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Proper accounting practices can make or break a growing business. Business owners need to be aware of current government regulations when filing their taxes. From expense management and deductions to maintaining proper documentation, working out how taxes will affect your business is integral to your success. Here are ten tips that will add value to
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Have you noticed you are not accomplishing as much as you would like during the work day? It is essential to find a balance to make your day as efficient and productive as possible. We at HSS have summarized some important steps and tips to keep you on schedule and increase your productivity. Make Daily
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CPA, CA, BBA Canada is the second largest country in the world with a population exceeding 37 million; more than half of which resides within 150 kilometres of the U.S. border. Canada’s exports approximately 74% of goods to the United States, 10% to Europe, 4.9% to China and 2.4% to Japan. Businesses currently benefits from
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Leveraging the Wrong Legal Identity When establishing your business, you need to decide what legal identity will best suit your company now and down the road. There are five legal identities that Canadian businesses can choose from. Know the different tax laws that apply to each to ensure that you make an effective choice. Consult
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Technology has catalyzed globalization and Canadian businesses are wise to take advantage of the many rewards that a world marketplace has to offer. A global value chain is the process whereby a company (in this case a Canadian company) leverages global properties and partners to contribute to the processes that take a product from conception
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When you are running a small business or pursuing an entrepreneurial enterprise, tax breaks can help to provide a buffer for your bottom line. The government hopes to enablethe success of Canadian small businesses by providing, at times substantial, tax incentives. Below, we discuss a variety of tax breaks that Canadian small businesses can take
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On December 30, 2013, the Canadian Minister of Finance announced that the automobile expense deduction limits and prescribed rates for the automobile operating expense benefit will remain unchanged for 2014. This announcement means that, in regards to the capital cost allowance that may be claimed on a company vehicle, the current $30,000 ceiling (plus applicable
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Unless you’re a dedicated tax accountant, thinking about business tax liability is probably something you’d rather avoid until the next year-end rolls around. For individuals’ tax returns, year-end is December 31. Subsequently, individuals must file by April 30th. However, if you operate a sole proprietorship or partnership, then year-end is still December 31, but you
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Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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In 2014, the Ontario Personal Income Tax Brackets and Tax Rates Before Surtax were increased by an indexation factor of 1.010. Additionally, the Federal Tax Brackets and Tax Rates including Surtaxes were increased by an indexation factor of 1.009. This is great news for everyone because it means that you may be eligible for a
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Hogg, Shain & Scheck is proud to be a longtime member of MSI Global Alliance (MSI), a flourishing global association of legal and accounting firms. According to the Accounting Bulletin World Survey, released on 3 February 2014, MSI’s annual member growth is 12%. When compared to other professional services associations that have seen an average
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Applying for a business loan can be a daunting endeavor, however it is often a first step towards obtaining the necessary funds to support business growth. Below is a list of factors which are likely to be considered by your bank’s credit department when determining the risk profile of your business and ultimately whether to
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