We can help with your accounting needs.
How Can We Help You?
Establishing internal audit compliance demonstrates to stakeholders how effectively the company is aligning with financial and governmental processes. An internal audit looks at the financial health of your company with consideration of operational and financial management. The auditor aims to uncover whether or not financial controls are promoting the sustainability of your enterprise. What is
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
As an entrepreneur, you know that one of the keys to your business’ success is being able to make educated judgments about the future. In order to drive your business and your dream forward, you need to offer investors, partners and employees a clear vision of your company’s future to spur both innovation and investment.
Read More
What is a Sole Proprietorship? Entrepreneurs can structure their businesses in a variety of ways, one of which includes a sole proprietorship. A sole proprietorship is established when business owners do not seek limited liability status or incorporation for their business. Instead of seeking a legal separation between personal and corporate entities, a sole proprietor
Read More
Good business fuels the Canadian economy. Canadian start-ups and small businesses provide jobs and re-distribute income back into our country. The Canadian government leverages Investment Tax Credits to encourage innovative citizens to launch businesses and adhere to financial best practices, enhancing our Canadian landscape. Investment Tax Credits (ITCs) reduce the amount of tax that a
Read More
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
Read More