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Whether you’re a tenant or landlord who is taking advantage of a rent-free period to secure a new lease on a building or other asset, such as business equipment, you probably have questions on how to account for this rent-free period when it comes time for income reporting to the Canadian Revenue Agency (CRA). What
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If you are a Canadian business owner or manager, you need to make sure that you have a good grasp of fundamental accounting principals. This knowledge is important because it will allow you to analyze your firm’s financial statements, and identify problem areas or areas for improvement. One key thing that needs to be understood
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As the one-year anniversary of my work experience at Hogg, Shain & Scheck arrives I begin to reflect on all the things that I have done during the year. In particular, I look back on my contributions to education. In addition to assisting clients as a full-time accountant, I have also started helping friend, family
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If you are a Canadian business owner considering moving your business to the United States, you probably have questions about how to make a financially successful move. For example, you may have questions pertaining specifically to your business and its employees, such as: purchasing health insurance for you and your employees, investing in property for
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On October 23, 2014, the University of Toronto Scarborough Campus (UTSC) hosted a UTSC alumni networking event called PWR Play at Sassafraz in Yorkville. Having only graduated from UTSC earlier this year, it was the first alumni event I was invited to, and I extended the invite to Brian at HSS, since he also attended
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Today Prime Minister Stephen Harper announced $4.6 billion a year in tax cuts for Canadian families. This will be accomplished by way of income splitting as well as an expansion of the Universal Child Care Benefit. Effective January 1, 2015, the Universal Child Care Benefit will increase to $160 per month for each child under
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Your financial statements play a critical role in your business decisions, and for most business entities, financial reporting is also a legal requirement. While some businesses may require the in-depth analysis of an audit, many smaller, privately held companies can benefit from a less comprehensive compilation. Unlike an audit which requires the auditor to perform,
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I recently attended a professional development workshop “Coaching – It’s the Manager’s Job.” Nick Forrest presented this workshop based on his company’s “SAGE” Coaching Model. SAGE is an acronym for the four coaching steps in the model – Set Expectation; Affirm Reality; Generate Options; Execute Plan. It is a tactical-level coaching model designed to address
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In Canada, the federal government provides funding for grants, but doesn’t administer them. Instead the government funnels the money to provincial and municipal government agencies to distribute. In the province of Ontario, these agencies also administer other types of lending programs, some of which require a minimal repayment or supplemental funding by the business. One
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Entrepreneurs need to properly manage profit and loss to ensure the long term sustainability of their businesses. When sales exceed expenses, the business profits. When the opposite is true, the company generates a loss. This calculation is straightforward enough, but managing profit and loss is a delicate balance that requires a thorough understanding of how
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On September 25, 2014, economist Brian Beaulieu presented a talk on prosperity in an age of decline. Sponsored by the accounting professionals at Hogg, Shain and Scheck Professional Corporation, this event was an informative presentation that examined what to expect from today’s national and international economies and even offered some investment tips. We’ve compiled a
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Developing a personal financial plan for the year ahead will help you stay focused and organized. We have outlined some important steps to consider when making your plan. Determine your financial goals for the next year Determine how much money you require to meet your goals and an action plan to meet those goals. Be
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