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Charity Guidelines Checklist

Charity Guidelines Checklist

Christine Mills on January 3, 2018 in Uncategorized

Specifically, I wanted to highlight the checklists that cover a variety of aspects of charity operations. I have reproduced the basic guidelines checklist below. It is a good reminder of the administrative requirements to insure your Charity status is maintained at all times. ☐ Engage only in allowable activities. A registered charity is allowed to … Continued

CRA Audit Techniques

Christine Mills on December 6, 2017 in Advice for Business Owners

With the increase in the number of tax payers filing electronically, CRA now has incredible data analytic capabilities.  Anomalies in relationships between financial numbers will often trigger an audit or, at the very least, an information request. In addition to data analytics, CRA is also looking to third parties for information that might indicate an … Continued

When CRA Comes Knocking

Christine Mills on November 30, 2017 in Uncategorized

Part One of a Two-Part Series on the CRA CRA has definitely been more active lately. We see increases in the number of audits as well as the number of pre and post-assessment information requests. As there is an increased likelihood that you will have an interaction with the CRA in one way or another … Continued

What Will Review Engagements Look Like for 2018?

Christine Mills on November 27, 2017 in Uncategorized

In 2016, CPA Ontario issued the new Canadian Standard on Review Engagements (CSRE 2400). The new standard applies to the review of financial statements for periods ending on or after December 14, 2017. The standard replaces the old guidance which was issued in 2003 and was lacking specificity. Review engagements are increasingly becoming more common … Continued

B Corps: Redefining Success in Business

Christine Mills on May 3, 2017 in Advice for Business Owners

There are over 1,200 Certified B Corporations (B Corps) in 38 countries including 110 in Canada. Most successful business owners understand the importance of looking beyond the spreadsheet. Factors such as environmental performance, corporate social responsibility, and strong values can influence and impact buyer decisions, employee morale, and reputation. Now, a new designation is available … Continued

Small Business Job Credit

Christine Mills on March 21, 2016 in Advice for Business Owners

Receiving money from CRA and don’t know why? If you are a business owner that has recently received a cheque from the Receiver General, do not be alarmed.

Ontario’s Not-for-Profit Corporations Act, 2010 - Are You Ready?

Christine Mills on December 12, 2012 in Advice for Charities

The Ontario Not-for-Profit Corporations Act, 2010 (ONCA) comes into effect on January 1, 2013.  The Act applies to every non-share capital corporation that was previously governed by the Ontario Corporations Act, 2009.  There are special exceptions including insurance companies and companies with objects "in whole or in part of a social nature" (a “Social Corporation”), … Continued

Useful Websites to Help Manage Your Personal and Business Finances

Christine Mills on November 21, 2012 in Tax

The Web is becoming more and more important to everyday business.  It can provide a wealth of information if you know where to look.  Outlined below are some useful sites that can help you manage your business and personal finances. This site contains many useful tools to help you calculate mortgage and interest payments; future … Continued

What is the Value of an Audit?

Christine Mills on October 12, 2011 in Advice for Business Owners

I imagine many of you have wondered about the genuine value of an audit. Traditionally, an audit not only costs more than a review engagement, but it also consumes more of your staff’s time. As assurance service providers, we often struggle to communicate the value that you receive for the additional cost and effort. To … Continued