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Understanding the Difference:
Audit vs. Review in Accounting

There are three main reasons businesses rely on various financial statements: To allow investors, creditors, and analysts to evaluate the performance of a company. To have the ability to compare companies to each other. To use the financial …

Assurance vs Financial Statements

Regardless of the size of your company, having good financial reporting is essential for both internal and external stakeholders. To enhance the accuracy and validity of financial statements, an assurance engagement provides additional level of …

Important Information - Ontario Annual Information Return

New Ontario Business Registry The new Ontario Business Registry (the “Registry”) is an online platform that digitizes many of the services provided to organizations that carry out business in Ontario. The registry allows businesses and …

Tax Considerations of Incorporating Your Dental Practice

Is it time to open your own practice or revise the structure of your existing dental practice? As with other professions, opening a dental practice can be done through three main structures. Sole Proprietorship, Partnership, or Professional …

The Perfect Storm for Fraud

Since the start of the pandemic in March 2020, many companies are operating in a different manner and environment than their historical norm. Our new normal consists of businesses that quickly moved from an office environment to home office work …
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Capital Gains

What is it? A capital gain is a gain realized on the disposition of capital property for tax purposes. Capital gains benefit from a one-half inclusion rate. For example, for a $100 capital gain, only $50 is included as taxable income. Proposed …
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Small Business Job Credit

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.
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Cross-Promotion can Draw More Customers

Effective cross-promotion is a great way for even the busiest of business owners to bring in more customers. The simple fact is that when you team up with other trustworthy businesses that also reach your target market, you will be able to access  …
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Basic Stages to Starting a New Business

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 …
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Trounce Your Competitors with Disciplined Plans to Expand

When entrepreneurs are running a successful small business, extra available time is scarce due to the various demands. Understandably, they rarely take the time to evaluate the future growth of their company in a disciplined manner.
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What Makes a Good Business Plan?

On March 20, 2012, I had the opportunity to present to a group at the Burlington Chamber of Commerce on the topic of business plans. I thought that the content of my presentation may be of interest to the followers of the SB Partners blog so I’ve …
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Fair Value Election and the New Accounting Standards for Private Enterprises

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 …
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What is the Value of an Audit?

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 …
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Assurance & Advisory Services

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Banking Covenants

Do You Have Banking Covenants? If so, are you aware of the impact the new accounting standards for private enterprise will have on those banking covenants? If not, now is the time to start thinking about it and have discussions with your bank and …
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