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Law firm succession planning: retaining firm revenue while transitioning knowledge and relationships
It has been called the “pig in the python” – a graphic image of Canada’s Baby Boom generation that has moved through time and is now nearing retirement. Law firms that manage this outsized demographic wave well can position themselves to maintain their revenue streams, transition knowledge and relationships and preserve partner equity. Firms that do not take action may lose revenue and equity when partners leave for other firms or retire, causing the partner’s client relationships to be lost to the firm.
Nov 23, 2016
Birdseye view of a dense, green forest.
Three tactics to help you own your law firm brand
The 2016 Summer Olympics are now in the past, but throughout the event it was made clear who could and could not use the very protected Olympic brand and how permitted entities could use it.
Nov 23, 2016
Birdseye view of a dense, green forest.
Five things lawyers hate to hear clients say
In situations involving you and your client, the adversarial system is your worst enemy. The only win is a long-term client relationship that is sustainable. A short-term victory gained by your legal swordsmanship almost guarantees a failure on that score. Although certain things clients say are sure to get your dander up, I respectfully suggest you put the sword away and try a response designed to maintain the relationship.
Nov 23, 2016
Birdseye view of a dense, green forest.
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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.
Nov 22, 2016
37 PEOPLE
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
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Tax advisory
An entrepreneur’s checklist: Prepare now for a smooth tax season
If you’re an entrepreneur, you have a dream – and many priorities to manage along the way. Tax time is never top of mind, but likely always a worry.
Oct 24, 2016
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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.
Oct 11, 2016
142 AERIAL
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.
Sep 14, 2016
15 AR
Tax advisory
Non-residents and the sale of Canadian real estate property
So the time has come for you, a non-resident of Canada, after many years of personal enjoyment or rental revenues, to sell your Canadian real estate. Unfortunately, this requires one last trip down the rabbit hole of the Canadian tax system.
Sep 13, 2016
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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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Tax
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.
Aug 16, 2016
Tax Series
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