This Corona Virus pandemic has devastated the world economy and has caused enormous hardship on many fronts — for individuals and businesses. Throughout the pandemic, many governments around the world are providing support to their citizens and businesses to weather the storm caused by this virus. The Government of Canada is playing it’s role and…
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CRA Challenges A Photographer’s Source Of Income
In a February 19, 2020 Tax Court of Canada case (Hurwitz vs. H.M.Q., 2018-406(IT)I), at issue was whether the taxpayer (H) had a source of income in respect of his abstract photography endeavor. For the two years in question (2013 and 2014), H earned gross income of $5,000 and $10,000 but had net losses of…
Self-Employment: Is It For You?
Quite often, we run into a lot of people who want to become self-employed for a number of reasons ranging from just being tired of working for someone else, job loss from downsizing or those simply sick of office politics. Whatever your reason, the big question is: Should you? Is Self-Employment for you? I recently…
Our Top Five Challenges In Running Our Business – Part 5 of 5
This month, we conclude our series on the top five business challenges in running our business. If you’ve missed any of the previous articles, you can click on any of the three previous challenges below to read the details: Cash flow issues/Undercapitalization of your business No investment in a proven pipeline for new business Shallow…
Our Top Five Challenges In Running Our Business – Part 4 of 5
This month, we will look at the forth challenge we faced in our business. If you’ve missed any of the previous articles, you can click on any of the three previous challenges below to read the details: Cash flow issues/Undercapitalization of your business No investment in a proven pipeline for new business Shallow dialogue with…
Update on the July 18, 2017 Tax Proposals – What We Know and What We Don’t Know
As most of you know, sweeping tax proposals were made by the federal Liberal government on July 18, 2017 that had some of the most significant changes to the taxation of Canadian private corporations since the early 1970′s. Following a dramatic and strong negative reaction to these proposals from tax practitioners, taxpayers and the business…
Our Top Five Challenges In Running Our Business – Part 3 of 5
We are back this month looking at the third challenge we faced in our business. For those that have not been following, below is the list of the top five challenges we’ve been discussing over the last couple of months: Cash flow issues/Undercapitalization of your business No investment in a proven pipeline for new business…
Our Top Five Challenges In Running Our Business – Part 1 of 5
Last month, I provided the heart breaking stats on the survival rate of small businesses. As a fairly new business start-up, we faced and continue to face similar challenges. As we mark our 5th year in business, I want to highlight the top 5 challenges we faced in our business and some of the steps…
The Story of Ralston and Doreen – Small Business Owners, Collateral Damage?
Summer has drawn to a close, the children are settling down in school and university, and Ralston and Doreen are preparing to implement the new menus in the restaurant for the last four months of the year, to ensure that they meet the sales and profit targets set at the beginning of the year. Doreen…
How Good Is Your Chance To Survive Another Year In Business?
Stats show that the longer you stay in business the worse your chances of survival, at least for the first 10 years in business. According to the Bureau of Labour Statistics in the U.S. about 80% (four-fifths) of businesses with employees will survive their first year in business; about 66% (two-thirds) of businesses with employees…
