Accounting Terms
Here are some of the most common terms used in Accounting today: AR = Accounts Receivable – The amount of money owed by customers or clients to a business after goods and/or services have been delivered or used. AP = Accounts Payable – The amount of money a company owes creditors (suppliers, etc.) in return for goods […]
New Business Guide for setting up your business
If you are starting a new business in Canada or are operating one already, then this article is for you. Types of business structures The type of structure you choose has a significant effect on the way you report your income, the type of returns you file each year, and many other matters. The three […]
Protecting Treasured Family Assets with Life Insurance
An estate can pay up to 24% on any capital gains and up to 48% on any of the registered pension, RRSP and RRIF balances that it receives. This tax can be deferred if assets with capital appreciation and registered funds are transferred to a surviving spouse. Life insurance can become an economic tool Often one of […]
Changes to the Eligible Capital Property Rules Effective January 1, 2017
Eligible capital property (ECP) includes items such as goodwill, patents, trademarks, customer lists and other intangibles with no fixed lifespan. As of January 1, 2017, the new rules for eligible capital property will come into effect and will have a significant impact on tax deferral opportunities for companies that dispose of eligible capital property. Previous […]
Cost of Being Found to be a Personal Services Business (PSB)
We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues […]
The Value of a Unanimous Shareholders Agreement (USA)
The financial wealth of many individuals is represented by the shares of a privately-held corporation, and, as such, a shareholder agreement is an invaluable legal instrument when the corporation is being continued by other shareholders or family. The purpose of a shareholder agreement is to establish the parties’ rights and obligations when a shareholder terminates […]