Audit & Review Engagements

Audit & Review Engagements

Posted in Tax Accounting
December 20, 2016 by

When an organization is undergoing an audit or a review, it can be difficult to understand the differences between the two; after all both are known as assurance engagements, and need to comply with accounting standards for private enterprises (ASPE). Audits and reviews are closely linked but they fulfill different needs and are associated with different
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Term Loans: Is a Term Loan Right for Your Business?

Posted in Advice For You
November 22, 2016 by

Are you looking for cash funding to grow or maintain your business? When business owners think about financing from a bank, they’re usually thinking about procuring a “short term loan.” A term loan offers a business owner a cash payment that is to be paid back in installments over a specified period of time. For the duration
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Not-for-Profit Organizations Accounting versus Normal Business Accounting

Posted in Tax Accounting
April 19, 2016 by

There are a number of factors related to for-profit and not-for-profit business accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status.  However, there are also a number of significant differences. These differences are related to the not-for-profit organization’s allocation of resources toward
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Filing & Reporting Requirements for Not-For-Profit Organizations

Posted in HSS Blog
March 29, 2016 by

Running a not-for-profit organization is challenging, but when it comes to the accounting, reporting and filing requirements, it can be down-right confusing. With the information here, you can learn exactly what is expected to ensure your not-for-profit organization meets all requirements. If your organization is registered with the Canadian Customs and Revenue Agency as a
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Bookkeeping Tips for Not for Profit Organizations

Posted in HSS Blog
March 16, 2016 by

As a not for profit organization you have a mandate to achieve certain goals. The money that is available to your not-for-profit organization is essential for reaching the goals, and a quality bookkeeping system is essential to keep track of and manage that money. Since the funds are such an essential part of keeping your organization
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We’ve expanded – HSS merges with Marinucci & Company

Posted in HSS Blog
March 7, 2016 by

(TORONTO – March 3, 2016) Two highly respected Toronto accounting firms have merged. They are Hogg, Shain & Scheck and Marinucci & Company. The new company, which will maintain the name Hogg, Shain & Scheck, will be based in new facilities at 1800-2235 Sheppard Ave. East, Toronto. Marinucci & Company, founded in 1987, specializes in
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Filing an Information Return Form for a Not-for-Profit Organization

Posted in HSS Blog
March 4, 2016 by

Canada makes a specific distinction between charitable organizations and not for profit organizations, commonly knowns as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an
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Understanding Capital Asset Accounting for Manufacturers

Posted in HSS Blog
February 18, 2016 by

Understanding Capital Asset Accounting for Manufacturers Capital assets are the tangible items such as buildings, equipment, and property used by a business to manufacture, supply, or rent items to others. In manufacturing, these can include machines, tools, warehouses, trucks, computers, and more. It is critical that business owners understand why capital asset management is important
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The Monetary Risks and Benefits of Long-Term Leases

Posted in Risk Management
February 4, 2016 by

Business owners in Ontario often find themselves having to make choices with important consequences for their companies. A poorly thought out decision could lock a company into an unfavourable agreement or contract for a very long time. On the other hand, a good decision could provide a firm with a long-term strategic advantage, which can
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The Common Habits of Winning Teams

Posted in HSS Blog
January 28, 2016 by

When top business executives are asked to recall an experience when they and their management team were performing at their best, their answers often include the same themes: At the top of their game, the team worked intensely to achieve a shared, deeply meaningful business objective. The executives often speak of enjoying open communication with
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Accounting Implications of Default and Termination of Leases

Posted in HSS Blog
January 18, 2016 by

The topic of accounting for leases is a wide and potentially complicated field. One of the reasons is the fact that no two leases are alike. Each lease is the product of negotiation between the lessor, who generally owns the property, and the lessee, who is generally looking to rent the property. Therefore, each lease
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5 Ways Your Accountant Can Support You Through The Litigation Process

Posted in Tax Accounting
December 4, 2015 by

Litigation is a complex and nerve-wracking experience, and unless you have expert guidance on your side, your case can be under-researched and underrepresented. The result: financial loss and potential legal implications that can have a significant impact on your life now and in the future. Your accountant can provide critical support throughout the litigation process
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