Business people planning to buy a business

Business Matters – April 2020

This month covers some best practices for buying a business and tax planning: Management – Buying a Business: A Little Planning Goes a Long Way Taxation – Voluntary Disclosures Program Technology – What Is Blockchain, and Why Do You Need to Know What It Is? Wealth Management – Babies: The Cost and How to Plan for It   Management Buying a Business: A Little Planning Goes a Long Way Christene H. Hirschfeld, Q.C., ICD.D Last …

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Business owner shaking hands on selling his business and having a valuation report to ensure success.

17 Reasons You Should Have A Business Valuation

There are many reasons to seek valuation. Seek valuation if you find yourself in a situation listed below. In my last post, I listed the three types of valuation reports and what they entail, namely: Comprehensive Valuation Report; Estimate Valuation Report; Calculation Report. Understanding when you need a business valuation is important when making major decisions and determining the type of valuation report you need. 17 Reasons Why You Should Consider a Business Valuation: Buying …

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Succession Planning for Business Owners

How to Focus your Succession Planning for your Hard-Earned Business?

“Succession Planning” is a term that is being used a lot in today’s business world. It refers to the process of exploring your options so that you can protect the value of your hard-earned business investment and choose the right exit strategy that makes sense for you, your business, and your family. This process takes thought, planning and time to arrange and implement. Who should you include in your Succession Planning? Statistics show that most …

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Building Value before you Sell your Business

Building Value Before you Sell your Business

Whether you started your business from scratch or bought an existing business, it represents a significant asset into which  you have invested a lot of time, money, and effort. Owners want their business to be as profitable as possible, and to one day sell it and use the proceeds to help fund their retirement. As a business owner, you want to make your business look as appealing to potential buyers as possible. The first step …

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What to Expect when the CRA Contacts You

Identifying Legitimate Communications from the Canada Revenue Agency

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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Cyber Security: Mitigating the Risks to Cyber Attacks

Business Matters – February 2020

 This month covers some best practices to protect your business and legitimate tax planning: Digital Management – Cyber Security: Mitigating the Risks to Cyber Attacks; Finance – Your Credit Score – What Does It Mean? Management – Protecting Your Business From Identity Theft; Taxation – Tax and Ethics.   Digital Management Cyber Security: Mitigating the Risks to Cyber Attacks Cory Bayly, MBA Cyber attacks come in a variety of forms and with a variety of …

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Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

If you are an employee of a business, you may have the opportunity to deduct expenses on your personal tax return that are required under your contract of employment. To claim work-related expenses, an employee needs to obtain a certified Form T2200 from their employer. If you are a shareholder-employee of the company, can you deduct employment expenses? Based on the Tax Court of Canada’s decision in the 2009 Adler case, the answer appeared to …

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