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It’s never too early to crisis-proof your business
From fires to the destructive floods in Alberta, we have experienced a variety of unexpected disasters in recent years. People often think something like this will never happen to them, but we’ve seen that anyone can be affected. Statistics show that small businesses are often not prepared for emergencies and rarely think about disaster recovery – in the same way many people postpone writing a will or planning their funeral.
May 3, 2017
Transaction services
Audit and accounting
Tax advisory
Succession and estate planning
2017 Ontario Budget Commentary
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
Apr 28, 2017
The elimination of billed-basis accounting for professionals
Work in progress (WIP), work performed but not yet billed, is a ubiquitous aspect of business for professionals. Under the <em>Income Tax Act</em>, WIP is deemed to be inventory. Since inventory is carried at the lesser of cost or fair market value (FMV), businesses typically carry WIP at cost on their balance sheets. Professionals, such as accountants, dentists, doctors, veterinarians and others, can deduct the WIP in calculating their income for tax purposes. Budget 2017 proposes to change that.
Dave Clarke
Apr 27, 2017
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Drive law firm success by helping each lawyer succeed
<em>This article was originally published in the February 2017 edition of TLOMA Today, the newsletter of The Law Office Management Association of Ontario.</em> In my many years of consultation with law firms around the globe, I have learned that the most successful firms are those that offer the best leadership for their individual lawyers. One of the most gifted managing partners I ever met made it one of his priorities to conduct an ongoing, never-ending study of what made the individual lawyers in his firm, and the firm as a whole, tick. Being sensitive to the idiosyncrasies of the people you lead, and helping individual lawyers in your firm to refine their practices so that they find them more challenging and rewarding, will result in long-term benefits to the firm as well as to individual practitioners.
Apr 27, 2017
Gain an advantage: protect your law firm from security breaches
Cybersecurity breaches might seem like a distant concern for law firms, when there are multiple client engagements on the go, and when attackers appear to target only the big names like Google and Yahoo. But picture the following scenarios and the threat becomes more apparent: <ul> <li>A member of a law firm finds a flash drive with the firm’s logo lying on the floor outside the firm’s offices. Wanting to be helpful and return the drive to its owner, they insert it into a computer – and unknowingly download a flood of malware that opens the firm’s network to hackers.</li> <li>One evening, a member of the firm’s IT department, working late, takes a phone call from a distraught, angry-sounding person claiming she’s one of the firm’s partners, she can’t access the system, and she needs to change her password <em>right now</em>. The IT employee is so intimidated that he complies – and doesn’t pick up on the fact that the caller is really a hacker using social engineering to break into the system.</li> <li>A disgruntled employee uses a flash drive to download a few crucial files disclosing the firm’s litigation strategy in a major case, to sell vital information to the opposing counsel in that litigation.</li> </ul>
Apr 27, 2017
Optimizing your law firm for trust
Journalism, my former profession, is undergoing two related crises simultaneously. One of them, playing out in your news cycle right now, concerns the ways in which journalists should analyze and present important information to the public at a time when unhelpful terms like “fake news” and “post-truth” are in wide circulation. There is a great deal riding on journalism’s ability to solve this crisis.
Apr 27, 2017
2017 Federal Budget: GST/HST on ride-sharing services
The 2017 Federal Budget proposes to amend the definition of a “taxi business” in the <em>Excise Tax Act</em> (ETA) effective July 1, 2017, to ensure that ride-sharing services, such as Uber, share the same GST/HST consequences as taxi services. The proposed amendments would require all Uber drivers to register for GST/HST purposes and to charge GST/HST on their fares.
Apr 27, 2017
Tax advisory
Transfer pricing
Revenue recognition for construction contracts under IFRS 15
The timing of revenue recognition may need to change in the near term for a construction entity preparing IFRS financial statements. Specific accounting guidance on construction contracts contained in IAS 11 Construction Contracts is replaced effective for annual reporting periods beginning on or after January 1, 2018. 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.Â
Apr 26, 2017
Audit and accounting
Tax advisory
Infographic: The pros and cons of incorporation
If you are a doctor or dentist who is considering incorporating, it is important to know when it’s appropriate to take this step. Could income-splitting, the tax deferral and the capital gains exemption have a positive effect on your savings? Not everyone is in a position to benefit from these opportunities, but if the examples outlined in this infographic apply to your practice, incorporating could be right for you.
Apr 24, 2017
Dispute, mediation and conflict resolution
Tax advisory
Employee stock options: do we have an agreement?
In the fall of 2015, the Liberal government threatened to end the preferential tax treatment for certain employee stock options. But after much opposition, Finance Minister Morneau eventually backed off. In 2016, the Canada Revenue Agency issued comments on those rules, following up on the Tax Court’s decision in <em>Transalta v. The Queen </em>(2012 TCC 86).    Â
Apr 21, 2017
Quebec Budget
Mar 29, 2017
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