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
Paying too much tax on your investments? Split your income!
The idea of splitting income between a couple to lower your family’s overall tax payment has been around for a long time. The question is, is a spousal loan right for you? The strategy is this – the higher income spouse lends cash to the lower income spouse at a prescribed rate set by CRA,Your 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
