The practice of law is changing every day, and the effect of changing legislature on businesses is significant. We write about recent developments in the world of tax & business law, keeping a watchful eye on the changing landscape for our clients. See what we’re thinking about, and what your business should be looking out for.
- Tax LawHow to Select a Good Accountant
Selecting strong advisors is a difficult task. While the title of this blog is more aligned with current google searches (exasperated business people, I believe, frantically searching google for improvement on their current accounting advice), we as lawyers and tax practitioners often call the exercise of hiring a strong accountant (or any critical professional) the process of selecting a “trusted advisor”. The term “trusted advisor” means someone whom the owners and/or management of a business can call on for advice on a myriad of topics and trust that the business’ best interests will always be put first. Typically, one or two outside professionals are critical to the success of the business. These professionals are outsiders who have the owners’ ear and take the time to provide reasoned and calculated advice.Read More
- Tax LawTax Planning and Tax Risk
The tax rules are byzantine. Businesses require advisors to help them structure and properly report the appropriate amount of tax. However, it is crucial to remember that this responsibility is ultimately borne by the person taxed and not the advisors (I affectionately call the “tax nerds”). Businesses, whether active or passive, international or domestic, large or small, should consider handling their affairs like Canada’s largest institutions do; by hiring a tax manager.Read More
- Tax Law CRA’s Prescribed Interest Rate Expected to Rise in Q4
A variety of different tax and estate planning strategies use the prescribed interest rate under the Income Tax Regulations. The tax savings can be substantial.Read More