Employee Time Theft: Some Challenges
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
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
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
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?
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
Employee Gifts and Parking: Updated CRA Policies
CRA updated several administrative policies in respect of employment benefits. Two of the key changes relate to employee gifts and parking.
5 Necessary Roles in Your Business Finance Team (And Where FCPC Fits In)
We all do it. We glorify productivity and being able to “manage it all ourselves”. Some say it’s woven into the fabric of Western culture. Others say it’s a generational shift. Either way, it’s a mentality the vast majority of us can relate to. But what if that mentality is actually preventing you from accomplishingYour 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
