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Succession in Family Businesses

Succession in Family Businesses

Mustafa Dossajee on November 2, 2018 in Advice for Business Owners

As a family business prepares for succession, it is critical to factor family dynamics into the equation. Most businesses have clear financial disciplines, production processes, sales and marketing practices, and so on. Meanwhile family dynamics are often overlooked, though they often emerge as the most disruptive element in the business transition. Rooted in deep-seated emotions … Continued

Federal or Provincial Incorporation?

Mustafa Dossajee on December 20, 2017 in Advice for Business Owners

Incorporation is an important part of business and given the numerous financial considerations faced by owners, it’s not uncommon to choose the least expensive option. Short-term savings however may not yield long-term advantages. In Canada, owners may choose to incorporate federally or in one of the 13 provinces/territories. Taking the long view as to where … Continued

Transfer Pricing

Mustafa Dossajee on October 3, 2016 in Uncategorized

Recently, many of our clients have set up (or are contemplating setting up) operations in the United States to take advantage of favourable export exchange rates. American subsidiaries owned by the Canadian parent company are one way to carry out operations. This approach with readily understood tax filing obligations and reporting forms for both jurisdictions, also brings with it the … Continued

Tax Implications on U.S. Property Purchases

Mustafa Dossajee on September 26, 2016 in Tax

A client (Canadian resident) recently asked whether he was required to complete tax form T1135 for a condo purchased in Florida for CAD$125,000 equivalent.  The simple answer – it depends!  Form T1135 is used for foreign income verification and is to be completed if the cost to the taxpayer of specified foreign property was more … Continued

Family Trusts

Mustafa Dossajee on September 20, 2016 in Advice for Business Owners

Introducing a family trust as part of a corporate structure may offer huge benefits but its merits should be evaluated on a case-by-case basis.

Help! I’m Being Audited by CRA

Mustafa Dossajee on September 8, 2016 in Tax

Receiving the ‘T1 Processing Review’ notice may make you feel like you are being audited but in reality, this is a common practice.

Writing a Business Plan - Part 2

Mustafa Dossajee on April 10, 2013 in Advice for Business Owners

Click here to read part 1 of "Writing a Business Plan" Marketing Plan This should include an in-depth description of your company's sales, pricing and marketing strategies, and the benefits of your products and services. As you begin to develop your Marketing Plan, refer to the market research you undertook when writing your Competitive Analysis. … Continued

Writing a Business Plan - Part 1

Mustafa Dossajee on April 3, 2013 in Advice for Business Owners

Are you planning to write a Business Plan? Below you will find the subjects to address, the order in which they should be tackled and a short description of the subject matter to be included under each section. Executive Summary This section must appear at the beginning of your business plan but since it summarizes … Continued

Tax Implications for Businesses When Phasing out the Penny

Mustafa Dossajee on March 6, 2013 in Advice for Business Owners

Retail cash transactions will be affected when phasing out the penny and we would like to offer some advice—provided by the Canada Revenue Agency (CRA)—to help you through this process. Do you charge GST/HST before/after rounding out the penny? Since the GST/HST is calculated on the amount charged for taxable supplies, the rounding should occur … Continued