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Past Tips of the Week

How to Read a Balance Sheet

The balance sheet is one of the primary components of a set of financial statements. It discloses the assets, liabilities and shareholders' equity of the company as of a particular date which is usually the company's fiscal year-end date. ...
for more on How to Read a Balance Sheet click here>

Business Valuation

There are various reasons for valuing a business, the most common one being that a business owner wants to sell the business as a going concern and needs to know how much to charge for it. ...
for more on Business Valuation click here>

How to Read Notes to the Financial Statements

The notes to the financial statements are an integral part of audited and review engagement financial statements. They exist because the numbers contained...
for more on How to Read Notes to the Financial Statements click here>

International Financial Reporting Standards (IFRS)

The international community has been working together for many years to agree on uniform accounting standards to be applied to financial statements all over the world....
for more on International Financial Reporting Standards (IFRS) click here>

How to Interpret Financial Statements

The principal components of a set of financial statements are the balance sheet, income statement, cash flow statement, notes to the financial statements and cover letter (notice to reader, audit report or review engagement report)....
for more on How to Interpret Financial Statements click here>

Capital gains and losses-Part 1

A capital gain refers to a gain from the disposition of property that would not otherwise be included in ordinary income....
for more on Capital gains and losses-Part 1 click here>

Capital gains and losses-Part 2

Capital gains and losses involve many special situations, some of which are as follows:...
for more on Capital gains and losses-Part 2 click here>

Tax planning strategy for spouses with pension income

You and your spouse can agree to split up to 50% of your eligible pension income,...
for more on Tax planning strategy for spouses with pension income click here>

Tax Planning Strategies for Corporations-Part 1

The subject of corporate tax planning is often associated with a profitable year for a company....
for more on Tax Planning Strategies for Corporations-Part 1 click here>

Tax Planning Strategies for Corporations-Part 2

There are many areas that can be addressed on this topic, so for the purpose of this article we will select a few of the more common items that often apply...
for more on Tax Planning Strategies for Corporations-Part 2 click here>

Tax Planning Strategies for Corporations-Part 3

Charitable donations are tax-deductible up to a limit of 75% of the company's net income for tax purposes. If donations exceed that limit, they can be carried forward for up to...
for more on Tax Planning Strategies for Corporations-Part 3 click here>

Tax Planning Strategies for Corporations-Part 4

Most business owners feel that the valuation of year-end inventories is a useful tax planning strategy. Higher inventory values result in higher profits and taxes, which suggests that lowering the year-end...
for more on Tax Planning Strategies for Corporations-Part 4 click here>

Tax Planning Strategies for Corporations-Part 5

A good tax planning strategy is to pay corporate tax instalments on time. Although the temptation is to defer paying these until the full amount of tax is due, this results...
for more on Tax Planning Strategies for Corporations-Part 5 click here>

Tax Planning Strategies for Corporations-Part 6

One of the most important corporate tax planning strategies is centered around owner-manager compensation. Many owner-managers are being paid by salary when it would be more beneficial from a tax perspective...
for more on Tax Planning Strategies for Corporations-Part 6 click here>

Ontario HST

The HST has been in effect in Ontario since July 1, 2010. It was a relatively smooth transition during the first year of implementation, although consumers had to get used to...
for more on Ontario HST click here>

Incorporation vs Proprietorship

When establishing a new business, one of the first decisions is whether it should be a proprietorship or an incorporated company. Many people incorporate right away because they have heard that...
for more on Incorporation vs Proprietorship click here>

Tax filing deadlines and penalties

The CRA has a whole assortment of tax filing deadlines and penalties, some of which are more severe than others depending on the particular circumstances. For example, personal tax returns must...
for more on Tax filing deadlines and penalties click here>

Depreciation and Capital Cost Allowance

Business purchases of capital equipment cannot be written off immediately, but rather must be expensed over an extended period of time. For purposes of the financial statements, the company may have...
for more on Depreciation and Capital Cost Allowance click here>

Income Tax Issues for Real Estate Developers

There different income tax implications for real estate development depending on the phase of development. We will evaluate the implications for the pre-construction period, construction period and post-construction period. ...
for more on Income Tax Issues for Real Estate Developers click here>

Alimony and Maintenance

The terms "alimony" and "maintenance" have been replaced by the term "support amount" in the Income Tax Act, effective January 1, 1997....
for more on Alimony and Maintenance click here>

Tuition and Bursaries

Tax credits for tuition are intended to cover post-secondary education and courses that are directly related to an individual's employment or business....
for more on Tuition and Bursaries click here>

Finding the Right Chartered Accountant for the Audit of your Business

While many businesses dread the idea of an audit, those that are successful welcome it with open arms. After all, they've realized the benefits that an audit report can provide for...
for more on Finding the Right Chartered Accountant for the Audit of your Business click here>

Income tax implications of U.S. resident or company doing business in Canada

An American resident is not taxed in Canada on business profits arising from Canadian operations unless the American individual or company is "carrying on business in Canada"....
for more on Income tax implications of U.S. resident or company doing business in Canada click here>

Income tax implications of moving to USA

You are an emigrant for income tax purposes if you leave Canada and sever your residential ties with Canada....
for more on Income tax implications of moving to USA click here>

Shareholders' Agreements

Whenever a new company is established with more than one shareholder, it is wise to set up a shareholders' agreement. In addition, it should be updated when an additional shareholder is...
for more on Shareholders' Agreements click here>

Scientific research & Experimental Development

High investment tax credit rates are available for SR&ED expenditures. Forms T661 and 31 must be filed on time in order to benefit from the tax credits. The filing deadline is...
for more on Scientific research & Experimental Development click here>

Stock Option Benefits

When a corporation agrees to sell or issue shares of that corporation, or shares of another corporation with which it does not deal at arm"s length (a related company) to an...
for more on Stock Option Benefits click here>

Markham's Best Choice For Your Business Audit

There are many good reasons for choosing Simkover and Associates to handle your commercial audit reporting needs this year. First and foremost is the fact that we're local ourselves....
for more on Markham's Best Choice For Your Business Audit click here>

Tax Implications of Vehicles - Part 1

Costs associated with a vehicle can be written off as long as the vehicle is used at least partly for business purposes. The following costs can be written off: ...
for more on Tax Implications of Vehicles - Part 1 click here>

Tax Implications of Vehicles - Part 2

A Canadian taxpayer who uses his car partly for business purposes is entitled to write off the business portion of the car expenses against his taxable income....
for more on Tax Implications of Vehicles - Part 2 click here>

Registered Retirement Savings Plan

The RRSP is generally considered the most effective and widely applicable tax planning technique for Canadians. This is because any taxpayer, whether or not he or she owns a business, can claim a tax deduction for contributions made to the RRSP account....
for more on Registered Retirement Savings Plan click here>

Travel Expenses

When an employee or a self-employed individual travels out-of-town for business purposes, the related expenses are tax-deductible for either the company or the self-employed individual....
for more on Travel Expenses click here>

Year-End Tax Planning

In Canada, there are a number of strategies that could be followed to
reduce the tax burden by legitimate means. Some strategies are long-term
and need to be put in place...
for more on Year-End Tax Planning click here>

First-Time Home Buyer's Credit

This is a tax credit based on $5,000 for first-time home buyers....
for more on First-Time Home Buyer's Credit click here>

Home Renovation Tax Credit

The home renovation tax credit pertains to work performed or goods acquired after January 27, 2009, and before February 1, 2010....
for more on Home Renovation Tax Credit click here>

Tax-Free Savings Account (TFSA)

This plan permits the account-holder to save money outside of the RRSP
plan without incurring any tax on interest or capital gains earned on
these funds. A corporate Chartered Accountant should...
for more on Tax-Free Savings Account (TFSA) click here>

Business Fraud-what to watch for

Business fraud is much more widespread than many people think, causing
annual losses in the billions of dollars in Canada. It can be conducted by
employees, managers, officers, directors, suppliers, competitors...
for more on Business Fraud-what to watch for click here>

Associated corporations

There are various tax implications of associated corporations. Two
companies are associated if one controls the other, both are controlled by
the same person or corporation, or both are controlled by...
for more on Associated corporations click here>

Registered Education Savings Plan (RESP)

These plans are an incentive program to encourage people to accumulate savings to provide for the post-secondary education of children or grand-children. The main features are as follows:...
for more on Registered Education Savings Plan (RESP) click here>

Home Office

Many small businesses find it convenient to work from home and also take advantage of the tax breaks. All costs related to maintaining the home can be prorated to the space...
for more on Home Office click here>

Tax Planning for Individuals

Tax planning is a year-round process that should be done with the assistance of a Canadian Chartered Accountant to minimize by legitimate means, the amount of taxes to be paid. Here...
for more on Tax Planning for Individuals click here>

Standard Cost System for Manufacturers

Standard costs are target costs. As work is completed, actual costs are compared against the standard costs to generate variances which are then analyzed in order to determine what can be...
for more on Standard Cost System for Manufacturers click here>

The budgeting process

Many small companies do not set up a budgeting process because the owner/manager is intimately involved in day-to-day operations and feels that he or she is automatically aware of the details...
for more on The budgeting process click here>

Planning the purchase of a business

Without proper planning, most business acquisitions ultimately disappoint the purchaser. To be successful, acquisitions require the complete commitment of the purchaser including devoting the appropriate amount of time and resources to...
for more on Planning the purchase of a business click here>

Planning the sale of a business

Probably the most difficult aspect of selling a business is the separation of the business aspects of the planning process from the emotional aspects. Most business owners have built up their...
for more on Planning the sale of a business click here>

Pricing methodologies for purchase or sale of a business

Many business owners think that the asking price for a business is based on the general market price for this type of business, adjusted for how successful the particular business has...
for more on Pricing methodologies for purchase or sale of a business click here>

Income tax issues when buying or selling a business

One of the first issues is whether to sell shares or assets. Generally, the vendor wants to sell shares and the purchaser prefers to buy assets for the reasons which will...
for more on Income tax issues when buying or selling a business click here>

Negotiating the purchase or sale of a business

Negotiations often do not succeed, since both parties need to be flexible and willing to view the transaction from the other party’s point of view as well as their own. Furthermore,...
for more on Negotiating the purchase or sale of a business click here>

Legal aspects of the purchase or sale of a business

A letter of intent is drawn up to highlight the terms and conditions that have been initially agreed on by the purchaser and seller. Although it is not intended to cover...
for more on Legal aspects of the purchase or sale of a business click here>

Financing the purchase of a business

A purchaser of a business needs to have financing in place during the search process, so that opportunities that arise can be promptly acted upon. The creditworthiness of the purchaser will...
for more on Financing the purchase of a business click here>

Integrating a business acquisition

The main purpose of acquiring a company is to add customers and profits to an existing business or to create a new business without starting from scratch. However, prospective purchasers do...
for more on Integrating a business acquisition click here>

Moving expenses

Moving expenses can be deducted for income tax purposes in Canada when an individual moves to a new work location or to attend full-time at a post-secondary school or university. The...
for more on Moving expenses click here>

Past Tips of the Week | Simkover and Associates

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