Four Tips to Reduce Supply Costs

One of the most significant expenses on invoices is the cost of supplies. It follows that any opportunity to save on supplies can have a dramatic effect on the final cost of a project. While labor and time charges can be altered by increased efficiency or at the contractor’s discretion, supply costs are not as Read More

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By |July 15th, 2018|Small Business Tips|

Owner-Managed Business – Creditor Proofing

Every business owner should be concerned about creditor proofing his assets. Consider these suggestions:

1. Transfer assets out of the company 

Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back to the operating Read More

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By |July 9th, 2018|Small Business Tips, SmallBiz Builder|

Corporate Directors Liability

If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount Read More

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By |July 4th, 2018|SmallBiz Builder|

Business Investment Loss – Denied

In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid.
Her only motivation for the guarantee was to assist her son’s business. She did not charge Read More

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By |July 2nd, 2018|SmallBiz Builder|