Employee Ownership Trusts (EOTs) offer a new and attractive exit strategy for business owners approaching retirement or planning for succession. If you’re considering stepping away from your company in the not-too-distant future, selling to an EOT could be the solution you’ve been looking for. In this guide, we discuss the seven steps to transitioning your business to an EOT, from trust establishment to management and compliance. Read more here.
Should you sell your business to an employee ownership trust? The introduction of EOTs here in Canada is big news for business owners. They provide an entirely new option for succession planning, facilitating the transfer of a business’ ownership to its employees. Selling your business to an EOT can provide significant tax advantages, though they are not without their downsides. Read our full article here to learn whether an employee ownership trust is the right exit strategy for your business.
The 2024 Fall Economic Statement (FES) introduced several enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive program. These changes aim to make support for Canadian innovation even more generous and accessible. Over the next six years, the federal government plans to invest a proposed $1.9 billion in the SR&ED program. Check out our Key Insights here.
In the wake of ongoing U.S. tariff threats, Canadian businesses and consumers are seeking ways to cushion potential disruptions to supply chains and the exchange of consumer goods. This article from RSM provides an in-depth analysis of the current economic climate and explores various strategies to counteract the impending trade uncertainty. Learn more here.
Worried about important tax dates sneaking up on you? Be sure to check out RSM’s comprehensive list for 2025! They’ve compiled all of the key dates and deadlines to help Canadians keep track of upcoming tax responsibilities throughout the year, from corporate returns to T3 trust reporting. Staying on top of these important tax dates will help you manage your tax obligations efficiently and avoid unnecessary penalties. See the complete list here.
Canada’s 2024 fall economic statement proposes several new initiatives designed to stimulate investment and productivity within Canada. Key measures include reforms in the scientific research and experimental development (SR&ED) program, extending the accelerated investment incentive, and expanding transactions qualifying for the capital gains rollover on business investments. The statement also includes legislative amendments to the Export and Import Permits Act, among other trade measures, to address rising trade concerns. Read more here.
At the end of November, the House of Commons passed Bill C-78, the Tax Break for All Canadians Act. This groundbreaking legislation proposed a temporary GST/HST holiday on various items, aiming to provide a tax break for Canadians over the festive period. From December 14, until February 15, 2025, no GST/HST will be charged on eligible supplies, which include children’s items, food, beverages and games. While this is welcome news for Canadian consumers, it has created major headaches for businesses that sell qualifying items. Read the full article to learn more about navigating the GST/HST holiday tax break.
Over the next few weeks, owners of small and medium-sized businesses will be receiving their Canada Carbon Rebate for Small Businesses. Through this rebate, the federal government will return more than $2.5 billion to around 600,000 businesses across Canada. Designed to offset the costs associated with the federal fuel charge, this initiative aims to alleviate financial pressures while still promoting environmental responsibility. Keep reading to learn more about this rebate including eligibility criteria, provincial rates and payment methods.
Cash flow is the lifeblood of any successful business. It sustains daily operations, fuels growth, and helps navigate market highs and lows. If you are not actively managing cash flow, you might be exposing your business to unnecessary risk. In today’s highly competitive business environment, with its tight margins and unforeseeable market disruptions, effective cash flow management can be the difference between success and failure. Read the full article to learn more.
2024 was another big year for the Canadian tax domain. Budget 2024 proposed some major changes and updates, while Bills C-59 and C-69 received royal assent, enacting new legislation that will affect middle-market taxpayers going into 2025. Read the full guide for a detailed breakdown of the critical federal, provincial, and territorial tax updates to be aware of when preparing for year-end tax opportunities and obligations.
The hasty implementation of new reporting rules in 2023 was cause for much confusion and uncertainty among Canadian taxpayers. In recent months, the Ministry of Finance revisited the new trust reporting rules and introduced several key amendments. With broader exceptions and an expanded list of exempted trusts, these changes aim to provide greater clarity and limit the number of trusts subject to the new requirements. Learn more here.
Is your business making the most of the Capital Cost Allowance? Integrating CCA into broader fiscal planning can significantly reduce taxable income and enhance cash flow, which is crucial for the growth and sustainability of any business. Decision-makers must have a detailed understanding of how the CCA system works, from the categorization of assets to the half-year rule. In our latest article, we provide a comprehensive overview of the CCA and discuss various strategies Canadian businesses can use to maximize its benefits.
Whether you’re considering a sale, a transition in management, or simply looking to improve the governance of your company, audits are your secret weapon. A detailed audit conducted by a reputable third party can dramatically impact the financial success, operational efficiency, and even the reputation of a company. In this article, RSM Canada presents seven compelling reasons why private business owners should consider regular audits, backed up by real-world scenarios observed from years of experience working with middle-market companies.
Can your business benefit from the new Clean Economy ITCs? To support Canada’s goal of achieving net-zero emissions by 2050, the government has identified six key areas that will receive major economic ITCs in 2024 and beyond. With the passing of Bills C-59 and C-69, the legislation for the first four ITCs has now received royal assent. These ITCs represent a significant opportunity for tax savings, with roughly $93 billion in federal incentives being made available by 2034-35. To learn more about the Clean Economy ITCs and what they mean for Canadian businesses, check out our Key Insights.
Whether you’re 30 or 70, estate planning should be a critical part of your long-term financial strategy. A well-structured estate plan ensures your loved ones receive the maximum benefits from your assets while minimizing their tax liabilities. The key is understanding how wealth is taxed upon death and using the various tools available to protect your estate. Comprehensive plans should employ a combination of strategies, from spousal rollover to the establishment of trusts. To learn more about developing a tax-efficient estate plan that preserves your legacy, read the full article now.
In the modern digital world, data is power. Businesses that know how to use it hold the cheat sheet for sustained growth and long-term success. That’s where Key Performance Indicators (KPIs) come in. KPIs assess how effectively a company achieves its goals. They transform raw data into actionable insights essential for informed decision-making. By tracking KPIs, companies can identify trends, forecast future performance, and benchmark against competitors, ensuring that every step taken is a step forward. To learn more about KPIs and how to select the right ones for your enterprise, check out the full article here.
Business owners, are you up-to-date with Canada’s recently enacted Employee Ownership Trust (EOT) framework? EOTs provide a viable alternative to traditional exit strategies that can ensure the longevity of a business by placing ownership into the hands of those who know it best—its employees. For business owners considering their succession planning options, EOTs offer a tax-efficient means of transferring ownership. They’ve also been shown to improve business performance by creating a sense of shared ownership and investment in the company’s future. To learn more about the new EOT framework and what it means for your business, check out our Key Insights here.
In mergers and acquisitions, obtaining a detailed Quality of Earnings (QoE) report is the cornerstone of effective due diligence. QoE reports focus on the accuracy, sustainability and predictability of earnings. They don’t just examine revenue, cash flow and profit margins, they review assets, working capital, debt structures, accounting policies and financial controls. Through expert analysis, QoE reports assess past performance and future projections while uncovering potential risks and opportunities that may not be apparent from standard financial statements alone. Read to full article to learn more about this crucial document.
Bills C-59 and C-69 introduce crucial amendments to the Income Tax Act and the Underused Housing Tax Act, alongside new laws like the Digital Services Tax Act and the Global Minimum Tax Act. Other key changes include an increase to the Alternative Minimum Tax (AMT) rate, new measures aimed at improving housing affordability and a host of clean economy income tax credits. Business owners will be especially interested in the new intergenerational business transfer (IBT) rules and the introduction of employee ownership trusts (EOTs). To learn more about what’s changing, read the full article here.
With the recent enactment of Bill C-59, there have been several amendments to the Intergenerational Business Transfer rules. Effective June 20, 2024, these changes aim to address previous shortcomings and ensure genuine IBTs receive the same tax treatments as arms-length business transfers. Most notable is the inclusion of two distinct IBT options – an immediate IBT and a gradual IBT. Read the article for a full breakdown of the new rules.
What is the most tax-efficient way to withdraw money from a corporation? It’s a straightforward question with a not-so-simple answer. From salary vs dividends to shareholder loans and capital dividend accounts, there are many ways to structure your withdrawals. Our latest article takes a look at some of the most commonly used methods and discusses the tax implications of each.
On June 10, 2024, a Notice of Ways and Means Motion was released to amend the Income Tax Act to increase in capital gains inclusion rate.
The SR&ED program provides more than $3 billion in tax incentives to Canadian businesses annually. You don’t need to be a mega corporation with dedicated R&D facilities to apply. Innovating companies from any sector can carry out work that is eligible, with roughly 75% of the funds going to small businesses. Read our essential guide to learn more about these powerful tax incentives and how they can help your company drive growth and innovation.
Exploring tax planning strategies in the face of the proposed increase to the capital gains inclusion rate.
This article will provide commentary on the key budget tax and economic takeaways, measures, and proposed changes faced by Canadians and businesses.
Filing your tax return accurately and completely is crucial to avoiding penalties and potential CRA audits, while at the same time maximizing your tax savings. By being aware of the most common tax return mistakes and taking steps to fix them, you can save time, money, and future headaches! Read the full article to avoid these 10 tax pitfalls.
The 2023 Budget and the Fall Economic Statement included a host of legislative and regulatory changes. In Part Two of our tax changes series, we take a look at the big developments set to shake up the Canadian tax landscape in 2024, from new trust reporting rules to long-awaited adjustments to the Alternative Minimum Tax and the elimination of short-term rental deductions.
2023 was a big one for the Canadian tax landscape, with the CRA and Ministry of Finance pushing forward on extensive legislative and administrative changes.
In Part One of our 2024 Tax Changes series, we dive into the key details of federal tax brackets, RRSP and TFSA limits, CPP enhancement, and EI premiums.
The economy added 40,700 jobs, exceeding expectations and a sign of remaining steam that could keep the economy afloat for a few more months.
RSM Canada has summarized the key tax filing and payment deadlines for middle-market taxpayers. Read the article to know more and simplify tax filing.
Building an efficient and productive team isn’t just about hiring the right people – it’s about how you manage and lead those people. From communication to talent management and task delegation, your leadership style sets the tone for your business and directly impacts overall performance. Join us as we discuss the key aspects of effective leadership so that you can get the best out of your team and propel your business to new heights.
Canada’s continued housing crisis has prompted the Federal government to introduce new measures to disincentives short-term rentals.
Important changes in Canadian tax legislation, CRA enforcement initiatives, and case law updates over the past few months.
Grants are a vital source of funding for small and midsize enterprises. Whether you’re looking to adopt new technology, expand operations or hire additional staff, there are a wide variety of grants available from both government and private sources. Follow the link for a curated list of some of the best business grants currently available here in Ontario.
Canadian business owners will soon have a new avenue for succession planning. Proposed as part of Budget 2023, EOTs will allow owners to effectively sell their businesses to their employees, without the employees having to pay directly to acquire the shares. EOTs present a powerful alternative to existing exit strategies and have already been successfully implemented in countries such as the U.S. and the U.K.
With a potential 3 out of 4 Canadian business owners looking to exit their companies within the next decade, the government has been taking steps to provide better avenues for business transfers. In our latest article, we take a detailed look at the new rules and what they mean for owners looking to transfer their business to the next generation. Read the full article to learn more and equip yourself with the knowledge you need to make your succession a success.
Operational resiliency: anticipate, prepare, respond, recover from disruptions, ensuring core services.
Learn how to improve employee productivity and profitability in business services by investing in development, technology, automation, outsourcing and more.
This tax planning guide for 2023 and beyond reflects considerations that may create risk or opportunity for Canadian businesses and individuals.
Discover how data analytics transforms business services companies and enhances efficiency and profitability.
Bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return.
While Canada is attracting immigrants, it struggles to make use of their skills, leaving much unrealized potential on the table.
Under new legislation for trust reporting, law firms may be subject to the filing requirements of a T3 Trust Income Tax and Information return beginning in 2023.
From cash flow statements to income tax credits, you’ll learn the most important aspects of accounting for small businesses that will set your company on the road to financial success.
When a business grows, and employees can’t keep up with the workload, the instinct to hire more employees is not always the right solution and there are other alternatives to consider.
Automation solutions that improve operational efficiency and the client and talent experience.
Digital transformation is critical for modern manufacturing operations and the factory of the future.
In our latest article, we discuss how recent and emerging technological advancements are changing the face of the accounting industry and the professional services sector as a whole.
Consumer goods companies will shift focus from growth to profitability.
On March 21, 2023, Ontario tabled their 2023 Provincial Budgets. To help understand the implications of the budgets across major industries, we have consolidated the key highlights pertinent to middle market companies.
Successful professional services firms are taking a controlled growth approach to manage a dynamic labor market.
As the business landscape continues to shift away from traditional, office-based roles to make way for more flexible, remote positions, it’s important for employers to consider their tax withholding requirements. Read our latest article to learn more.
Key industry insights and highlights on Canada’s 2023 Budget (Budget 2023) which was released on March 28, 2023.
In light of inflationary pressures, economic headwinds, geopolitical risk, and many conflicting so-called leading indicators, a business strategy refresh is paramount.
Entrepreneurs and business owners – are you making the most of your tax deductions? If not, then our then our essential guide to the best small business tax deductions in Canada is a must-read!
The Underused Housing Tax Act (UHTA) is now if effect. To learn more about this new tax including who will be affected and what it means for those that are, check out our quick guide.
Are you up to date with the most important tax changes for 2023? This quick-read guide has all of the key updates to be aware of. Check it out now!
Set your company on the path towards success with these 7 strategies to grow your small business.
Growing a small business is all about thinking big. Discover the top 7 reasons why now might be time to start growing your small business.
Part 2 of our All About Audits series goes into detail about the audit process, including when to conduct an audit and the key steps to take when preparing for one.
Learn everything you need to know about audits – from what an audit is to how your business can benefit from them.
From important tax dates and changes, check out these 7 easy steps to help make this year’s tax filing as stress-free as possible.