Applying for a business loan may seem daunting, however, our friends at BDC have prepared a guide to preparing a winning loan request. Here is some recommended information/documentation to prepare for an effective loan proposal: 1) Historical financial information: a. Financial statements will help lenders assess the state of your business. 2) Identify your investment…
Everyone loves going on vacation right? Well according to this article, taking vacation can be a source of stress and worry for many employees. The article cites surveys done in both Canada and the U.S. that show that the number of people reporting that they have been made to feel guilty about taking vacation or…
Canadians are losing millions each year to a growing variety of complex scams. Based on a report from the Better Business Bureau, we rounded-up the top five cons in Canada from 2017, ranked by the claimed amount of money lost. WIRE FRAUD AND SPEAR FISHING Financial loss: More than $20-million Various phishing scams have been floating around the…
Be on high alert during #TaxSeason and all year round. Here are some tips to protect yourself and your family from fraud: Keep Your Personals to Yourself Didn’t we hear the words “don’t talk to strangers” our entire lives? If you don’t know who you’re communicating with, and you’ve never met them in person,…
After the outrage by Canadians during the consultation process, the Liberals decided to back down. Instead they have offered to reduce the small business tax rate from 10.5 per cent to 9 per cent by January 1, 2019. Although the Liberals have retracted their changes to the lifetime capital gains exemption (for now), they…
Full the full report from the Fraser Institute here. This year marks the 150th anniversary of Confederation, when Canada came together as a new country and federation. Since then, Canadian prime ministers and their governments have helped shape the country in various ways, many leaving legacies that affect Canadians to this day. Here is an…
In general, most people name their spouse as the beneficiary on their Registered Retirement Savings Plan (“RRSP”). Upon death, the RRSP will transfer to the spouse’s RRSP fund and tax is deferred. What if you also have other assets such as non-registered investments where they have dropped in value and have an unrealized capital…
Books and records are required to be kept in a way that will ensure the reliability and readability of the information recorded. The Canada Revenue Agency recognizes either of the following as records: 1. traditional books and records (including supporting source documents) produced and retained in paper format; and 2. books and records produced and…
Why is cloud accounting good for business? The use of traditional accounting software is typically regarded as a tedious and time-consuming process, which takes the excitement away from core business operations. Thus, in recent years we have seen a major marketplace movement towards cloud-based accounting software in efforts to streamline the accounting processes. A few…
The U.S. and Canada implemented an agreement to scan passports and share the information to track the time snowbirds spend in the U.S. Currently the number of days allowed is generally 182 days in a single year and less if they meet the “substantial presence test”. A new bill, currently before congress, would allow Canadians…