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Hogg, Shain & Scheck’s entrepreneurial clients need to understand how to properly report business income from other countries to avoid taxation penalties. Businesses succeed because they strategically operate within a global value chain that elevates their products while minimizing their costs. However, when you earn income in other countries, come tax time, you need to
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Tax audits are Canada Revenue Agency’s (CRA) way of ensuring that your tax return accurately represents the taxes you owe the government. There are two levels of severity when it comes to tax audits that a Canadian enterprise may face. One is a desk audit, which is when Canada Revenue Agency simply wants to look
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Sole proprietors cannot leave their businesses to someone. The taxation and legal structure of a sole proprietorship makes it so that technically, the business dies with its owner. In their will, sole proprietors may transfer their personal and business assets to beneficiaries. However, this process is fraught with a variety of legal and accounting considerations
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As 2014’s tax season comes to an end, accounting firm Hogg, Shain & Scheck has finally eased up on the crunching of numbers, as the team celebrates a break from overtime hours. Aside from satisfied clients sending in thank you notes and small tokens of appreciation, the firm has also been awarded international recognition for
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When more capital is required to start and operate a business than business owners can put forth, entrepreneurs must be aware of their external financing options. Below, our accountants list some of the various options for funding your entrepreneurial enterprise. External Financing Options: Angel Investors Provide capital in exchange for convertible bonds The holder’s investment
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Entrepreneurial couples make up a large portion of the small businesses in North America. Spouses can make a potent team, as they share a variety of common goals and interests. But, if you are going into business with your spouse, there are several tax considerations that will directly affect your tax deadlines (and throughout the
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At Hogg, Shain & Scheck, we are passionate about helping entrepreneurs to launch successful and sustainable businesses. We have been privileged to meet incredible innovators whose ideas could revolutionize industries. However, before your startup or small company can takeover the market, you need to be sure that financial negligence does not hamper your earning potential.
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Filing and Payment deadlines for individuals Generally, the filing deadline for individuals is April 30th of the following year; The filing deadline of an individual who carries on a business or whose cohabiting spouse or common-law partner carries on a business is June 15th of the following year (for example, self-employed and partners); Payment deadline
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If you own a private corporation and plan on selling your business, it is better for you to start planning 3 years in advance rather than planning a few months before the sale as your choices will be limited if you are thinking of reducing your taxes. Options for Selling your Business There are two
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Accurate cost allocation for manufacturing overhead enables companies to price their items accordingly to produce a profit. To protect your profit margins, you need to understand exactly how much each aspect of your business costs. Manufacturing overhead refers to all of the costs associated with producing a product, over and above direct labour and material
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Understanding unique financial reports and what they contribute to financial planning better enables business owners to manage opportunities and risk. Profit & loss budgets and profit & loss statements are commonly confused terms. Read on to learn the difference and to better understand how Profit & Loss budgets and statements can benefit your business. What
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Your company should prioritize a strategic accounting audit to ensure that the procedures you have in place are complying with a strategy for long-term success. Long-term success will differ from company to company. However, if you ever want to make your success a reality, it needs to be well defined within a strategic plan. Schedule
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