Due Diligence: An Overview
Due Diligence (“DD”) is a critical step in the process of purchasing a business. It typically involves procedures to assess the Quality of Earnings (“QoE”), or can be extended further to include analysis of net assets, tax compliance, and business processes. The findings presented in either a QoE or DD report can play a decisive […]
Vacant Home Tax: Reminder for Toronto homeowners
In 2022, the Vacant Home Tax (the “VHT”) went into force to levy tax on residential properties in Toronto that are considered vacant. The newly implemented VHT also requires the Toronto homeowners to declare occupancy status of their property every year. We would like to remind all Toronto homeowners that the deadline to declare the […]
New Canadian Trust Reporting Requirements
In December 2022, legislative amendments brought significant changes to the reporting obligations for certain express trusts in Canada. The rules determining the requirement for trusts to submit an annual T3 Trust Income Tax and Information Return (“T3 Return“) have been revised for trusts with a taxation year after December 30, 2023. In particular, bare trusts, […]
Mortgage Administrators, Lenders, and Brokers: Are You Ready for October 11, 2024?
If your business is considered a Mortgage Lending Entity, effective October 11, 2024, you will be subject to Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) regulations, specifically related to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). In October, Mortgage Lending Entities will be considered “Reporting Entities” with obligations to report to the […]
Important Deadline for Prescribed Rate Loans
If you have a prescribed rate loan as an income-splitting arrangement, with either a family member or with a family trust, the deadline to repay the 2023 interest on the loan is January 30, 2024. It is vital that the interest is paid in cash as failure to do so would cause the loss of […]
Selling a Business – Key Questions to Ask
In previous posts on the topic of succession planning, we highlighted transition options available to owners looking to sell their business. These links can be found below. In addition to finding a viable buyer for the business, the seller must also determine the ownership percentage that they are prepared to sell, with the following options […]
Sale to Management or Key Employee
In previous posts on the topic of succession planning, we highlighted transition options available to owners looking to sell their business. These links can be found below. Transferring a business to management or key employees is an attractive option as an alternative to family succession or a sale to an external party, particularly for business […]
Sale to a Financial Buyer
In previous posts on the topic of succession planning, we highlighted transition options available to business owners looking to sell their business. These links can be found below. This article will discuss what a financial buyer is and the advantages and disadvantages of selling to this type of buyer. Financial buyers are investors who acquire […]
Sale to a Strategic Buyer
In previous posts on the topic of succession planning, we highlighted transition options available to owners looking to sell their business. These links can be found below. This article will discuss what a strategic buyer is, along with the advantages and disadvantages of selling to this type of buyer. A strategic buyer typically operates in […]
CEBA Loan Repayment
The CEBA loan repayment deadline of January 18, 2024 is fast approaching. All businesses that took advantage of the funding, which included a forgivable portion of up to $20,000 of the loan, should budget accordingly to repay the loan. Failure to repay the loan by the deadline will result in forgoing the forgivable portion. Loan […]
