FINANCE 101. February 21, 2018
|
|
- Maximillian Blake
- 5 years ago
- Views:
Transcription
1 FINANCE 101 February 21, 2018
2 ABOUT THE PRESENTERS Mark Weiman, CPA, CA, CBV Partner As a leader of Valuation and Transaction Services teams, with more than 20 years of accounting, business valuation and advisory experience, Mark has assisted clients in over 30 merger, acquisition and divestitures transactions across a range of industries. Mark has completed specialty work for financial institutions and small to medium-sized businesses, shareholder disputes, tax purposes, and loss of income calculations; as well as mergers and acquisitions. He joined Collins Barrow in 1990 as a summer student and was admitted to partnership in He earned his CA designation in 1994 and his CBV in He graduated from Laurentian University with his Bachelor of Commerce in 1992.
3 ABOUT THE PRESENTERS Joanne LeBreton, CPA, CGA Partner Joanne LeBreton is a graduate of both Cambrian College and Laurentian University and holds a Master s Degree in Business Administration, as well as a Chartered Professional Accountant s Designation. She has been with the firm since 1993 and became a partner in Joanne has worked with a variety of clients including, individuals, family-owned businesses, corporations, professionals, not-for-profit organizations, and institutions. Providing services in the areas of business consulting, bookkeeping, accounting, personal and corporate tax, Joanne has helped clients progress and further their success.
4 ABOUT COLLINS BARROW SNT 1 Largest 4 Local ST independent accounting firm in Northern Ontario offices Serving clients in Northeastern Ontario since Partners 90 Professionals 3,000+ Clients In the last seven years alone, we have expanded our capacity by 140%
5 ENTREPRENEUR & ENTREPRENEURSHIP
6 ENTREPRENEUR & ENTREPRENEURSHIP Definition en tre pre neur A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. Definition en tre pre neur ship The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
7 START-UP PLANNING The start-up stage is where the entrepreneurial idea is developed into a business. Once you have thoroughly canvassed and tested your business idea and are satisfied that it is ready to go, it s time to make it official and launch your startup. Many believe this is the riskiest stage of the entire lifecycle. In fact, it is believed that mistakes made at this stage impact the company years down the line, and are the primary reason why 25% of startups do not reach their fifth birthday.
8 MISCONCEPTIONS DISPELLED
9 MISCONCEPTIONS DISPELLED What are the common mistaken beliefs of new business owners? A business plan is something you produce for the bank or when you re seeking a grant Market research is a waste of time. A cash flow forecast is something I need do only if my business is in trouble.
10 MISCONCEPTIONS DISPELLED I ll see how far my money goes first and if it s not enough, I ll borrow the rest If I work hard, I ll succeed If I charge below market rate, people will buy from me
11 MISCONCEPTIONS DISPELLED I am not concerned about my competitors I don t need to worry about doing my books I ll never give up It is too soon to build a team of advisors
12 THE BUSINESS PLAN
13 THE BUSINESS PLAN Don t underestimate the need for a solid business plan! Some key questions to ask yourself: Did I analyse the market? Is there a need for my product or service? Do I have the skill, time and money to bring it to market? Am I passionate about this idea?
14 FINANCIAL PROJECTIONS A crucial part of the business planning process is to develop solid financial and cash flow projections. Why? To ensure the business idea is financially viable To determine start-up capital needs To identify operating cash flow gaps and needs
15 FINANCIAL PROJECTIONS Projected Income Statement A summary of net profits for a period of time Revenues Expenses = Profit or Loss Projected Balance Sheet A financial snapshot at a specific date Assets Liability = Equity or Deficit Projected Statement of Cash Flows A summary of cash flows for a period of time Financial Assumptions A listing of significant assumptions used throughout the projected financial statements Combined, these statements give potential investors/creditors the information they need to make their decisions.
16 FINANCIAL PROJECTIONS Examples of things to consider: High costs associated with the setup and promotion of the business Market demand and capacity Assess market potential Break down sales by volume Assess current capacity to generate expected volume Cost of sales - is it reasonable? Does it compare to industry? HR plans - difficulties in attracting staff with appropriate skills Monthly cash flow projections are needed to identify gaps Slow growth in sales putting pressure on cash flow Underestimated money needs, and the time to market
17 TYPE OF START-UP Determining your type of start-up will affect your business planning process Are you purchasing an existing business? Financial due diligence process Business valuation Other considerations Are you starting up a brand new business? Determine pricing strategy Analyze costs of operating Analyze start-up requirements
18 START-UP CAPITAL / FINANCING How will you fund your start-up? Personal savings Potential investors Bank financing Government programs Grants/Subsidies Conditional contributions Loans
19 GOVERNMENT PROGRAMS Examples NOHFC FedNor IRAP (Industrial Research Assistance Program) HRDC R&D Claims & Apprenticeship Tax Credits Ontario Trillium Foundation OMAFRA
20 FISCAL OBLIGATIONS
21 CHECKLIST FOR NEW SMALL BUSINESSES Government of Canada website Some key items from the list: Business structure Registering your business CRA program accounts My Business Account E-services for businesses Keeping records Business income and expenses Filing income tax returns
22 BUSINESS STRUCTURE The type of business structure you choose will affect how you report your business income, the type of returns you have to complete, and many other aspects of your business. 3 types of business structures Sole proprietorship Partnership Corporation
23 REGISTRATION AND PROGRAM ACCOUNTS Not all businesses need to register a Business Number with the Canada Revenue Agency. If you are incorporated - the CRA will automatically issue you a Business Number. If you are a sole proprietor or partnership - you will have to apply for a Business Number, if you need one. Most common reasons for needing a Business Number: Corporation s income tax account GST/HST Payroll A business is only issued 1 BN; the program accounts are defined as follows: Corporate tax BN ending in RC0001 GST/HST BN ending in RT0001 Payroll BN ending in RP0001
24 GST/HST You are a small supplier if you provide taxable supplies of less than $30,000 in the year. You must register for GST/HST in the month after you exceed $30,000 in sales. You must obtain a GST/HST number from the Canada Revenue Agency (CRA).
25 GST/HST Certain supplies are either zero-rated or exempt Examples of zero-rated supplies: Basic groceries Certain types of agricultural and fishing supplies Medical devices Examples of exempt supplies: Residential rents Child and personal care services
26 GST/HST If you register for GST/HST, you can claim Input Tax Credits (ITCs) for the GST/HST you pay unless you provide exempt supplies
27 GST/HST Businesses with annual taxable supplies of $1.5 million or less are only required to file annually, but can elect to file monthly or quarterly. Be careful not to use GST/HST collections to supplement your cash flow!
28 PAYROLL Employers: A Business Number is required for remitting payroll deductions to the CRA Remitting requirements are based on the size of your payroll Most employers remit monthly (Watch your cash flow!) Smaller employers may remit quarterly (under $1,000 per month) Larger employers need to remit more often: Twice a month - Threshold 1 (over $25,000 per month) Every week - Threshold 2 (over $100,000 per month) You also need to consider the following: WSIB EHT ROE
29 REGULATORY ENVIRONMENT Other regulations to consider: Environmental regulations Accessibility Canada s Anti-Spam Legislation Health and safety regulations Human resources regulations Bill 148
30 MY BUSINESS ACCOUNT AND E-SERVICES My Business Account A secure online portal that provides an opportunity to interact electronically with Canada Revenue Agency (CRA) on various business accounts. E-Services Easy way to NETFILE various returns, such as GST/HST, payroll related forms (T4s, etc.) Online calculators and tools Payroll remittances, installments, etc.
31 BOOKKEEPING
32 BOOKKEEPING & ACCOUNTING WHY? Why record keeping? To file taxes/cra requirements To account for every business transaction To determine how your business is doing
33
34 BOOKKEEPING Selecting the right software QuickBooks QuickBooks Online Sage 50 (Simply) Excel Other
35 BOOKKEEPING Set up company bank account and company credit card Keep business and personal transactions separate Easier to track taxable income and deductible expenses CRA auditor could request personal bank statements
36 CALCULATING BUSINESS NET INCOME
37 REVENUE All revenue earned by your business is taxable
38 DEDUCTIBLE EXPENSES As a rule, most expenses incurred are deductible if: they are reasonable they are incurred to earn business income they are allowed by the Income Tax Act
39
40 BUSINESS USE OF VEHICLE Need to determine business portion of auto expenses Automobile operating expenses include: fuel & oil, maintenance & repairs insurance, license fees interest on car loans capital cost allowance or lease payments Automobile deduction limits apply purchased or leased Keep a travel log travel to and from work is not deductible!
41 HOME OFFICE Meet one of two tests: principal place of business or used on a regular basis to meet clients Proper records must be kept Percentage of rent, taxes, utilities, etc. (based on square footage of home)
42 CAPITAL EXPENDITURES Expenses that are capital in nature (i.e. computers, vehicles) are treated differently from regular expenses They are assigned a Capital Cost Allowance class and a deduction for a percentage of the cost can be taken annually
43 MEALS AND ENTERTAINMENT Include description and those attending on back of receipt Claim only 50% of the HST ITCs Expense is only 50% deductible for tax purposes
44 TAXATION OF BUSINESS INCOME Regardless of structure, taxes are owing on the net income of your business. Net income is calculated by deducting allowable expenses against the revenue earned by your business
45 REPORTING AND PAYING TAXES Sole Proprietor Partnership Corporation Net business income is reported on what type of tax return? On the individual s T1 personal income tax return On the partner s T1 personal income tax return or T2 corporation income tax return On a T2 corporation income tax return Tax rates Personal marginal tax rates Depends on partner s structure Small business rates in Ontario are currently 15% for 2017 and being reduced over the next few years When are taxes due? April 30 th of each year, unless installments are required Depends on partner s structure Usually 3 months after the company s fiscal year-end, unless installments are required
46 ANALYZING RESULTS
47 HOW IS YOUR BUSINESS DOING? How to interpret the financial statements / results of your business: Analytical Review Bottom line Gross margin Fixed vs. variable cost Compare to business plan How often should you be looking at this?
48 CASH FLOW MANAGEMENT How are you managing cash flow? Consider liquidity ratios and compare to industry standards Are there areas where you can improve? How?
49 HOW CBSNT CAN HELP
50 OUR SERVICES Entrepreneurial Audit & accounting Private enterprise Public markets Enterprise risk Organizational governance Government funding applications Business development Assurance Advisory Management Consulting CBSNT Services Transaction Financial projections Human resources Feasibility/market studies Tax IT Tax minimizing strategies New market implications Corporate structure Security & data protection Backup solutions Network assessment Corporate finance Valuations Capital raising
51 RESOURCES Collins Barrow Services E-Business Toolkit Sudbury Regional Business Centre Canada Business Network
52 CB E-BOOKS If you would like tax assistance or other financial service support, we would be pleased to connect with you and learn more about your business. Our team is particularly well versed in audit, accounting and specialty advisory services that support business growth and success. The following Collins Barrow e-books are available: 10 Questions to Ask Your Next Financial Advisor Incorporation and the First Year After That Tax Side of Starting Your Business What You Need to Know About Grants and How to Get Them Contact us to receive one of our FREE e-books. One of our experts will be in touch to set up a call or meeting sudbury@cbsnt.ca
53 THANK YOU
54 Collins Barrow SNT 1174 St. Jerome Street Sudbury, Ontario P3A 2V9 Tel: Fax:
CORPORATE TAXATION: WHAT YOU NEED TO KNOW
CORPORATE TAXATION: WHAT YOU NEED TO KNOW Presented by Marlene L. Grant, CGA Corporation February 16 th & 17th, 2010 BRIEF HISTORY ABOUT MYSELF I am the owner of a small accounting practice. Graduated
More informationGST Guide. for Non-Profit Housing Providers. June 2016
GST Guide for Non-Profit Housing Providers June 2016 CONTENTS GST Guide for Non-Profit Housing Providers INTRODUCTION...1 WHAT S IN THIS GUIDE?...1 FREQUENTLY ASKED QUESTIONS...2 Does GST apply to us?...2
More informationBusiness & Accounting 101
Business & Accounting 101 FOR NEW CHIROPRACTORS Do you know the difference between a manual back adjustment and an activator back adjustment? Well then, it is evident that you have just graduated in becoming
More informationIMPORTANT 2018 TAX REPORTING DEADLINES
Crowe Soberman LLP IMPORTANT 2018 TAX REPORTING DEADLINES ALL EMPLOYERS By February 28, 2019 If you paid salary, employment commissions or employee benefits from January 1 to December 31, 2018, you must
More informationGST/HST Memoranda Series
GST/HST Memoranda Series 16.3.1 April 2010 Reduction of Penalty and Interest in Wash Transaction Situations Note: This memorandum supersedes GST/HST Memorandum 16.3.1, Reduction of Penalty and Interest
More informationGST/HST. John Frim, Senior Manager, Indirect Tax May 4, 2016
GST/HST Presented by: John Frim, Senior Manager, Indirect Tax May 4, 2016 Agenda What is GST/HST and how does it work? Registration requirements Sales and purchases - invoicing Audit Issues Quick Method
More informationTAX FACTS & FIGURES. April 2017
TAX FACTS & FIGURES April 2017 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The
More informationGI-068 June Basic GST/HST Guidelines for Public Institutions
GST/HST Info Sheet GI-068 June 2011 Basic GST/HST Guidelines for Public Institutions This info sheet replaces the version dated March 2010. The Canada Revenue Agency (CRA) administers the goods and services
More informationExpenses ACCOUNTING FEES EXPENSE ADVERTISING EXPENSE AUTOMOBILE EXPENSE
Expenses The majority of Consultants will be using the Quick Method of paying HST/GST, so expenses should be entered into the manual including HST/GST. If you are using the Long Method for remitting HST/GST,
More informationFirst Nations Goods and Services Tax (FNGST)
First Nations Goods and Services Tax (FNGST) RC4365(E) Rev. 10 Is this guide for you? T his guide is for you if you own or operate a business in Canada and you sell or provide goods and services on land
More informationRequest to Close Business Number (BN) Program Accounts
Canada Revenue Agency Agence du revenu du Canada RC145 E (11) Request to Close Business Number (BN) Program Accounts NOTE: In this form, the text inserted between square brackets represents the regular
More informationTAX FACTS & FIGURES. April 2018
TAX FACTS & FIGURES April 2018 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The
More informationApplebaum Commisso Tax Tips
Tax Tips Corporate: Tax information everyone should know: Small business deduction: The effective tax rate for a corporation that is defined as a Canadian Controlled Private Corporation is 15% on the first
More informationTAX TAX & ACCOUNTANCY & ACCOUNTANCY
TAX & ACCOUNTANCY Open and friendly approach We are local to you, with a free initial consultation. Happy to meet you out of hours too. Up-front pricing Fixed fees, payable monthly, no surprises. Easy
More informationDear Client, FEBRUARY 3, 2016
1210 Sheppard Avenue East, Suite 308, Box 18, Toronto, Ontario M2K 1E3 (416) 492-1881 fax: (416) 492-1926 e-mail: accountants@kurin.ca www.kurin.ca Dear Client, FEBRUARY 3, 2016 Once again it is time to
More informationIS YOUR BUSINESS FUTURE READY?
The RWM (Real Wealth Manager) Program BUSINESS SKILLS NEW! THE RWM (REAL WEALTH MANAGER) CERTIFICATION MARK IS THE PRE-EMINENT STANDARD IN WEALTH MANAGEMENT SERVICES... Comprehensive training and tools
More informationFirst Nations Goods and Services Tax (FNGST)
First Nations Goods and Services Tax (FNGST) RC4365(E) Rev. 09/13 Is this guide for you? T his guide is for you if you own or operate a business in Canada and you sell or provide goods and services on
More informationEXPAND YOUR CIRCLE OF KNOWLEDGE
Canada s Leading Financial Designations for Your Continuing Education...online, anytime REGISTER BY DECEMBER 15 EXPAND YOUR CIRCLE OF KNOWLEDGE Choose From Six Designation Programs and 3 Study Pathways
More informationUniversity of Denver Small Practice Management
University of Denver Small Practice Management Law Office Accounting Basics Bookkeeping, Record Keeping and Billing Brenda M. Clarke, CPA ABV CVA Seigneur Gustafson LLP April 11, 2013 2012 Brenda M. Clarke.
More informationTax Letter YOU CAN BE LIABLE FOR A FAMILY MEMBER S TAX DEBTS! Example
Julie Bureau CPA, CA, partner Tax Letter Monthly Newsletter September 2016 YOU CAN BE LIABLE FOR A FAMILY MEMBER S TAX DEBTS! Beware of getting money, gifts or transfers of property from a family member,
More informationPARSONS PROFESSIONAL CORPORATION
PARSONS PROFESSIONAL CORPORATION Chartered Professional Accountants 245 Yorkland Blvd., Suite 100 Toronto, Ontario M2J 4W9 Tel: (416) 204-7560 Fax: (416) 490-8275 TAX LETTER December 2015 TAX CHANGES WE
More informationCanada Revenue Agency's Electronic Services - Information and Services At Your Fingertips! Diane Foucault February 28, 2011
Canada Revenue Agency's Electronic Services - Information and Services At Your Fingertips! Diane Foucault February 28, 2011 Electronic Services Fast and simple services at your fingertips view account-specific
More informationA Simple Start to Managing Your Business Finances
A Simple Start to Managing Your Business Finances A Guide to the Essentials QB_10/2004_01 Financial Management Essentials 1. Introduction to Financial Management 2. Why Accounts are Important 3. Using
More informationMOVING EXPENSES - NEW SALES TERRITORY In a May 12, 2011 Technical Interpretation, CRA reviewed a situation where the employee s sales
PERSONAL TAX 95(1) COMMON-LAW PARTNER In an April 11, 2011 Technical Interpretation, CRA notes that a common-law partner means a person who cohabits in a conjugal relationship with the taxpayer and, either
More informationYour Business Finances
ASi Simple Start tto Managing Your Business Finances A Guide to the Essentials QB_05/2005_01 Financial Management Essentials 1. Introduction to Financial Management 2. Why Accounts are Important 3. Using
More information11 Critical Mistakes Many Entrepreneurs Make
11 Critical Mistakes Many Entrepreneurs Make Chances are YOU may be making one of them Costing you Thousands of dollars NOW and maybe even your Business tomorrow! By Paul C. Morin, PBA www.padgettnw.com
More informationMYOB Accounting 101. For Mac Users. Written by: Todd Salkovitz Macintosh Product Manager MYOB Ltd USA Edition
MYOB Accounting 101 For Mac Users Written by: Todd Salkovitz Macintosh Product Manager MYOB Ltd. 2009 USA Edition Like all small business owners, you went into business with a dream: to sell your unique
More information2017 PERSONAL INCOME TAX RETURN CHECKLIST
2017 PERSONAL INCOME TAX RETURN CHECKLIST We cannot E-File without permission in advance. We will provide E-file forms for signature upon completion of personal tax returns. A copy of the form must be
More informationTime Investment Gains and Losses
To Our Clients and Friends: The federal income tax rates for 2015 are the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. However, the rate bracket beginning and ending points are increased
More informationY E A R E N D N E W S L E T T E R
704-636-1040 www.dgcpa.com Y E A R E N D 2 0 1 6 N E W S L E T T E R About Us - Davis Group, PA, Certified Public Accountants was founded with the idea of providing big firm expertise with the care and
More informationEquestrian Professional s Horse Business Challenge. Member s Support Program Workbook. Steps 1-3
Equestrian Professional s Horse Business Challenge Member s Support Program Workbook Steps 1-3 STEP 1 Get Your Books Ready for Year-end Step 1: Complete our bookkeeping checklist and get your books ready
More informationAUMA GST Audit Trends by the CRA
AUMA GST Audit Trends by the CRA Danny Crawford CPA, CMA September 23, 2015 Agenda GST/HST Overview P3 & Other Arrangements Overview of public-private arrangements Grant vs. Consideration Cost-sharing
More information2017 Small-Business Tax Prep Checklist
220 S. 4th Street Elkhart, IN 46516 Phone 574-298-1634 or 574-849-0788 2017 Small-Business Tax Prep Checklist If you are using QuickBooks or some other form of accounting software, we will need either
More informationGuide to Paying Less in Taxes
AN OWNER OPERATOR S Guide to Paying Less in Taxes TABLE OF CONTENTS Introduction...3 Your Tax Liability...4 Common Deductions... 10 Successful Bookkeeping... 13 Successful Tax Strategies... 15 Affordable
More informationTAX UPDATE. Did You Know:
TAX UPDATE Did You Know: Jamie has been practicing in tax since obtaining his CA designation in 2007. Among other various tax courses, he has completed the Canadian Institute of Chartered Accountants In-Depth
More informationRule of Thumb Series
Rule of Thumb Series Be Passionate and Belief Strongly in What You are Doing Know Your Physical and Mental Stamina Threshold Have Drive, Determination and Patience Learn Lessons from Mistakes Thrive on
More informationAUTOMOBILE EXPENSES & RECORDKEEPING
AUTOMOBILE EXPENSES & RECORDKEEPING The BDO Automobile Log Many people use their cars for work or business and personally incur expenses in doing so. If this is your situation, you ll want to be able to
More information2017 Mid-Year Tax Planning
To Our Clients and Friends: 2017 Mid-Year Tax Planning As we write this letter, the federal income tax rates for this year are still the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The
More informationPRE-2011 STOCK OPTIONS ELECTION DEADLINE MAY BE APRIL 30
MARCIL LAVALLÉE Tax Letter Marcil Lavallée March 2011 In this issue: PRE-2011 STOCK OPTIONS ELECTION DEADLINE MAY BE APRIL 30 CAPITAL GAINS OR INCOME? HIGH TAXES ON MODEST EMPLOYMENT INCOME COURT CASES
More informationWELCOME TO K&B. Live life, contract happy. for freelancers & contractors
WELCOME TO K&B for freelancers & contractors Live life, contract happy. Welcome The accountants always offer me a network of support and advice, and nothing is too much trouble for them Contents About
More informationThe Art of Bookkeeping & Tax Saving for Artists
The Art of Bookkeeping & Tax Saving for Artists For more information or assistance Roger Thomson, CPA, CA email: rogerthomson@shaw.ca Table of Contents Introduction 3 Is Being an Artist a Business? 4 Income
More informationRobert A Cowen Certified Public Accountant year end Tax planning for individuals
Robert A Cowen Certified Public Accountant 2017 year end Tax planning for individuals The end of the year is just a month away. It is good time to start to think about year-end planning. If you have been
More informationExcise and GST/HST News
Excise and GST/HST News No. 56 Spring 2005 Table of Contents New name for the GST/HST News... 1 First Nations Advisory Committee... 1 Bill C-43 Budget 2005... 2 GST/HST health care rebate... 2 Directors
More informationSeptember 2018 STARTING A HOME BUSINESS POINTS TO PONDER THE GST/HST NEW HOUSING REBATE WORKING INCOME TAX BENEFIT SCAMS AROUND THE COURTS
TAX LETTER September 2018 STARTING A HOME BUSINESS POINTS TO PONDER THE GST/HST NEW HOUSING REBATE WORKING INCOME TAX BENEFIT SCAMS AROUND THE COURTS STARTING A HOME BUSINESS POINTS TO PONDER Are you considering
More informationSalary packaging handbook
Salary packaging handbook Exempt toyotafleetmanagement.com.au FLEET MANAGEMENT TRUSTED FIGURES IN FLEET Contents Introduction 3 What is salary packaging? 4 What items can be salary packaged? 5 Why salary
More informationEvaluating Your Business Idea
Grayson Small Business Development Center Pre-venture Business Feasibility Prepared by: Counselor: Client number: Evaluating Your Business Idea These questions will help you and your business advisor examine
More informationGST/HST Rebate for Partners
GST/HST Rebate for Partners Includes Form GST370 RC4091(E) Rev. 10 Is this guide for you? T his guide contains information on how to apply for the goods and services sales tax/harmonized sales tax (GST/HST)
More informationUBS Investor Watch. U.S. insights on investor sentiment / 1Q Who s the boss? Business ownership: Who s in, who s out and who s holding back
UBS Investor Watch U.S. insights on investor sentiment / 1Q 2018 Who s the boss? Business ownership: Who s in, who s out and who s holding back From the runaway popularity of television s Shark Tank to
More informationCHAPTER 2 MONEY MANAGEMENT SKILLS
CHAPTER 2 MONEY MANAGEMENT SKILLS CHAPTER OVERVIEW Successful money management is based on organized financial records, accurate personal financial statements, and effective budgeting. This chapter offers
More informationWe would like to TAX TIME 2018 CORNERSTONE
TAX TIME 2018 We would like to thank you for your continued custom and support over the past year. This has been a particularly difficult year firstly with Marian s radiation treatment over September and
More information7 Big Mistakes Small Business Owners Make at Tax Time. Farm Business Consultants Inc. (FBC)
7 Big Mistakes Small Business Owners Make at Tax Time Copyright 2013 Farm Business Consultants Inc. (FBC) All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted
More informationWhat you need to know about getting, using and keeping credit. A Guide to Credit* American Financial Services Association Education Foundation
A Guide to Credit* What you need to know about getting, American Financial Services Association Education Foundation www.afsaef.org www.gmacfs.com using and keeping credit *If you would like to receive
More informationTHE INS AND OUTS OF RUNNING YOUR OWN BUSINESS
THE INS AND OUTS OF RUNNING YOUR OWN BUSINESS Small business owners know that once you ve actually taken the plunge and started your own business, the hard work has just begun. Not unreasonably, business
More informationThe Presenter. Learning Objectives. Taxes: Making sure you re compliant Understanding your filing and remitting responsibilities as a taxpayer
Taxes: Making sure you re compliant Understanding your filing and remitting responsibilities as a taxpayer Presenter: Matt Holmes, CPA, CA Partner Tax Specialist CAOT Management Mondays Webinar in collaboration
More informationC.G.A. - CRA Liaison Meeting REGIONAL OPERATIONS, PACIFIC February 24 th, 2005 Holiday Inn - Metrotown
Page 1 Canada Revenue Agency Regional Operations-Pacific Agence du revenu du Canada Opérations régionales Pacifique C.G.A. - CRA Liaison Meeting REGIONAL OPERATIONS, PACIFIC February 24 th, 2005 Holiday
More informationTAX LETTER. December 2016
TAX LETTER December 2016 PAYING NON-RESIDENTS WATCH OUT FOR WITHHOLDING TAX! FOREIGN BANK ACCOUNTS TO BE REPORTED WORLDWIDE DO YOU HAVE TO CHARGE GST/HST IF YOU HAVE ONLY A LITTLE BUSINESS INCOME? SIMPLIFIED
More informationThis four-part series takes you through some of the key planning issues you should consider at various stages of your professional career.
RBC Wealth Management Services The Navigator Wealth Planning for Veterinarians Part 2: Starting Out on Your Own Whether you are a new graduate, working to gain experience, running your own practice or
More informationGI-038 November The 2008 GST/HST Rate Reduction
GST/HST Info Sheet GI-038 November 2007 The 2008 GST/HST Rate Reduction On October 30, 2007, the Government of Canada announced in its Economic Statement that it proposes to reduce the GST rate by one
More informationSeptember 2014 TEN COMMON TAX MISTAKES THE TAX COST OF LEAVING (OR LOSING) YOUR JOB WHEN CAN THE CRA NO LONGER REASSESS YOU?
TAX LETTER September 2014 TEN COMMON TAX MISTAKES THE TAX COST OF LEAVING (OR LOSING) YOUR JOB WHEN CAN THE CRA NO LONGER REASSESS YOU? AROUND THE COURTS TEN COMMON TAX MISTAKES What are the most common
More informationYour Pension and Buying Back Credit. Purchasing credit in the OPSEU Pension Plan
LATEST EDITION Your Pension and Buying Back Credit Purchasing credit in the OPSEU Pension Plan How to contact us Member and Pensioner Services: (416) 681-6100 in the Toronto calling area 1-800-637-0024
More information2016 Personal Income Tax Checklist
STEPHEN ACKROYD) ~ CHARTERED PROFESSIONAL ACCOUNTANT l---y Despite recycling efforts, in 2011 it was estimated that 4 billion trees were cut down for the production of paper. As a firm, we are committed
More informationBudgets and Cash Flows
Select Portfolio Management, Inc 26800 Aliso Viejo Parkway Suite 150 Aliso Viejo, CA 92656 949-975-7900 800-445-9822 info@selectportfolio.com www.selectportfolio.com Budgets and Cash Flows Page 1 of 9,
More informationHow to start a limited company
How to start a limited company 020 8582 0076 www.pearlaccountants.com How to start a limited company Working as a freelancer, contractor, or small business owner can be incredibly rewarding, but starting
More informationSELF-EMPLOYMENT: IS IT FOR YOU?
SELF-EMPLOYMENT: IS IT FOR YOU? So you re tired of the office politics. Nothing would be better than working for yourself. You want to become an independent contractor. Should you? This is a question more
More informationQuebec Sales Tax and Mandatory Registration for Non-Resident Businesses
Smart Decisions. Lasting Values. Quebec Sales Tax and Mandatory Registration for Non-Resident Businesses Frédéric Pansieri, BBA, CPA, CA, Partner, Commodity Tax Audit Tax Advisory Member Crowe Horwath
More informationTake Advantage of 0% Rate on Investment Income
July 31, 2017 To Our Clients and Friends: As of the writing of this letter, the federal income tax rates for this year are still the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The rate
More informationGetting Ready to Retire
How to Prepare for Your Retirement A GUIDE TO: Getting Ready to Retire EDUCATION GUIDE Create a plan now for a more comfortable retirement If you re five years or less from retirement, now is the time
More informationFINANCE WITHOUT FEAR. Japanese automakers, 164, 214 Just-in-time inventory, 164, 214. Historical cost, 93, 100 Home equity, 286
A Accounting estimates, 54, 66 Accounting period, 75, 120 Accounting rules, 47 accrual accounting, 63 cost of goods sold. 64 depreciation, 93 examples, 75 interest, 59 plant, property and equipment, 93
More informationGLOBAL INDIRECT TAX. Canada. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Canada Country VAT/GST Essentials kpmg.com TAX b Canada: Country VAT/GST Essentials Canada: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to GST/HST?
More informationBy Allan Madan Copyright 2014 Allan Madan Smashwords Edition Thank you for downloading this ebook. This book remains the copyrighted property of the
By Allan Madan Copyright 2014 Allan Madan Smashwords Edition Thank you for downloading this ebook. This book remains the copyrighted property of the author, and may not be redistributed to others for commercial
More informationHow to Avoid Car Rental s. Company. Biggest Accounting Mistakes
How to Avoid Car Rental s Company Biggest Accounting Mistakes Objectives Why What How Why - do we need to avoid accounting mistakes What - Identify the biggest accounting mistakes How - do we avoid them
More informationFull file at
2 MONEY MANAGEMENT STRATEGY: FINANCIAL STATEMENTS AND BUDGETING CHAPTER OVERVIEW Successful money management is based on organized financial records, accurate personal financial statements, and effective
More informationSelf Employment Income & Single Member LLC Organizer This Organizer belongs to:
Self Employment Income & Single Member LLC Organizer This Organizer belongs to: This self-employment organizer will assist you with organization of your business information and records. The IRS imposes
More informationFinancing the Business
Financing the Business The financial section of a business plan puts together the financial information relative to your business information is presented in financial documents, or statements, which determine
More informationType Jurisdiction Balance Payable Due Return/Form due
Deadlines Corporate Type Jurisdiction Balance Payable Due Return/Form due Income tax Federal return Instalments Federal T4 / T5 information slips NR4 information slips Generally, 2 months after end (i.e.
More informationSelf Employment Income & Single Member LLC Organizer This Organizer belongs to:
This self-employment organizer will assist you with organization of your business information and records. The IRS imposes reporting and record-keeping rules, some of which are described in this Organizer.
More informationSelf Employment Income & Single Member LLC Organizer This Organizer belongs to:
Self Employment Income & Single Member LLC Organizer This Organizer belongs to: This self-employment organizer will assist you with organization of your business information and records. The IRS imposes
More informationVERSION 2018 FOR ALL CANADIAN PROVINCES
1 Instruction Manual VERSION 2018 FOR ALL CANADIAN PROVINCES Instruction Manual VERSION 2018 2 Thank you for choosing Pivot Accounting Pro Your Own Virtual Accountant. This revolutionary business tool
More informationINCORPORATING YOUR FARM BUSINESS
INCORPORATING YOUR FARM BUSINESS If you carry on a farm business, and have significant income, transferring the farm business to a corporation may provide some benefits as there are tax planning opportunities
More informationThe Art of Accounting Business creation, preparation, and operation for all!
WORKSHOPS The Art of Accounting Business creation, preparation, and operation for all! 2015 Accounting & Tax Workshops We are going to discuss: How and what are reportable incomes? How and what are legit
More informationThe Good Bookkeeping Guide
The Good Bookkeeping Guide The Friendly Accountants Chartered Accountants Chartered Tax Advisers Partners: Lesley Ward BSc FCA Richard Baldwyn ATT CTA Arena Business Centre Holyrood Close Poole Dorset
More informationContents About... 3 Features... 4 Method... 5 Rule One: Give Every Dollar a Job... 5 Rule Two: Save for a Rainy Day... 5 Rule Three: Roll With the
YNAB 4 USER GUIDE Contents About... 3 Features... 4 Method... 5 Rule One: Give Every Dollar a Job... 5 Rule Two: Save for a Rainy Day... 5 Rule Three: Roll With the Punches... 6 Rule Four: Live on Last
More informationTAX DEDUCTIONS FOR SMALL BUSINESS
TAX DEDUCTIONS FOR SMALL BUSINESS Bob Wangsness SCORE MENTOR bwangsness@hotmail.com If you email me, please put SCORE on the subject line (Many thanks to Jean Kruse for original composition of majority
More informationIt makes sense to be aware of some of the more common pitfalls, and to know where to get help and advice.
Guide from Clear House Accountants Tel: [+44(0)2071172639] Email: [info@chacc.co.uk] [https://chacc.co.uk] [Business Advisors and Accountants in London] Common VAT problems Once you understand the basics,
More informationPart III Cash flow management
Bank of America Merrill Lynch White Paper Part III Cash flow management Managing your cash flow Executive summary Your financial statements balance sheet, income statement and cash flow statement are the
More informationAn Overview of Recordkeeping for Sole Proprietors
An Overview of Recordkeeping for Sole Proprietors (and a companion spreadsheet for tracking income & expenses) Here's a guide to help you track your business income and expenses. It is designed to help
More information9 STEPS FOR STARTING YOUR SMALL BUSINESS NINE STEPS FOR STARTING YOUR OWN SMALL BUSINESS
9 STEPS FOR STARTING YOUR SMALL BUSINESS NINE STEPS FOR STARTING YOUR OWN SMALL BUSINESS STEP 1: DESCRIBE YOUR DIFFERENTIATED OFFERING Differentiated means different from anything else Small businesses
More informationS-Corporation: EIN Name Date Incorporated Date of S-Election Address: Mailing Address Suite # City State Zip Code
S-Corporation: EIN Name Date Incorporated Date of S-Election Address: Mailing Address Suite # City State Zip Code Contact Name: Email: Contact Phones: (Office) (Home) (Mobile) Contact Mailing Address Suite
More informationTax and Personal Finance. Brandon Horton
Disclaimer: The information in this document is not legal advice. This document is for educational purposes only and provides a general overview of various tax- and finance-related topics. It is not a
More informationThe practice arrangement you choose should be compatible with your personality, personal goals, preferences and financial constraints.
RBC Wealth Management Services The Navigator T HE H EACOCK G ROUP WWW. THEHEACOCKGROUP. COM TIM H EACOCK Investment Advisor 705-444-4772 timothy.heacock@rbc.com S ARAH G AZAREK Associate Advisor 705-444-4557
More informationHow to complete the Company Profile. Review and Update
How to complete the Company Profile Review and Update 2018/2019 PURPOSE This guide will help you learn how to complete the Company Profile Review & Update. This is a mandatory step that must be performed
More informationMARCIL LAVALLÉE Tax Letter. If you carry on a business, you can deduct a reasonable amount of car expenses incurred in the course of your business.
MARCIL LAVALLÉE Tax Letter Marcil Lavallée February 2012 In this issue: RECORDING YOUR BUSINESS AUTOMOBILE EXPENSES RECORDING YOUR BUSINESS AUTOMOBILE EXPENSES PRESCRIBED AUTOMOBILE AMOUNTS FOR 2012 CRA
More informationAOO Realty (Lebreton) Corp. Financial Statements
Financial Statements For the year ended 31 March, 2018 Collins Barrow Ottawa LLP Chartered Professional Accountants 301 Moodie Drive, Suite 400 Ottawa, Ontario K2H 9C4 Canada T: 613.820.8010 F: 613.820.0465
More informationSales Tax 101 For The Small Business Owner
Sales Tax 101 For The Small Business Owner Presented by Brian Mackin Sales Manager Avalara About the Presenter Brian Mackin Small business owner for over 30 years Joined Avalara 5 years ago as a project
More informationMethods of Transfer BUSINESS STRUCTURE. Transfer by Sale
BUSINESS STRUCTURE Based on the preliminary discussions you had, and possible decisions that were made in the Ownership Options topic, it s now time to explore actual methods of transferring your ownership.
More information2015 Ontario Budget Commentary
Segal LLP 2005 Sheppard Avenue E Toronto, Ontario 416 391 4499 www.segalllp.com 2015 Ontario Budget Commentary Segal LLP Taxation Services April 23, 2015 Introduction On April 23, 2015 Finance Minister
More informationTax Letter CRA ACCESS TO YOUR RECORDS. Another exception is documents protected by solicitorclient
Philippe Renaud CPA, CA, Partner Tax Letter Monthly Newsletter June 2017 CRA ACCESS TO YOUR RECORDS The Income Tax Act gives the CRA wide powers to access your accounting records, bank records, and any
More informationFOR VHA MEMBERS EMPLOYEE BENEFITS PROGRAM
FOR VHA MEMBERS EMPLOYEE BENEFITS PROGRAM Your Contacts www.vhaplus.com.au 1300 799 547 enquiries@vhaplus.com.au Level 6, 136 Exhibition Street, Melbourne,Vic 3000, Australia 3 4 5 6 7 8 9 10 11 12 13
More informationAbout The Online 401(k)
About The Online 401(k) The Online 401(k) is a Web-based retirement plan solution built to address the 401(k) needs of small businesses. One of the original Web-based 401(k) providers to address the small
More informationSmall Business Information Seminar
Small Business Information Seminar Module II Good and Services Tax/Harmonized Sales Tax Revised (July 1, 2006 electronic version only) T4071(E) Rev. 05 In this publication, we use the name Canada Revenue
More information