow at only 1.5% according to a prediction by the Conference Board of Canada, which claims that “…there are plenty of headwinds for Canada’s economic […]

TECHNOLOGY Innovative software relieves the burden of looking after elderly parents. Many owner-managers in their thirties and forties or even older not only have to run their businesses but also have to look after growing children as well as aging parents. These owner-managers are part of the so-called “sandwich generation,” trying to be successful business […]

TAXATION Before choosing a date for your year end, think about the date that works best for your kind of business. When entrepreneurs incorporate their businesses under their respective provincial articles of incorporation, often, little thought is given to the date for the fiscal year end. Many company founders unconsciously identify the company’s fiscal year […]

TRADEMARKS Protect your business by registering proprietary names as trademarks. If you want to protect the unique name of your business, website or domain name, logo, product or service name, or company slogan, you may wish to apply for a trademark. What Is a Trademark? According to the Canadian Intellectual Property Office: “A trademark is […]

MANAGEMENT Make time for strategic planning. Strategic planning is not usually a strong suit of most entrepreneurs. They have a great initial idea and know how to turn it into a business. But then, they become too involved in day-to-day affairs and do not take the time to plan where they have to be in […]

TAXATATION Complete, accurate and readable records will make a CRA audit less onerous. Regardless of whether your business is a proprietorship, a partnership or an incorporated company, the Canada Revenue Agency (CRA) requires the business to maintain financial books and records. Here are a few of the CRA’s record-keeping requirements you should know. Only in […]