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Archives for Tax

How Businesses Can Prepare For a Recession

Due to the recent tightening of monetary policy by central banks around the world to cool inflation, an economic slowdown is expected to occur, and in some ways, has already begun.  This may affect businesses to varying degrees, as customers spend less, lenders make it more difficult to access credit, and persistent inflation keeps costs elevated.

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Underused Housing Tax: Understanding Your Filing Obligations

The Underused Housing Tax (“UHT”) came into effect on January 1, 2022. If you are not a Canadian citizen or permanent resident and own a vacant or “underused” house in Canada, you may be subject to the UHT. Additionally, if you are a Canadian citizen or permanent resident, but own a residential property in Canada through a corporation, partnership, or trust, you may be subject to the filing requirements under the UHT. This article will discuss the UHT, the tax implications, exemptions available, and the filing obligations.

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Whistleblower Channel: Common Features and the Importance to Your Organization

According to the Association of Certified Fraud Examiners (ACFE), 51% of organizations have uncovered more fraud since the beginning of the pandemic, and 71% expect the level of fraud impacting their organizations to increase over the next year.¹ Fraud could significantly impact the bottom-line of any organization if it is not identified in a timely manner. The good news is that organizations can implement a whistleblower channel, which could reduce their risk of fraud.

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Vacant Home Tax: Are You Aware of Your Obligation for 2023?

In an effort to alleviate the pressure on Canada’s affordable housing market, the federal, provincial, and municipal governments have all turned their attention to vacancy in residential real estate properties. This includes the new Vacant Home Tax (the “VHT”) implemented by the City of Toronto which came into effect in 2022 with tax payable in 2023. If your property falls under the VHT, the tax owed in 2023 is calculated as 1% of the current value assessment of the property.

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Does Your Business Have Strong Internal Controls to Avoid Inventory Theft?

Inventory can be a major component of current assets on the balance sheet, but is that number accurate? Inventory opens the gate to employee fraud, making strong internal controls over inventory reporting critical. Other aspects of inventory that should be considered are independent third-party counts, surprise inventory counts, using an inventory management system, and utilizing automation.

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Increasing the Selling Price of Your Business

The sale of a business can be one of the most critical and lucrative events in someone’s life. However, the execution of this process is subject to many moving parts, so proper planning is vital to the overall success of the sale. 

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No Smoking Gun? No Problem.

It is every investigative professional’s dream to uncover a “smoking gun” during an investigation. A “smoking gun” is the one irrefutable piece of evidence, too obvious for the subject of the investigation to deny. However, the vast majority of cases do not reveal a “smoking gun”, making the investigative professional’s job simultaneously more challenging and much more exciting. During an investigation it is vital to hire a knowledgeable forensic accountant who can identify several pieces of evidence and make critical connections between those pieces, building the case despite the absence of a “smoking gun”.

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Has Your Investment or Real-Estate Portfolio Decreased in Value? It May be Time for an Estate “Re-Freeze”

Over the past few months, we have all experienced a significant decline in our investment portfolios and real estate assets. Although these are tough times for all investors, the silver lining is that with proper planning, the lower market value can reduce the eventual tax upon death and maximize the tax deferred to the next generation by carrying out an estate freeze or re-freeze. This article will discuss estate freezes and re-freezes, as well as how they can be used to achieve significant tax savings.

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Do Your Financial Statements Speak to Their Users?

As a financial statement preparer, it is vital to keep in mind that not all financial statement users are accountants and as such, may lack the skillset and knowledge to interpret the statements. Financial statement users may shy away from the volume of pages containing regulatory disclosures. While preparing financial statements, it is important to step into the users’ shoes to create meaningful statements while ensuring compliance with reporting disclosure requirements.

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$140 Million Reasons to Retain Valuations Experts

Our valuation and tax teams were recently approached to assist a client with a potential estate freeze or a sale of the company. The business had been in operation for dozens of years and had grown to over 400 employees with $95 million in annual revenue.

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