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Starting a professional practice is a series of decisions that must be taken to lay the ground work for an operational business. There are many things to consider. To make this process easier I have compiled a list. Below are ten important actions in making you’re a practice flourish. Do Your Homework The failure rate […]

Does My Business Need a Budget?

Often when businesses start up, a business plan is prepared and presented to a financial institution to secure financing.  Upon successfully obtaining a loan, the budget or forecast presented in the business plan is a distant memory for new business owners who quickly get involved in running their business operations. However, if you are serious […]


Before all this commotion about income splitting and the many ways that corporations, trusts and partnerships could allocate income to lower tax-bracket individuals, there has been in place for quite some time a very simple tool. This tool is known as the prescribed-rate loan. Generally, the income attribution rules under subsection 74.5(2) of the Income […]

Death of the Voluntary Disclosure Program

Recent changes to the Voluntary Disclosure Program are part of a federal trend in clamping down on tax evasion and aggressive tax avoidance. This can be seen in cases involving the use of tax havens by private corporations. We have already seen the Federal Liberal government has been scaling back the financial benefits of owning […]

Demographics and Technology Reshaping Canadian Business

Canadian Business Adapting to Demographics and Technology Changes     Canadian Business entrepreneurs are facing a new reality—one marked by changing dynamics in the labour force and new ways of doing business. Recently, the Business Development of Canada released a study about the future of business in Canada. It reviewed current changes and challenges the landscape of Canadian business. […]

Filing Input Tax Credits for GST Refund Claim?

Understand the differences between ITC’s vs. Expenses Claiming of the Input Tax Credits, ITC’s, when filing your GST refund has a strong chance of being selected for a review by the CRA. Input tax credits differ somewhat from expenses claimed for income tax purposes in several subtle ways: Expenses are reductions to income Input tax […]