Expanding your business operations into Canada can unlock numerous strategic advantages, from lucrative North American market access to a sophisticated, growth-friendly economy. In Part Two of our series, we answer questions on a range of issues and topics related to doing business in Canada, including tax implications, import/export regulations, tax treaties and the Investment Canada Act. Learn more here.
Canada attracts organizations from around the world seeking to establish or expand their operations internationally. But navigating Canada’s business environment as a foreign investor requires clarity on key foundational issues. To help international investors decide whether Canada is the right choice for their business, we’re addressing the most frequently asked questions about doing business in Canada.
Choosing an appropriate structure is one of the first decisions you’ll make on the road to establishing your company. While most new businesses begin as sole proprietorships or partnerships, there are several significant benefits to structuring your startup as a Canadian Controlled Private Corporation (CCPC). From investment tax credits to the Small Business Deduction, click here to learn more about the tax benefits of incorporating your startup.
While large corporations currently dominate the ESG landscape, small and medium-sized enterprises (SMEs) in Canada are playing a growing role. For SMEs, ESG reporting represents an opportunity to align business operations with emerging global standards, improve risk management, and foster stronger relationships with stakeholders. Learn more here.
Whether planning to retire, pursue new opportunities, or capitalize on favourable market conditions, selling your business requires careful planning and execution. By taking certain steps to prepare your business for sale, you not only increase the potential return on your investment but also attract the right buyers and ensure a smoother transition. This article provides actionable insights to help you maximize the value of your business, enabling you to sell with confidence.
Budgeting for growth is all about aligning daily operations with long-term business goals. It requires big-picture thinking underpinned by detailed financial metrics. From cash flow forecasting to variance analysis, this quick read guide covers essential topics for anyone looking to scale their business.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.