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Business Valuation

Why Knowing the Purpose of the Valuation Engagement is Important

There are many reasons why you may need to determine the value of your business. Some of the more common examples are marital dissolution, litigation and ownership disputes, buy/sell agreements, business and estate planning, and gift and tax planning purposes. Examples of the common users of a valuation report are the company shareholders, potential purchasers, the Courts and the Canada Revenue Agency (“CRA”). A valuation report prepared for one purpose is not necessarily appropriate for …

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Converting your Home into a Rental Property

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider?

A change in use occurs when your property is changed from income producing to personal use (for example:  moving into a property that you have previously used as a rental property) or when it is changed from personal use to income producing (for example: changing your principal residence to a rental property). In addition, the change in use can be for 100% of the property or just a portion of the property (for example: changing …

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What to Expect when the CRA Contacts You

What to Expect when the Canada Revenue Agency Contacts You

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Capital Dividends

They say the best things in life are free. That’s what Capital Dividends are to …

They say the best things in life are free. That’s what Capital Dividends are to shareholders of Canadian small businesses. When a Canadian controlled private corporation generates a capital gain from the sale of investments or the sale of capital assets, such as land or business goodwill, one half of the gain is subject to corporate income tax. So what happens to the other half of the gain? How to Pay your shareholders tax-free? The …

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Should I Incoporate my Practice

Should I Incorporate my Practice?

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017. Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision. To begin the process of determining whether or not you should incorporate, consider the …

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