Accounting & Management Archives

Minute Books: Why They Are Essential For Your Business

What are “Minute Books?” Your corporation’s Minute Book is an official record of your company’s activity including: Documentation that proves your corporation exists. The names of all shareholders, officers and directors that have been in the company since incorporation. Share transfers and insurance. Proof that every step was taken to activate the corporation after incorporation. … Continue reading

Asset Capitalization Process and Tax Credits – An illustrative example of a Manufacturing Environment

A tax incentive for Canadian manufacturers is accelerated depreciation of manufacturing assets and corporations can maximize via a true valuation of its capital asset. In this sequel we quantitatively highlight how accurate asset capitalization involves your engineer and accountant. Example Consider a fictional Canadian corporation, ABC with the following simplified expense. Over two year period, … Continue reading

Tax Implications of Crowdfunding in Canada

Is crowdfunding for you? Read below to find out! The pursuit of creating your own business, nurturing it, and watching as it grows into a successful organization, is perhaps one of the most commonly held career goals amongst many Canadians, and is by in large, the most difficult to accomplish. While there are a multitude … Continue reading

Technological Development and Asset Capitalization – Bringing the Engineer and Accountant under a single roof!

Is your business in the process of developing or modifying an acquired technology? This can be machinery, electronic hardware or a software product that needs to be customized. Your end result is a new valuable asset that you own and brings long-term economic utility. In this path, we recognize two costing aspects: (i) isolating development … Continue reading

Claiming R&D tax Credits – Uncertainty, advancement and Developing a SR&ED Thought Process

Scientific Research and Experimental Development (SR&ED) is a generous government incentive program to aid Canadian business that promote in house research and development activities. Eligible businesses can benefit from refundable and/or non-refundable tax credits. Depending on your overall corporations tax scenario, you could receive cash and/or tax credits, which can be used to either, offset … Continue reading

Tax Tips for Canadians Investing in American Real Estate

One of the most significant road blocks for Canadian real estate investors looking to invest in Canada or the United States is the significant tax implications that may arise. That is why it is crucial that you utilize the best type of partnership structure for your situation. In this presentation, Allan Madan explains the tax … Continue reading

Form W-8BEN/W-8BEN-E and W-9

Why and when to file Form W-8BEN Purpose The W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual). This form is required to be completed and submitted when receiving payments as a non-U.S. person from U.S. sources. Generally, 30% tax is withheld from certain … Continue reading

Foreign Income Verification Form (Form T1135)

To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading

Benefits of a Health Spending Account

Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading

Tax Tips for Real Estate Agents

Professionals across all industries and sectors can utilize a number of different strategies to minimize their overall tax obligations. In this presentation, Allan Madan provides the most effective tips for real estate agents to reduce their expenses and minimize their overall tax obligations. The topics in this presentation include: Deducting vehicle related expenses Keeping a … Continue reading

Constructing your Global Business Empire

Breaking down global barriers As stated on Entrepreneur.com, before you branch out globally, you need to be certain the countries you are targeting are interested in your products/services. You’ll need a good understanding of the different cultures and your target market in each location. Of course, if you can offer a completely brand new product/service … Continue reading

INCOME TAX TIPS FOR SOLE PROPRIETORS

Do you own your own company? Are you interested in how you can save taxes on a one-person business? In this article, I will show you several real-world management tips. I will explain how using these sole proprietorship hints can help save you money and reach your goals. Before we do that, however, let us … Continue reading

Should I use an Accountant or Tax Software?

As we advance technologically into the millennium era, we have become more and more dependent on technology as a channel to accomplish things in our life. The ever so growing trend is encouraging families and individuals to steer away from human interaction and look towards technological alternatives. This can be seen in the world of … Continue reading

Accounting Services for Various Company Sectors

Accounting is the broad term related to each and every monetary sector (public or private) which measures, processes as well as communicates the financial information about economic entities. It is generally known as “language of business” that measures result of an organization’s economic activities for conveying the information to various users like investors, managers, creditors, … Continue reading

Tax Credits for Hamilton Industrial Manufacturing and Processing Corporations

SR&ED Tax Credit Program Manufacturing and processing companies that have qualified expenditures related to research and development activities may be eligible for the very lucrative scientific research & experimental development tax credit. Incorporated Canadian-controlled private corporation (CCPC) can generally claim an investment tax credit (ITC) of 35%, a 100% refund on qualified SR&ED current expenditures … Continue reading

Category: Accounting & Management