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Advice for Business Owners

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

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

Income Sprinkling

Richard Weber on September 18, 2017 in Advice for Business Owners

What is it? It is capitalizing on the lower marginal tax rates of family members and diverting corporate income to them. Proposed Changes The Tax reform proposals generally seek to curb using a corporation to split income with family members in a lower tax bracket who do not work in the business.

Coffee with the Tax Team

Brittany Phillips on September 18, 2017 in Advice for Business Owners

Richard Weber, Tax Partner will provide an overview of the proposed tax changes, the impact, and what you can do. Hot breakfast will be available. Date: Wednesday, September 27, 2017 Time: 8:00 a.m. – 9:30 a.m. Location: Oakville Conference Centre, 2515 Wyecroft Road, Oakville.

7 Business Financing Considerations

Joseph R. Schlett on August 30, 2017 in Advice for Business Owners

Businesses work hard to increase their operating performance, solidify their working relationships with suppliers and adapt to a changing sales platform involving technology advancements and intense competition. Other than equity retained in the business, the typical categories of financing include working capital financing, equipment and leasehold improvement financing and real estate financing. Lenders often respond … Continued

Proposed Tax Planning Changes for Private Corporations

Richard Weber on July 20, 2017 in Advice for Business Owners

On July 18th, the Federal Government’s Department of Finance announced significant proposed changes to certain mainstream tax planning. Details have been released in a comprehensive, technical consultation paper focusing on tax practices commonly used involving private corporations. A brief summary of the proposed changes: Income splitting (dividends and salaries) with adult related individuals (i.e. spouses … 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

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.

Selling Your Business is a Process

Joseph R. Schlett on August 15, 2016 in Advice for Business Owners

If selling your business is an option that you wish to explore and possibly move forward with, we highly recommend that you follow a structured process involving preparation and market execution. Further, expect timelines of six to eighteen months to complete the process depending on the nature of your business and ‘sale readiness.’ SB Partners’ … Continued

Hiring a Post Secondary Graduate

Elaine Holding on May 3, 2016 in Advice for Business Owners

There are many government programs out there to help businesses. However, it can be frustrating trying to figure out what is out there, whether you qualify and how to find the documents. One program that may be of interest is the Youth Employment Program through the National Research Council’s Industrial Research Assistance Program. Details are … Continued