Canada Needs a Financial Plan
According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim. This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future: retirements, education and homeownership. It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.Special bookkeeping considerations: When divorce touches a family-owned business
Here’s a true-to-life case study: Let’s suppose that you, as a bookkeeping services professional, have a client named George, who is the owner-manager of a family-run restaurant. Working with George is his wife, brother, sister-in-law, a couple cousins and his teenaged daughter. While the business is going well, his marriage isn’t.
People in the News
Grant McPhail, CLU, CHFC, GBA: Wealth Advisor and proud grandpa
Auditor General Finds CRA is Too Slow
On June 16, the Auditor General rapped CRA’s knuckles, stating that their response to income tax appeals and objections is too slow. And since 65% of them are settled in favor of the taxpayer, the CRA needs to work harder at finding ways to solve issues before they go the appeals route.
Selling the Cottage? Remember New CRA Reporting Rules Will Affect You
Are you planning to sell a personal residence, such as your cottage, in 2017? If so, refresh your tax compliance requirements by making an appointment with a tax specialist before you sell.
Bookkeepers: First Line of Defense for Restaurant Owners
Summer is here and patio season is in full swing, but it’s the numbers, not the ambiance that ultimately tell the success story! If you have clients who own a restaurant, remind them that they need to take time to pay attention to the numbers side of the business and make sure that staffing up with temporary summer help includes some instruction on reporting their tips to CRA.
June Poll: Raise the Minimum Wage? No Simple Answers
It seemed like such a simple question: Do you think Canadian provinces should raise the minimum wage to $15? But our June poll sparked a lively debate and more votes and comments than most. Over 500 of you weighed in and were closely divided on the topic, with 42% saying yes and 58% saying no.
