Condominiums ready for condominium corporation audit

How to Prepare for a Condominium Corporation Audit

Policies and Procedures to Ensure a Smooth Audit An audit may seem like a daunting and stressful task to some, but with proper preparation you can make it a walk in the park. There are many things you can do before the auditors even start which could greatly reduce your stress and bring ease to yourself and the auditors. Below are some insights from the perspective of an auditor that could facilitate ‘a walk in …

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Employee claiming home office expenses on 2020 tax return

How to Claim your Home Office Expenses on your 2020 Tax Return

The pandemic has caused a vast number of Canadians to work from home during 2020. As a result, the Canada Revenue Agency (CRA) has released new guidelines for claiming home office expenses on their 2020 personal tax return. Here is what you need to know on how to claim your home office expenses. For the 2020 tax year, the CRA has announced two methods for claiming office expenses: the new temporary flat-rate method and the …

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Realtor determining if a Personal Real Estate Corporation right for her

Is a Personal Real Estate Corporation right for me?

Undoubtedly, for decades to come, 2020 will be talked about as the year of change.  We all have learned to do things differently. Some 2020 changes have been welcomed, like the change which now allows Ontario real estate professionals to operate through a Personal Real Estate Corporation (PREC). Whether you are a Real estate agent, Broker real estate agent, Realtor®, Realtor® Broker, or Realtor® Salesperson, this new avenue in which to run your business is …

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Businessman working from home discussing what home office expenses can be claimed.

How Working from Home May Affect your 2020 Tax Return

COVID-19 has caused many significant changes in how Canadians live their lives. One noteworthy difference for office employees is that many may find themselves working from home for a substantial portion of the year. This change in routine may give rise to new costs that these employees must bear. Some of the more apparent costs could be computer monitors, desks, or keyboards purchased to facilitate working from home. But there are also additional, more subtle …

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Business woman exploring the valuation of her business.

7 Reasons why an Up-to-Date Valuation is an Asset to your Business

Many business owners only obtain a valuation of their business when they are considering a sale, or reacting to an unforeseen situation. But there are benefits to always having an up-to-date valuation in hand. It’s a proactive measure that ensures you are acting from a position of strength when the unexpected does happen. Why you should have a current valuation of your business: You are ready if you receive a purchase offer for your business …

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Cash Flow methods used to determine Business Valuation

How your Business Value is Determined using the Income Approach

The income approach is often the primary approach used for valuation and is used in the valuation of most operating companies.  The income approach discounts the expected future cash flows (returns on investment) to present value using an appropriate rate of return for the investment. Future cash flows are typically based on the net after-tax cash flows expected to be generated by the business. The discount rate (or rate of return) used should reflect the degree of uncertainty or …

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Capital gains trapped in globe sitting on business valuation papers

How to Treat the Trapped-in Capital Gains in the Valuation of Holding Companies?

The issue of how to treat the trapped-in capital gains most often shows up when applying the Adjusted Net Asset Approach to valuing a holding company. The Adjusted Net Asset Value Approach The Adjusted Net Asset Value Approach is typically used when valuing a real estate or investment holding company. This approach results in the book value of the assets and liabilities being restated to reflect their fair market value. The adjusted net book value …

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