Employee Time Theft: Some Challenges

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A January 11, 2023, BC Civil Resolution Tribunal case addressed a claim for wrongful dismissal. The employer filed a counterclaim in respect of a 50-hour discrepancy between the employee’s timesheets and tracking software data over a period of about a month during which the employee was working remotely. The employee argued that significant hours wereYour Read More Link Text

Small Business Succession: Many Business Transfers Coming Shortly  

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The Canadian Federation of Independent Businesses (CFIB) released a report on January 10, 2023, focused on succession expectations for small businesses. It included the following survey responses:  There are many hurdles and opportunities in selling a business. Many can be addressed in advance, leading to significant improvements in the sale process and an increase inYour Read More Link Text

Employment Expenses for Commissioned Employee: Sponsorship  

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In a January 23, 2023 French Court of Quebec case, a commissioned salesperson deducted nearly $600,000 over 2015 and 2016, in sponsorship expenses of a professional cycling team in Canada. The individual was an investment advisor and reported commission income of $1,493,910 and $1,263,360 and taxable capital gains of $2,276,374 and $99,767 in the respectiveYour Read More Link Text

Budget 2023: Top Five Items for Owner-Managers 

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Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact individuals and owner-managed businesses are as follows:  Alternative minimum tax (AMT) – The AMT is an alternative method of calculating taxes that ensures that anYour Read More Link Text

Poker Winnings: Taxable or Not?

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A November 25, 2022, French Tax Court of Canada case considered whether a taxpayer’s poker activity constituted a source of business income and therefore the winnings were taxable, as argued by CRA. The taxpayer argued that his winnings were non-taxable as they were derived from his hobby rather than a business. The taxpayer generated pokerYour Read More Link Text

Understanding FCPCs Role in Your Business

It is nerve-wracking to let someone else into your personal and business finances— even if that individual is a certified and highly-professional accountant. On one hand, you know you need their expert advice and support. But on the other, it sort of feels like an invasion of privacy.  This is where a boutique accounting firm canYour Read More Link Text