Small Business

Internal Controls

Internal Controls even the Smallest Business can Implement

We’ve all heard the term “internal control.” Simply put, it involves anything that controls risks to a company, by ensuring reliable financial reporting, and compliance with laws, regulations and policies. Implementing suitable internal controls in larger companies with a large management team is seldom an issue. For smaller companies with only a few staff it can be far more challenging, if not almost impossible. So what can these companies do to reduce the opportunities for …

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When do you Charge HST

When do you Charge HST

Whether you are self-employed or your business is incorporated, it is your responsibility to ensure you register and collect HST when you meet certain conditions set out by the Canada Revenue Agency (“CRA”). Many small business owners are not aware that whether you are self-employed or incorporated, if your business earns greater than $30,000 in world-wide taxable supplies over any four consecutive calendar quarters you must register for HST, and collect HST, and remit it …

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Red Flags that will get you Audited

Red Flags that will get you Audited

The Canada Revenue Agency (CRA) audits people or companies whose tax returns seem suspicious.  CRA is more likely to audit self-employed individuals and small businesses than employees with a T4 slip. CRA has significant industry and demographic data that they utilize to analyze a wide range of tax claims. Any real or perceived differences or outliers to this data could lead to an audit.  Often, the first step is not a full audit but a …

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A Buy/Sell Clause Helps Prevent Business Divorces from Getting Messy

Business partners set up shop with the best of intentions. It’s a relationship that must be built on mutual trust and respect. But no matter how strong a personal or professional relationship is at the outset, shareholder conflicts and other events may occur that can affect the continuity of the business operations. A mechanism and process that establishes the ground rules for the orderly transfer of the businesses shares caused by unforeseen conflicts or events …

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