Small Business Archives - McCay Duff LLP Chartered Professional Accountants

Every Small Company’s Owner Should Understand Their Financial Statements

April Wheeler - CPA, CGA
Accounting, Business Advisory, Financial Reporting, Small Business
5 minutes of reading

Do you review your company’s financial statements regularly? Do you understand what they tell you about your business? If not, you are not alone. Many business owners are focused on starting, growing, or maintaining their businesses. As a result, they do not take the time to understand their financial statements and the vital information they provide about their business. When used effectively, your financial statements are a tool that will help you plan better, address …

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Internal Controls even the Smallest Business can Implement

April Wheeler - CPA, CGA
Errors, Fraud Prevention, Internal Controls, Small Business, Tone at the Top
2 minutes of reading

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

April Wheeler - CPA, CGA
CRA, HST, Self-Employed, Small Business
3 minutes of reading

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

April Wheeler - CPA, CGA
CRA, Small Business, Tax Audit
6 minutes of reading

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

Rick Evans - CPA, CA, CFF, CFE, CVA, ABV, ASA CPA (California)
Business Valuation, Compensation, Shareholder Agreements, Small Business
3 minutes of reading

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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Small Business

Every Small Company’s Owner Should Understand Their Financial Statements

Internal Controls even the Smallest Business can Implement

When do you Charge HST

Red Flags that will get you Audited

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

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