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Audit and accounting Tax advisory
A little free advice: encourage your auditor to speak freely
Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.
Mar 29, 2017
On The Mark-A little free advice: encourage your auditor to speak freely
Audit and accounting Private enterprise Tax advisory
Budget 2017: 4 areas to watch
The Minister of Finance, Bill Morneau, announced that the government’s federal budget will be tabled on March 22, 2017. Last year’s Canadian federal budget came in with a whopping <a href="/en/cbn/publications/infographic-2016-federal-budget-infographic" target="_blank">$29.4-billion deficit</a> and notable tax changes in the area of the <a href="/en/cbn/publications/clamping-down-on-small-business-deductions" target="_blank">small business deduction eligibility</a>, among others. There were a number of items promised by the Liberal government during its campaign that were not announced in last year’s budget.  Will the Liberal government hold true on those promises in the 2017 budget? How will those potential tax changes impact business owners and individuals? Some areas to watch are outlined below.
Mar 9, 2017
Federal budget 2017-Prebudget commentary
Audit and accounting Indirect tax Tax advisory
Get ahead of the curve on GST/HST obligation issues
The CRA announced in the December issue of the “Businesses – Tax information newsletter” the kickoff of a new campaign to send GST/HST compliance letters to GST/HST registrants. Through this campaign, the CRA hopes to assist taxpayers in gaining a better understanding of their GST/HST compliance requirements. Accordingly, the targets of this campaign are expected to be individuals and small businesses.  
Feb 27, 2017
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Audit and accounting
IFRS accounting standards to watch out for in an uncertain economy
During times of economic uncertainty, one might expect that an entity would have fewer accounting issues to consider because activity levels often decrease. However, the opposite is quite often the case. While not new, there are a number of IFRS accounting standards that often take on increased importance when times get tough. 
Feb 22, 2017
On The Mark-IFRS accounting standards to watch out for in an uncertain economy
Corporate finance Transaction services Private enterprise
Implementation of IFRS 9 Financial Instruments for credit unions
IFRS 9 <em>Financial Instruments</em> (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.
Dec 8, 2016
On The Mark-Original
Transaction services Audit and accounting
CPA Canada’s new review engagement standard on historical financial statements
CPA Canada has issued Canadian Standard on Review Engagements (CSRE) 2400 Engagements to Review Historical Financial Statements. This new standard replaces existing standards for review engagements, including Section 8100 (General Review Standards), Section 8200 (Public Accountant’s Review of Financial Statements), Section 8500 (Reviews of Financial Information Other Than Financial Statements), as well as Assurance and Related Services Guidelines 20 and 47. This will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early application of CSRE 2400 is not permitted. This publication will address the key changes to review engagements that will impact users of the financial statements, including shareholders, investors, those charged with governance, management and other stakeholders.
Nov 23, 2016
On The Mark-Original
Audit and accounting Tax advisory
Cash basis accounting – tips & traps
Farmers are included among a select few taxpayers who are allowed to utilize the “cash method” of accounting for tax purposes. The vast majority of taxpayers are required to use the “accrual method.”
Nov 9, 2016
Older promotion-Larry Batte
Audit and accounting Tax advisory
Income splitting strategies for Canadians
The term “income splitting” refers to the transfer of taxable income from a higher-income family member to a lower-income family member to reduce the family’s overall income tax payable. The advantages of income splitting are clear: lower-income earners pay tax at a rate of 20 to 26 per cent, whereas higher-income earners may pay 47 to 54 per cent, depending on the province or territory of residence.
Aug 23, 2016
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Valuations Private enterprise
No small matter: minority shareholder disputes, taxes and ‘minority discounts’
Are you a minority shareholder in a private firm? Owning and selling shares can be slightly more complex than you realize. From buying or selling shares and handling disputes with majority shareholders, to understanding the true financial value of your shares (hint: it may not be what you think), as well as the tax implications, here is what you need to know.  
Jun 10, 2016
Older promotions-Paul Mandel
Audit and accounting International Transfer pricing
“Smaller” multinational enterprises & transfer pricing
<h3>How saving $20K nearly cost this taxpayer $2.7 million!</h3> It seems that every day now there is an article of some sort addressing aggressive tax structures, often utilizing offshore entities, and the ramifications of (implied) inappropriate, underlying transfer pricing policies. Recently, this has clearly been due to the news of the “Panama Papers” disclosure or, more generally over the past couple of years, the result of the recently finalized <a href="/en/cbn/publications/beps-the-final-reports-1" target="_blank">Base Erosion and Profit Shifting Project reforms published by the Organisation for Economic Co-operation and Development</a>.
Jun 8, 2016
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Transaction services Audit and accounting
Revenue Recognition for Technology Companies for Multiple-Element Arrangements under IFRS 15
The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 sets out requirements for recognizing revenue that apply to all contracts with customers and replaces the myriad of current revenue standards. This new standard is effective for annual reporting periods beginning on or after January 1, 2018. 
May 25, 2016
On The Mark-Original
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