Audit Defence: A Business Builder for Business Owners - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner

Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Student Line of Credit
Principal Residence Exemption


aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
Home Car Insurance
Income Splitting Strategies in Retirement
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
Real Estate - Investments / Retirement
Retirement planning
Save your money
small business planning
Tax Information for Students
tax news
tax planning
Tech news


January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by


Audit Defence: A Business Builder for Business Owners

Audit Defence: A Business Builder for Business Owners
Audit Defence: A Business Builder for Business Owners
The tax filing deadline for unincorporated business owners is June 16 and filing late will attract penalties and potential audits.
If there was one thing that was clear in engaging tax and financial advisors across Canada last week at the Distinguished Advisor Workshops, it’s that following filing rules and preparedness with proper documentation of actively earned income, passively earned investments, and valuation of capital assets is key to managing relationships with CRA and other regulators in a new global economy.  
Compliance – whether with CRA rules or transparency required by financial regulators – is about the onus of proof, which is clearly on the taxpayer in their relationship with CRA. But increasingly, it is also on tax and financial advisors in providing sound advice to those taxpayers to mitigate their liabilities with the tax department. The most valuable insights and business building ideas gained by advisors who attended the DAW were broad and varied, but all the "a-ha" moments were around moving conversations with clients into a more holistic, long-term focus. For those who could not be in attendance, here are some of the more salient observations, summarized for your consideration:
Currency Fluctuations Hurt Seniors’ Net Worth:  “Older, single clients are the hardest to help. We need to remind them about the soft costs of owning and paying for their U.S. properties at a time when currencies are fluctuating in value. We need to rethink our fee structure beyond preparing the tax return and more effectively begin the discussion on preparing and monitoring personal net worth statements.”  
It’s About Your Business Continuity: “I didn’t think about the fact that my clients are concerned about my practice continuity.”
Business Valuation is a Key Issue: “Valuing shares of existing corporations being sold to family members is something I need to know more about.” 
Solicitor-client Privilege is Golden: “Reportable transactions and the hallmarks around them is my business – I need to ask my clients about them, take good notes and then refer files to a lawyer as the ringleader to ensure solicitor-client privilege in managing relationships with CRA.”
Brokering Family Consensus is Important:  “Preparing letters of intent with joint accounts, introducing family conferences for estate planning purposes to strengthen relationships with next generations, and helping clients understand duties and pitfalls to avoid in acting as a Power of Attorney. . .these strategies are important business building opportunities.”

0 Comments to Audit Defence: A Business Builder for Business Owners :

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment