Financial Performance

We can help with your accounting needs.
How Can We Help You?

  • This field is for validation purposes and should be left unchanged.

What Are the CRA’s Requirements for Electronic Records?

August 29, 2013 by

In an increasingly paperless world we live, many of the people who come to us for tax accounting in Toronto want to know what types of electronic records are acceptable for the Canada Revenue Agency. The Canada Revenue Agency does allow electronic records, as long as they meet the same standards and criteria as paper
Read More

Holding Companies: A Primer

August 20, 2013 by

A holding company owns shares of another company- typically an operating company. While each situation should be assessed for suitability by a tax professional, business owners should be aware of some key benefits of utilizing holding companies. The opportunity for tax deferral is significant. By having dividends flow to a holding company, rather than to
Read More

Understanding The Different Types of Year-End Engagement

August 7, 2013 by

What are financial engagements? After talking to and consulting with business owners and entrepreneurs, I’ve noticed a basic gap in their knowledge of what each type of year-end financial engagement represents and delivers. It’s important to distinguish between the three types of engagements and what message is conveyed by each engagement to the reader of the
Read More

WSIB Expands Compulsory Coverage in Construction Industry

July 16, 2013 by

On January 1, 2013, the Workplace Safety and Insurance Board (WSIB) extended compulsory coverage. It’s now extended to independent operators, sole proprietors, partners and executive officers in the construction industry (with certain exceptions) under the Workplace Safety and Insurance Act, 1997 (WSIA). Who is exempt from WSIB extended compulsory coverage? Home Renovation Workers If workers
Read More

Distinguishing Between an Employee and Contractor

July 9, 2013 by

In TBT Personnel Services Inc. vs. Canada, the Federal Court of Appeal revisited how the law distinguishes between an employee and an independent contractor. The impact of an employee determination The employer is required to pay employer portion of Canada Pension Plan and Employment Insurance Premiums and must remit source deductions on a regular basis.
Read More

Your Business and the Contract Payment Reporting System

June 19, 2013 by

The Contract Payment Reporting System (CPRS) requires construction companies to record their payments for construction services and to report these payments to the Canada Revenue Agency. If the subcontractor is a resident of Canada, payment information is provided on a Contract Payment Information Return, which consists of a T5018 Information Slip, Statement of Contract Payments
Read More

Is Accounting Software Right for My Business?

June 12, 2013 by

Is accounting software the panacea it’s supposed to be? Good question. Having spent a career spanning some forty years as a “bean counter,” I still frequently get asked to explain and demystify double-entry bookkeeping— even in this current age of highly sophisticated software and technology. There are “those” who would have us believe that modern
Read More

The Tax Effects of Corporate Reorganizations

May 31, 2013 by

Corporate restructuring always trigger a domino effect that can be felt in every aspect and every division of your company. The tax consequences can seem daunting, but they can also be deferred or possibly avoided with an appropriate planning strategy. H2: Here are the most common types of corporate reorganizations and their consequences/ requirements:        
Read More

Ontario’s Not-for-Profit Corporations Act 2013

May 22, 2013 by

The Ontario Not-for-Profit Corporation Act has targeted on July 1, 2013, as the effective date to help make Ontario Not-For-Profit Corporations (NPO) more efficient and effective in their operations and governance. Updates to the Ontario Not-for-Profit Corporations Act NPOs can engage in profit-oriented activities if the revenue is clearly re-invested to advance one or more
Read More