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Is Your Business Ready for Year-End?

The end of the year does not have to bring woes to your business, in fact, it should represent a time to reflect on the successes (and failures) of the previous year and a time to look forward to the upcoming year, your business plans and goals.

When thinking about year-end, the obvious comes to mind; T4’s, taxes , reconciliation’s and financial statements.

You should however consider the less obvious; that is, your business plan.

When looking at your business plan, ask yourself a couple of very specific questions:

  1. Did we reach our goals for the current year?
  2. Why or Why Not?
  3. What are our goals for the coming year?
  4. How will we achieve these goals?

These are very basic questions, but asking them of yourself and your staff can provide insight and build a team atmosphere around your business objectives.

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Introducing LedgersShield – Safeguarding our Clients from the cost of Audits

 

Does even the thought of being audited by CRA send shivers down your spine?

Do you lose sleep at night worrying that sooner or later, the CRA or another government body will come calling?

Do you worry about the inherent additional accounting fees associated with an audit?

It is a very common misconception that you will be audited only if you are non-compliant in reporting taxes to the various government authorities.  In fact, this could not be further from the truth!

Several things can cause your business to be selected for audit, such as:

  • Late filing of income tax returns
  • Late filing or non-filing of GST returns
  • Filing multiple returns at once
  • Late filing of T4’s and related payroll information
  • Employee complaints to the Ministry of Labour
  • Worker’s Compensation Claims
  • Significant change in your business income or expenses
  • CRA Anonymous Tip Program
  • Random Chance

Face it, it is inevitable; sooner or later, you are going to face an audit by one or more of the government revenue agencies.

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Shareholder Agreements – a MUST for Your Business

When more than 50% of marriages end in divorce, what would make one think that a business partnership is any different?

Many friends and family members enter into business together with the best of intentions; however, when working along side someone 8 hours per day, 5 days per week, things change…

If this type of situation arises in your business, do you have a Shareholders’ Agreement to protect yourself?

Firstly however, why an Agreement?

The Shareholders’ Agreement provides a framework to navigate within regarding the shareholder’s rights and obligations, and the protection of the interests of all the shareholders in the event of changing circumstances.

What should your Agreement Include?

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