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Audit and accounting
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Updated Voluntary Disclosures Program
Audits and assessments undertaken by the Canada Revenue Agency (CRA) that uncover errors or omissions by a taxpayer can lead to significant penalties. These penalties can range from a percentage of unpaid taxes to fixed monthly penalties, up to $2,500 per incident, in the case of late-filed information forms. In severe cases, criminal charges and jail time could result.
May 16, 2018
Modern leadership qualities you need to succeed
There’s a war for talent all over the world. Baby Boomers are rapidly retiring, and we have a severe labour shortage in Canada. As a result, the new generation of younger employees is becoming more and more empowered. They can decide where they work, when they work, how long they work, what they wear to work and how much you pay them to work.
May 16, 2018
Transferring farm property from partnerships to individuals
Inter-generational farm transfers are common as succession plans. When parents transfer farms to their kids, they have rights that other business owners do not have. For example, if a farm or fishing property meets the criteria for a favourable intergenerational transfer, they can transfer at less than fair market value. However, many farming operations function as unincorporated partnerships, which can lead to complications. Typically, this is a mom and dad type scenario, where both parties are individuals farming multiple pieces of land, and they want to transfer one piece to the next generation.
May 7, 2018
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The immutable laws of law firm success
When Edge International was formed, I was optimistic that by this century we could all make the following statement – and it would be true: <p style="margin-left:36.0pt;">Dateline 21<sup>st</sup> Century: Most professional firms today and their practice groups are led by individuals who have not only mastered practice skills but are equally adept in organizational behaviour. They understand group dynamics and the art of facilitation. They conduct highly effective meetings, coach individuals to achieve their personal best performances, and create an environment in which professionals thrive[...]
May 1, 2018
Five questions to ask when launching a new PR campaign
Is yours a mid-sized law firm newly embarking on a PR campaign? Where should you begin? Similar to the pretrial steps taken by parties to a litigation, a good place to start is with “discovery.”
May 1, 2018
Don’t fear the rainmaker
If you have spent much time in a law firm, especially in any kind of managerial capacity, you have probably run into the steel barrier to change known as “The partners don’t want to do it.” Sometimes, it’s as simple as “One partner doesn’t want to do it.” And the more powerful the partner, the more successful will be the resistance to any given initiative, especially one that seeks to change anything important about how the firm operates. Our standard response to this resistance tends to be a fatalistic shrug: the partners own the business, so they have the power to do what they want with it.
May 1, 2018
Tech Central: Legal technology, AI, and the evolving role of the lawyer
Technological advancements and AI, or artificial intelligence, are affecting the business and legal worlds in increasing ways, challenging the tasks historically ruled by humans. From gaming to complex legal analysis, AI is rapidly making inroads to our daily lives.
May 1, 2018
The tax implications of cryptocurrency
Although cryptocurrencies have existed since Bitcoin emerged in 2009, this medium of exchange has experienced a massive surge in popularity in recent months. Offering a wide range of opportunities (and risks), cryptocurrencies have inspired a great deal of confusion due to their unique properties.
Apr 27, 2018
Business advisory services
Private enterprise
Preventing labour code changes from killing your business
It is clear to business leaders, either motivated by profit or not, that government and its legislation will continue to make it increasingly challenging to run a profitable or financially viable not-for-profit venture. These legislative changes, most recently dealing with taxation and labour, will negatively impact the bottom line.
Apr 24, 2018
Transaction services
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New QST registration requirements for non-resident suppliers
On March 27, 2018, the Quebec budget introduced a specified registration system for Quebec Sales Tax (QST) purposes for non-resident suppliers that make taxable supplies through e-commerce channels to recipients located in Quebec.
Sameer Noormohamed
Apr 13, 2018
Audit and accounting
Private enterprise
Tax advisory
Further elimination of the small business tax deferral
After months of speculation regarding the taxation of passive investment income earned by private corporations, the Minister of Finance tabled Budget 2018 on February 27, 2018. The budget includes a measure to further limit the small business deduction as a result of a perceived tax deferral advantage when passive investment income is earned inside private corporations.
Tom Hunt
Mar 28, 2018
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