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Legal & Compliance

COVID aid paperwork must be in order as audits loom

man writing on paper

Canada’s accumulated deficit with all the COVID-19 related emergency spending programs will most likely top a trillion dollars for fiscal year 2020-21, up from $685.5 billion last year, according to government estimates. Many of those programs were, and if still available, continue to be extremely useful in providing a financial buffer for hard-hit companies and … Read more

What to look for on your Notice of Assessment

a hand writing the word TAX on a piece of paper

After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is an NOA? The NOA is … Read more

Choosing the right business structure

Two business owners review documents

Last updated November 19, 2020. Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. We’ll give you a quick overview … Read more

How the Sharing Economy Impacts Your Taxes

Cottage on the lake

The sharing economy is a kind of shadow economy, where private individuals share products or services, either for free or at a cost. Sharing economy arrangements are typically conducted online, through a community-based website. The sharing economy is hardly new. For thousands of years people have shared their assets, but the internet has taken it … Read more

How Cash Flow Management Prevents Legal Problems

How Businesses Can Manage Cash Flow

When you run a small business, one of the most important things you’ll find yourself doing on a periodic basis is tracking the amount of cash going in and out of your business – or in accounting jargon, cash flow. However, as an entrepreneur you’re to juggling many responsibilities all at once and you may … Read more

Minute Books Are Legal Necessity for Incorporated Businesses

Maintaining Minute Books Are a Legal Necessity for Incorporated Canadian Businesses

Keeping a minute book is a legal requirement for all Canadian corporations. These records keep track of the corporation’s activities and can be subject to government review to ensure your business is in compliance. The book that all of this information is kept in is called a “minute book.” What is a minute book? A … Read more