Is Your Company “Audit Ready”?
Audit ready or audit readiness is just as the name implies: ensuring that your organization is prepared for an audit. Achieving audit readiness not only supports the external auditor’s objectives, but it also benefits the organization internally through the tracking of financial results against operations, and externally, through the reporting to lenders and investors. The following steps will ensure your team is audit ready all year round!
Corporate Social Responsibility: An Organization’s Corporate Value
One may think that the main objective of a business is unequivocally about the “bottom line” (i.e., profits). However, this is often a mistake that may cause a business a lot of trouble and ultimately, negatively impact profitability. While we can all agree that the bottom line is extremely important to an organization’s success, several other aspects are intertwined with the overall value of the entity. This value extends far beyond mere economic factors to include social and environmental factors mending together as “the company”.
New Luxury Tax Coming into Effect on September 1, 2022
Budget 2021 had announced the introduction of Luxury Tax on the sale or import of certain vehicles, boats, and aircraft. With the Luxury Tax set to take effect as of September 1, 2022, now is the time to buy the luxury goods subject to the tax, before the tax comes into effect. This article will discuss how the Luxury Tax works, as well as the implications to the vendors that may be required to register.
Tax Update: Canada Emergency Rent Subsidy (“CERS”) – Open for Application
The federal government’s Canada Emergency Rent Subsidy (“CERS”) opened for application on November 23, 2020. The CERS program replaces the Canada Emergency Commercial Rent Assistance program (CECRA) and is designed to subsidize businesses, charities and non-profits that have suffered a revenue drop due to COVID-19.
Ontario 2020 Budget – Tax Measures
On November 5, 2020, Ontario Minister of Finance Rod Phillips announced the province’s 2020 Budget. Highlights of the tax measures in the 2020 Budget are discussed below: