When Cash is Short

February 2nd, 2011

The following article is reprinted from the newsletter Business Matters with the permission of the Canadian Institute of Chartered Accountants. If you would like to receive this newsletter, please join our contact list. Times are tough, cash is tight. This is not the time to cut costs in an effort to reach short-term goals. You […]

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2010 personal year end tax tips

December 7th, 2010

As the end of 2010 is fast approaching, here are some personal tax tips I think you should consider: 1. Some deductible expenses and credits can only be claimed if they are paid in the year, a different concept than incurred in the year. For example, you incur a dentist bill in November 2010, but […]

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Government Incentives for Sustainability Projects

November 8th, 2010

Are you aware of all the Federal and Provincial government incentives available to support your company’s sustainability and going green strategies? More and more companies are doing their part in reducing their carbon footprint on the environment and the major concern for them is the balancing act to ensure they are profitable while reducing the […]

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Canadian Residents Heading South

November 7th, 2010

If you are a Canadian resident that is planning on heading south for the winter, then you should read the following pamphlet from the Canada Revenue Agency. It will provide information on certain income tax requirements that may affect you as well as explain any US tax laws that could impact you. You can find […]

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Privacy Guidance for Small Businesses

November 2nd, 2010

As a small business owner are you aware of your duties and responsibilities when it comes to privacy? Is your business in compliance with the Personal Information Protection and Electronic Documents Act (“PIPEDA”)? The Office of the Privacy Commissioner has developed a video aimed at helping small businesses understand and comply with PIPEDA. It features […]

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IT consultants – personal services business risk

November 1st, 2010

If you are an incorporated business that provides IT or other consulting services to mainly one business as your customer, then you may run the risk of being viewed as a personal services business (“PSB”) by Canada Revenue Agency (“CRA”). A PSB is a corporation where the owner/shareholder provides services to another business and the […]

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Purchasing computer equipment and software

October 27th, 2010

If you are a business owner considering purchasing computer equipment or software, I would recommend you to do so before January 31, 2011. The current tax rules allow a 100% capital cost allowance for computer hardware, software and data processing equipment with no half year rule applied. This means you get a full deduction for […]

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Small business transition support payment

October 27th, 2010

The Ontario government is providing a one-time transition assistance to help small businesses offset costs incurred in making changes to their point-of-sale and accounting systems in order to collect the Harmonized Sales Tax (HST) that came into effect in Ontario on July 1, 2010. In order for small businesses to qualify for this transition assistance you must […]

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The Benefits of Incorporating Your Business

October 18th, 2010

I find that quite a number of regulated professionals are running their business or practice as a sole proprietorship and are missing the benefits of incorporating. Here are a few of the major benefits: Tax deferral – In Ontario, the first $500,000 of income after expenses is taxed at a rate of roughly 16%. If […]

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Why Ark?

October 15th, 2010

One of the first dilemma’s I faced when I decided to open my own accounting firm, was of course what to call it?  Though naming the firm after myself would have been easiest, I wanted something unique.  I wanted a name that invoked an image and a feeling from potential clients – and so the […]

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