Articles

An informed and entertaining take on financial news and business tips
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Advisory

SR&ED Tax Incentives – A Comprehensive Guide for Canadian Business Owners

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.

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Tax

Plan ahead to overcome increased capital gains inclusion rate

On June 25, 2024, the capital gains inclusion rate is increasing from 50% to 66.67%. This significant amendment will impact taxpayers disposing of assets like shares, bonds, rental properties, secondary homes, or business equipment after this date. Prepare now with this comprehensive overview of what these changes mean for you and how you can plan ahead to mitigate the increased tax burden.

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Tax

2024 Federal budget commentary

With a proposed $52.9 billion in new spending over the next five years, the 2024 Federal Budget focuses on key areas such as housing affordability and economic development, while also providing enhanced support for students and the younger generations. Read the full article for a detailed commentary on the key tax and economic takeaways, measures, and proposed changes affecting Canadians and businesses.

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Tax

10 Common Tax Return Mistakes and How to Fix Them

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.

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Tax

Canadian Tax Changes 2024 – Part Two

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.

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Businessman toppling tower of wooden block spelling the word Taxes
Tax

Canadian Tax Changes 2024 – Part One

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.

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Tax

Canada’s jobs report offers mixed messages on rates

February’s jobs report exceeded expectations with the addition of 40,700 jobs to the Canadian economy. This paints a mixed picture for policymakers and does little to sway the Bank of Canada’s likelihood to begin cutting rates in June. To learn more about the February jobs report and what it means for the Canadian economy, check out the full article from RSM.

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Tax

Canadian tax filing and payment deadlines for middle-market taxpayers for 2024

Whether you’re a business owner, a self-employed professional, or an individual taxpayer, staying on top of tax dates is vital for ensuring compliance with Canada’s tax laws. From T1 returns to UHT elections and SR&ED claims, this article from RSM provides a comprehensive list of the crucial tax filing and payment deadlines for middle-market taxpayers in 2024.

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Advisory

Leadership in the Workplace – Getting the Best Out of Your Team

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.

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Tax

Federal government denies expenses on short-term rentals

As Canada grapples with an ongoing housing crisis, the Federal government has stepped in with new measures to curb the proliferation of short-term rentals (STRs) in an attempt to free up housing for long-term tenants. To learn more about these changes and what they mean for Canadian taxpayers, read the full article here.

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Tax

Canadian tax developments in 2023 you might have missed over the holidays

The world of Canadian tax saw a whirlwind of changes in 2023, with the progression of Bill C-59, the introduction of more green tax credits and the implementation of new trust reporting rules among the key highlights. Read the full article for a comprehensive breakdown of these and other critical changes that will shape the tax landscape in 2024.

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Businessman holding a sack of money in front of wooden figures depicting the concept of business grants
Advisory

Best Grants for Small Businesses in Ontario

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.

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Business Acumen

Success in Succession – Part Two

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.

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Tax

The year ahead: Weak growth, rate cuts and a return to price stability

The Canadian economy showed remarkable resilience this past year, but the impact of higher rates has slowly taken hold. In this article, RSM’s leading economists present their outlook for the year ahead, with a predicted slowdown in the first half, followed by a revival in the second half. An essential read for anyone looking to understand the potential economic trajectory of the country.

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Business Acumen

Success in Succession – Part One

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.

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Tax

What is operational resiliency and why is it important?

Operational resiliency refers to a company’s ability to anticipate, prepare for, and respond to unpredictable disruptions while continuing to deliver its core products and services. This article from RSM provides a comprehensive exploration of the various facets of operational resiliency – from conducting business motion analyses and risk assessments to ensuring business continuity and robust data management.

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Tax

How to boost employee productivity and profitability in business services

In today’s highly competitive business environment, companies across all sectors find themselves grappling with increasing margin pressures. This article focuses on strategies to improve productivity and profitability in business services by investing in employee development, technology, automation, outsourcing and more.

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Office-buildings-in-city
Tax

Tax planning 2023 year-end considerations for businesses and individuals

2023 saw some significant changes and developments in the tax domain. This comprehensive guide from RSM provides an indispensable tool to help navigate these changes and ensure you’re well-equipped for year-end obligations and tax planning opportunities.

Check it out now for a full breakdown of the critical federal, provincial, and territorial tax changes that will impact middle-market taxpayers in 2024 and beyond.

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Tax

Harnessing the power of data analytics in business service companies

Data analytics is a powerful tool for service companies looking to optimize their business operations. From improving customer experience to streamlining inventory tracking and project management, data analytics can provide valuable insights and help companies make informed decisions. Read the full article to discover how data analytics can transform business services companies and enhance efficiency and profitability.

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Accountancy

Robots vs Accountants: War or Peace

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.

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Tax

2023 Provincial Budget – Ontario

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.

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Business Acumen

Tax Implications for Employers with Remote Workers

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.

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Business Acumen

Best Small Business Tax Deductions – Canada

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!

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Accountants conducting business audit
Audit

All About Audits – Part 2

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.

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