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.

Continue reading “Is Your Business Ready for Year-End?”


The Most Valuable Asset Your Business has – Your Accountant!

Whether your business is just starting out or you have been operating for 20 years, your accountant is one of the most important members of your team.

A good accountant can assist you in making business decisions, developing business plans and tax planning. They can work with you to obtain financing, control labour costs, monitor your gross margin and protect you from government related (tax) issues; all improving your bottom line.

Choosing the right accountant can, however, be a difficult task as anyone can use the term ‘accountant’.

CRA has many times rendered rulings against business owners for having ‘inexperienced’ and ‘unqualified’ accountants and bookkeepers. In fact, one recent case saw a Tax Court of Canada Justice State:

“Mr. A. as the business owner, did not exercise diligence in hiring his spouse to perform the accounting and bookkeeping tasks of the business, therefore, we find Mr. A. liable for the taxes, interest, and penalties as assessed”

This may be an extreme case, but the point is:

The business owner is almost always liable and accountable for the financial affairs of the business.

With so many choices, how do you go about choosing an accounting professional that best meets the needs for your business?

Continue reading “The Most Valuable Asset Your Business has – Your Accountant!”


Do You Have CRA Tax Problems? We have a Solution!

Far too many small business owners have been there – GST is due or payroll taxes are to be remitted, but the employees need to be paid and the rent is due.

What do you do?

Unfortunately, most business owners, when faced with this predicament do the obvious – pay the rent and employees, CRA can wait.

When this cycle manages to repeat a few times, now you are in a big pickle.

The interest and penalties that CRA charges can seem to be insurmountable, and if your business is already struggling, how are you going to find thousands of extra dollars to meet your obligations to CRA?

If you have found yourself in this situation, you know how aggressive and demanding CRA can be.

The primary reason CRA gets so aggressive with GST and Payroll taxes is that these monies are ‘Trust Funds’ – they belong to CRA the moment that they are collected by the business.

How far will CRA go to collect the taxes?  Well, they are very powerful and have strong collection tools such as:

  • The ability to seize your bank accounts
  • Seizure of Assets
  • Garnishment of Accounts Receivable
  • Lien on Personal Assets*
  • Seizure of Personal Assets*

In respect to the last two, this can happen when they exercise their rights and claim Director’s liability exists – director’s liability only arises where the director has not exercised due diligence and the amounts are otherwise unrecoverable from the corporation.

What do you do if you find yourself in this predicament?  Don’t panic, call us!

We are pleased to announce our new Strategic Partners, Tax Solutions Canada. (TSC)

A member of the Farber Financial Group, the TSC team is comprised of a wide range of professionals with diverse expertise in tax, negotiating with CRA, administering CRA applications and finance, and they routinely resolve serious and complicated tax problems for their clients.

Who can they help?

Ledgers clients with the following types of tax issues:

  • Large tax debt that they cannot pay
  • Undeclared Income
  • Overdeclared Expenses
  • Charity Scams (Tax Shelters)
  • CRA Audits & Investigations
  • Requirement to Pay Orders
  • Past Due Tax Returns
  • Arbitrary / Notional Assessments
  • Significant Penalties & Interest
  • Director’s Liability
  • CRA Threats & Demands
  • Wage Garnishments / Frozen Bank Accounts, Property liens and other enforcement actions

Once you have enlisted the services of TSC, they will take over all communications with CRA, negotiate Payment Plans, Remove or reduce enforcement actions, and get you current with your tax obligations.

If you are experiencing tax problems, take the first step to resolution – Call Your Local Ledgers office and request a Free Consultation with Tax Solutions Canada.

or email us,