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December 13, 2016 by Chris Russell

7 questions you should ask a valuation expert

Every business owner should engage a Chartered Business Valuator (CBV) because they are professionals specifically trained in the field of valuation. This gives them the skills necessary to appropriately consider all the nuances of your business, including the quantitative and qualitative factors that influence your value. However, it also helps if clients have some understanding of the relevant issues, as this puts them in a better position to get the answers they need. But before you can get those answers, you need to make sure you’re asking the right questions.

November 29, 2016 by Luther VanGilst

Changes in quota rules for corporate farming businesses

For farmers, the quota system is in place for supply-managed commodities. In Canada, that includes milk, eggs, chicken, turkey and hatching eggs. Essentially, you have to own a license to be able to sell any of those commodities. Under the current rules for corporate businesses (which are still in effect until January 1, 2017), half of the gain is tax-free and the other half is taxed like it’s business income. For the 50% that is taxed, you’d probably pay at a rate of 26.5% under the current rules (all rates in this post are Ontario rates). As of January 1, 2017, you will still pay tax on the same amount of income, but instead of it being considered active business income, it will be considered investment income. In light of these changes, here are a few issues farmers planning to sell quota should keep in mind.

November 22, 2016 by Peter Hobb

6 steps to improve strategy execution

Companies attempting to develop realistic, achievable strategies – and execute them – often rely on SWOT analysis: strengths, weaknesses, opportunities and threats. You want to mitigate your threats and take advantage of your opportunities, leverage your strengths and improve your weaknesses. Once you have identified those, you will make far greater progress toward defining your strategies. However, simply defining your strategies is only the first step. You also need to take measures to help your team execute on those strategies. Here are six steps to ensure that your strategies succeed.

October 24, 2016 by Noël Cantin

Make the most of millennial employees

As millennials have become a large part of the workforce, those of us in leadership positions are discovering new management strategies. For both succession planning and to create a work culture that keeps younger talent engaged, here are four key ways to ensure your millennial employees are ready for the future.

October 11, 2016 by Yuriy Tyshchuk

Got a travel business? 7 TICO questions you can’t afford to ignore

TICO (Travel Industry Council of Ontario) is a governing body of the travel industry in Ontario. It’s a government organization that oversees Ontario travel agents and travel-related businesses. If you’re not registered with them, you’re not allowed to have a travel business in Ontario. Once your business is registered, you must present your financial statements to TICO once a year and meet certain financial requirements in order to retain this license.

September 14, 2016 by John Bujold

Succession planning? Here’s why you want to gift the farm

There can be a significant amount of wealth tied-up in farm businesses—including partnerships and corporations—and there are opportunities in the succession process to distribute that wealth on a tax-free or tax-deferred basis. Much of this wealth is eligible for capital gains exemptions, allowing it to pass on to the next generation, so that they can continue farming without a heavy debt burden. If you’re in the process of planning the succession of your farming business, it’s important to consider taking advantage of gifting, as it allows you to apply tax benefits to farming assets.

August 16, 2016 by Mike Hayward

How to work outside Canada and pay taxes (or not!)

If you are a Canadian planning to work abroad, you need to find out whether your residency will change, because if it does, it may affect your Canadian tax burden. Will you remain a Canadian resident during the period of your assignment or will you break Canadian residency? When you cease to be a Canadian resident, you normally aren’t subject to Canadian tax anymore. However, if you remain a Canadian resident during your assignment, you still have to file a Canadian tax return and will be subject to taxation on your worldwide income.

June 28, 2016 by Larry Batte, Mike Andrews

How to build your dream (succession planning) team

Preparing a succession plan for your farm is a complex undertaking that requires many types of expertise. It’s imperative that the advisors involved in the process – like an accountant, financial advisor, lawyer, family dynamics advisor and any other required expert – are all collaboratively on the same page, ensuring your plan a success.

May 27, 2016 by Thomas Blonde

Farm businesses! Make the most of government funding

Due to the complexity of government subsidy and funding programs and the many steps involved in applying for them, farmers don’t always take advantage of the opportunities available to them. In some cases, farmers who already rely on one program mistakenly believe that there’s nothing else out there for them. That may not be the case, however.

May 10, 2016 by Rick Kozachenko

Show, don’t tell: effective leaders lead by example

In any business, leaders must find ways to inspire their team to deliver desired results. While telling them what to do might seem easier, it’s far more effective to lead by example. You must exemplify the action and drive you want your team to embrace; in the process proving the strategies you’re employing actually work. Leading by example is about more than good practice though, it is also a chance to illustrate the values your employees need to invest in – such as honesty, integrity, trust and work-life balance – that will have a positive impact on all aspects of their lives. Here are three guidelines to follow when leading by example.

March 9, 2016 by Ed Mitukiewicz

Buying and selling veterinary practices

By Ed Mitukiewicz

Are you planning to sell or purchase a veterinary practice? If you’re not sure what is required of you financially and legally to buy or sell a practice, I suggest putting together an advisory team featuring a lawyer, accountant and banker who can ensure your purchase/sale goes smoothly. And here are a few tips and insights to consider before you even start the process of buying or selling, (based on my years of specializing in supporting veterinary practice sales). 

March 2, 2016

Know when to be a flexible leader

By Richard Schaak

In today’s constantly changing business world, at times effective leaders actually contradict traditional notions of leadership. Some companies find a strategy or approach that works for them and repeat it for as long as possible. However, this static approach isn’t effective in a world undergoing massive technological change on a regular basis. In our new paradigm, efficient leaders realize flexibility is an essential skill.

February 26, 2016 by Grant Galbraith

Want to be a more effective leader? Get organized.

By Grant Galbraith

What’s the first step you take to become a more efficient leader? There are, of course, varied leadership styles, but a key element of mine is trying to set the example for a balanced, organized professional life. For instance, I always spend the first part of my day sorting through emails – I’m happiest when my inbox is as close to empty as I can get it– which reduces distraction, giving me a clear vision of what needs to be achieved for the day. The goal is to spend as little time as possible throughout the day worrying about unresolved tasks and other peripheral concerns, and to model an organized system of productivity to my team.