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Employer Health Tax for Employers Changes as of January 1, 2014

Richard Weber on January 8, 2014 in Advice for Business Owners

Guide for Employers Employers have to pay Employer Health Tax (EHT) on the total Ontario remuneration paid to employees and former employees who:  report for work at a permanent establishment of the employer in Ontario do not report for work at any permanent establishment of the employer, but are paid from the employer’s permanent establishment … Continued



Trevor Hood Interviewed for Succession Planning

Trevor Hood on September 18, 2013 in Business Valuations

This article appeared in Succession Planning, a publication of The Bottom Line & The Lawyers Weekly, vol. 3, no. 1, in 2013. One goal, different approaches A business sale is fraught with complex legal and accounting considerations, including valuation Buyers and sellers of businesses, beware: A cadre of professionals, including lawyers, accountants, business valuators and … Continued



Reducing Costs in the Finance Department Through Technology

Gregory Clarke on July 17, 2013 in Advice for Business Owners

I recently read an interesting report by Erik Dorr and Martijn Geerling about Taking Finance Transformation to the Next Level, and thought I would share some of their insights. All companies strive to be cost-effective in their operations. Most focus on centralized processing to minimize costs in these operations including many finance functions such as … Continued



Using Analytics to Drive Your Business

Gregory Clarke on May 22, 2013 in Advice for Business Owners

I had the opportunity recently to review a report from Bloomberg Businessweek "Finance as Analytical Partner to the Business". This was a very interesting report that had some key points that can be applied directly to the Owner-Manager Private Enterprise level organization. The report was based on a survey of 318 global business leaders and … 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



Basic Stages to Starting a New Business

Joseph R. Schlett on February 27, 2013 in Advice for Business Owners

Government regulations aside, it really isn’t that difficult to start a small business if you progress through the appropriate stages. Most challenging is the planning and market research you should do ahead of time to ensure your business will be viable. It takes effort, planning and financing to be successful and there aren’t really any … Continued



Year-End Tax Strategies for Small Businesses

Richard Weber on December 26, 2012 in Advice for Business Owners

With year-end fast approaching, now is the time to review your business taxes in order to minimize your income tax. Here are some tax-saving strategies for you to consider implementing prior to New Year: 1. Defer or delay income If you receive any income in January 2013 rather than in December, it will reduce your … Continued



Gifts and Awards for Employees

Richard Weber on June 27, 2012 in Advice for Business Owners

For employers who want to reward their staff achievements, or acknowledge team members at certain personal milestones, it is important to always keep in mind the tax implications that these gifts can carry. The following notes pertain to the Canada Revenue Agency’s (CRA) gift and award policy: An employer may give an unlimited number of … Continued



You Should be Prepared to Prevent Access Risk and Fraud

Gregory Clarke on May 16, 2012 in Advice for Business Owners

People often rely too much on manual access controls I recently reviewed an SAP study on how to prevent access risk and fraud and found some interesting points. The study was prepared by InsiderRESEARCH who conducts independent research for SAP customers. The group recently collected 183 online surveys and 17 in-depth interviews with security-focused professionals … Continued



Fair Value Election and the New Accounting Standards for Private Enterprises

Gregory Clarke on November 2, 2011 in Advice for Business Owners

Canadian private corporations are in the process of adopting the new Canadian Accounting Standards for Private Enterprises (“ASPE”). There are many elections available for private companies but one of the elections is of particular interest since it allows companies a one-time adjustment to measure property, plant and equipment at fair value as of the date … Continued