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Developing an ESOP is new territory for both employer and employee. Many owners may already have a clear plan mapped out and have shared this plan with their employees, whilst others are less advanced in the ESOP process. It is important for the business valuator engaged in the ESOP process to determine which end of […]
Read MoreIt appears that the Canadian Revenue Agency (CRA) has a new project: corporate car expenses. This change comes as a surprise as previous correspondence from CRA was proposing to disallow personal car expenses for owner managers. In CRA correspondence that we have seen of late, the focus is on those companies that had an expense […]
Read MoreThe Canadian Income Tax Act defines a non-profit organization as “a club, society or association that, in the opinion of the Minister, was not a charity within the meaning assigned by subsection 149.1(1) and that was organized and operated exclusively for social welfare, civic improvement, pleasure or recreation or for any other purpose except profit….” […]
Read MoreThe success of a liquidity event involving a privately-held business requires considerable preparation. Even in circumstances where a sale is not imminent, much can be done to improve the operational and financial performance of a business in order to ensure owners can capitalize on favourable market conditions and execute their liquidity option when the timing […]
Read MoreThe Internet Age has revolutionized every industry and accounting is no exception. Introducing, cloud accounting; a faster and more efficient method of tracking your business’ expenses and financial reporting. Cloud accounting is the process of migrating financial accounting systems into a cloud-based platform, away from a server. In terms of the accessibility and benefits to […]
Read MoreOnce you’ve started directing effort and funds toward earning income as a musician, congratulations, you’re in the music business! Many musicians put off organizing the business side of their career until they have to, only to realize how many opportunities they missed to save money along the way. So, no matter how overwhelmed you may […]
Read MoreThe purchase or sale of a business can be the biggest financial transaction of an owner’s life, with plenty of items to consider along the way. From our experience of valuing thousands of companies and working on deals in a wide range of size and industry, we have prepared a list of pivotal items to […]
Read MoreMowbrey Gil is pleased to offer students and their spouses 2018 personal tax return services at no charge. Being a student should be your only worry – let us help you with the rest. Scholarship Income Tuition Tax Credits Union / Professional Dues Student Loan Interest Medical Council of Canada Evaluating Examination (MCCEE) Moving Expenses […]
Read MoreThe Canadian taxation system is structured so that investment income (such as interest income and rental income) earned in a corporation would be taxed at the same rate as investment income earned personally (at the highest tax rate). The way in which the system works is that a corporation pays tax on its investment income […]
Read MoreAs we enter 2019, the security challenges faced by small to medium sized businesses will only continue to escalate and as such, it may be a good time to re-evaluate your company’s security posture. SMBs are often challenged by the fact that they do not possess the internal expertise required to correctly safeguard against current […]
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