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
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
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
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
