Successful entrepreneurs are often on the hunt to acquire other businesses for strategic reasons. Acquiring a competitor to increase market share or buying out a supplier to add synergy to an existing business are just a few of the reason entrepreneurs seek acquisitions. When a business is up for sale negotiation, the seller of the business has a huge advantage over the buyer. The seller, being the current operator of the business, has intimate knowledge of the environment he operates ... Read More
A very quiet and painful spring 2020 comes to an end in BC. As the BC economy reopens pieces at a time, the impact of the Vancouver covid-19 pandemic lockdown on different sectors of the economy will become more evident. For young or mature business owners, this past spring was a time of inner reflection. There was plenty time for planning, whether to acquire existing business to bolster one’s market share or exit an existing business and spend more time pursuing activities that are ... Read More
CEBA is short for the Canada Emergency Bank Account or is better known as the interest free $40,000 bank loan provided by Ottawa for small businesses due to the Covid lockdown.
CEBA Funds To Help Small Businesses During Covid-19CEBA was one of many measures Ottawa provided early on during the Covid lockdown to help Canadian small businesses with operating expenses survive the lockdown. At the early stage of introduction, a small business needed to have payroll expenses of ... Read More
Canada is now into its 4th week of lockdown due to the Covid-19 pandemic and Vancouver small businesses are suffering as a result. Even businesses that are marginally impacted are suffering as well due to lack of staffing, delayed delivery, having to adapt to working remotely, etc. Right now, the uncertainty is high. We are not sure at all how many more weeks if not months the lockdown will continue. Even if the government ease on the lockdown, how long will it take for the ... Read More
BC is now three weeks into the social distancing protocol. It is becoming more obvious that the distancing will go on for another month if not longer. With this acknowledgement, the financial cost of this pandemic will reach financial crisis level when said and done. I am already reading about long existing local brands closing their doors just three weeks into the social distancing. Some businesses are likely closing down strategically. After all, if we are ... Read More
It is March 28, 2020 today. At the end of this week, BC government and Ottawa came up with some huge assistance for small businesses which I will cover here. I expect their response to only grow as time goes on and I will keep you abreast on new matters. First, Ottawa response and the official link is below. https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#wage_subsidies
Parts of the Federal Response that impact small businesses like ... Read More
Vancouver enjoyed excellent weather during the 2019 summer months without smoke to block the sunrays.
CRA Audits Vancouver BusinessesWhile the taxpayers were busy vacationing, the CRA was very busy sending out tax review letters to many businesses. Based on my own experience and conversations with colleagues, a massive fishing expedition was underway this spring and summer. Many businesses are being reviewed for auto expenses, payroll remittances, GST ITC claimed, ... Read More
During the summer of 2017, CCPC shareholders and tax advisors across Canada were surprised with by the announcement of new tax rules and restrictions that were being planned by the Minister of Finance. Basically, Ottawa felt that the existing rules at the time were too generous for the CCPC shareholders and intended to scale the “tax perks” down considerably. Almost two years later and with much drama during the interim, the new tax regime is now in place and time will tell how much extra ... Read More
More small businesses are now on cloud account software. Many business owners are performing the bookkeeping functions on their own and just as many business owners hire a bookkeeping firm who specializes in cloud software to do the bookkeeping. Now, AI is getting involved to limit human coding errors that still exist with cloud software. As for me, the external accountant, I have noticed considerable improvement with both, the software and the users maximizing the software full ... Read More
Just two years back, when buying condo presales was the rage of investing free cash in Vancouver, I wrote a short blog cautioning investors to begin preparation years ahead for the closing date of the deal. When the condo completes, full payment of the balance on the condo is required to close the deal; hence qualifying for the mortgage at that future time required some income reporting planning. Back then, waiting for construction completion date to close the deal was not necessarily part ... Read More