New CRA Audit Project: Car Expenses

It appears that the Canadian Revenue Agency (CRA) has a new project: corporate car expenses. This change comes as a surprise as previous correspondence from CRA was proposing to disallow personal car expenses for owner managers. In CRA correspondence that we have seen of late, the focus is on those companies that had an expense […]

Shareholder Motivations for Liquidity

(Part 2 of Preparing for a Liquidity Event) In my previous article that appeared in June’s edition of the Canadian Collaboration Newsletter, I discussed how best to prepare for a liquidity event. Proper preparation ensures a business is well positioned when encountering any unexpected events that may result in a liquidity event. It is recommended to give […]

Preparing for a Liquidity Event

The success of a liquidity event involving a privately-held business requires considerable preparation. Even in circumstances where a sale is not imminent, much can be done to improve the operational and financial performance of a business in order to ensure owners can capitalize on favorable market conditions and execute their liquidity option when the timing […]

IFRS 15 – Revenue from Contracts with Customers

Also known as “Revenue from Contracts with Customers,” this was issued in May 2014 and became effective for annual reporting periods beginning on or after 1 January 2018. IFRS 15 specifies how and when an IFRS reporter will recognize revenue, and the requirements to provide users of financial statements with more informative, relevant disclosures. The […]

Cloud Accounting

The Internet Age has revolutionized every industry and accounting is no exception. Introducing, cloud accounting; a faster and more efficient method of tracking your business’ expenses and financial reporting. Cloud accounting is the process of migrating financial accounting systems into a cloud-based platform, away from a server. In terms of the accessibility and benefits to […]

It’s Never Too Early to Organize Your Music Business

Once you’ve started directing effort and funds toward earning income as a musician, congratulations, you’re in the music business! Many musicians put off organizing the business side of their career until they have to, only to realize how many opportunities they missed to save money along the way. So, no matter how overwhelmed you may […]

Executors and Income Tax

Executors and Income Tax In this article we’ll look at an executor’s responsibilities under the Income Tax Act. If you’re being considered as an executor of a will, we recommend getting legal advice before assuming the role, as it carries specific obligations under common and tax law. You should understand the nature of the role. […]