In today’s world of economic turmoil, I believe that the key to building up Canada’s economy is by strengthening Canadian businesses. Over 69.7% of the Canadian private labour force in 2012 worked for small businesses, start-ups and professional businesses. Small businesses are therefore the backbone of our economy and create the added benefit of strengthening…
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INCORPORATING YOUR BUSINESS
As a business owner, you’re likely to face the decision of whether to incorporate once your business becomes successful. You’ll need to base your decision on a number of factors, both commercial and tax related. Incorporation can bring a number of commercial benefits, such as: The potential for liability is limited to assets owned by…
7 BUSINESS TRUTHS NOT TAUGHT ANYWHERE BUT ESSENTIAL FOR SUCCESS
A few years ago, my firm hosted a special event for our business clients and other close business associates. Our special guest, Nick Karadza of Rock Star Real Estate shared some insights that are essential for business success. Here is a summary of the points shared by Nick that still hold true today: It’s about…
CLARITY IS CRITICAL! WITHOUT IT, YOU WILL FAIL TO REACH YOUR GOALS
My goal is to retire at age 55. For a long time, I’ve had this retirement age in mind. I’m 45 now and only have 10 years left to achieve my retirement goals. Like most people, I’ve always had a vague picture of what I want my retirement to look like – sufficient passive income…
HOW PREPARED ARE YOU?
Following the increase in activities in the Canadian real estate market over the last couple of years, the CRA currently has a significant audit initiative underway that will impact taxpayers buying and selling real estate. The initiative is aimed at challenging various positions taken by individuals on tax returns and forms filed with the government….
WILL YOU BENEFIT FROM THE LIBERAL TAX PLAN IN 2016 AND IN THE YEARS AHEAD?
This year, most of us will have more money in our pockets…thanks to the Liberal government’s tax cut. As some of you may already know, the Prime Minister wasted no time in implementing his campaign promise to reduce the rate for the middle-income bracket (income between $45,282 to $90,563) from 22 percent to 20.5 percent….
FIVE MISTAKES THAT TAX-FILING PROCRASTINATORS MAKE
Following the Heartbleed bug that shut down the CRA online filing system for a couple of days, the tax-filing deadline extended from April 30 to May 5. As a result of this extension, many will be using this final weekend to file. If you’re among these procrastinators, be careful to avoid any errors in the…
REASONS WHY SMALL BUSINESSES FAIL
Introduction An economist writing for the CBC in September of 2012 said that 50% of new business start-ups will fail in five years. With that said, here are some of the reasons we at GMS believe they do. Poor Planning You need to know much more than what your business will do or where…
THE EMPOWERED TAXPAYER
Whose numbers are they anyway? Whether you are an individual, an entrepreneur, or a non-profit entity, any financial data or return that you submit to the Canada Revenue Agency (CRA) are your numbers. That seems obvious doesn’t it? However, often times when the preparation of financial data or a tax return is divested to a…
MAINTAINING RELATIONSHIP WITH YOUR ACCOUNTANT
Most people assume that using a do-it-yourself tax filing software means they no longer need the support of their accountants. While tax filing softwares aremathematically correct, provide “intuitive” guidance to your tax questions and allows ease of filing with the Canada Revenue Agency (CRA), they don’t provide advice whendealing with personal financial matters that impact…
