What is a QuickBooks ProAdvisor?  A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test, and became certified in QuickBooks. There are different types of certifications one can apply for, including QuickBooks Online (QBO).  Someone who holds an Advanced certification in QBO is well-informed in all the ins and outs of this software. What Does a QBO ProAdvisor Do? QBO ProAdvisors help business owners get the most out of this software by: Helping you choose the right version of software for your business. Setting up QB ..read more

The Importance of Cash Flow Analysis in Audits In the realm of business finance, effective cash flow management is paramount for the sustainability and operational efficiency of a company. For family-owned enterprises in Canada, precise cash flow analysis is not merely a managerial tool but a critical component scrutinized during financial statement audits. This blog explores the significance of cash flow analysis in reinforcing financial credibility and aiding decision-making, with expert insights from Shajani LLP to guide Canadian family businesses through these complexities. Understanding C ..read more

Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning and spending its cash. Performing a cash flow analysis is essential in success of any small business. If a cash flow analysis shows a business is running short of cash to meet expenses, the business can plan ways to cut costs, obtain financing or take further steps to accelerate income production. If a cash flow analysis shows that a business has additi ..read more

Navigating Financial Statement Audits with Expertise and Precision In the complex world of business, the accuracy and reliability of financial statements are paramount. For family-owned enterprises in Canada, ensuring these statements withstand scrutiny under financial statement audits is not just about compliance; it’s about establishing a foundation of trust and transparency that supports every business decision. As a family-owned business, you face unique challenges and opportunities. Whether your financial reporting adheres to International Financial Reporting Standards (IFRS), Accounting ..read more

I’ve encountered numerous instances where financial advisors provide oversimplified advice that might sound beneficial in the short term but prove costly in the long run. A common piece of advice is to “keep your RRSP/RIF as long as you can and instead, wind down your corporation if you need the cash flow.” While this may generate more fees for advisors managing these assets, it can lead to significantly higher taxes over the long run and upon passing. In Alberta, for instance, the remaining balance in an RRSP/RIF could be taxed at the marginal rate of 48%, while strategically managed corporat ..read more

Imagine securing your family’s financial future with a tool so powerful, yet often underestimated. Permanent life insurance isn’t just about covering the “what ifs”; it’s about embracing the “what can be.” For family-owned enterprises in Canada, it’s not only a safety net—it’s a strategic asset that can propel your financial legacy well into the future and beyond your lifetime. This financial superhero flies under the radar, quietly building wealth and offering peace of mind during your work year and in retirement. In this blog post, we delve into how permanent life insurance can be a cornerst ..read more

The Canadian Federal Government’s Budget 2024 has introduced sweeping revisions to the capital gains tax regime, signaling a profound shift in the fiscal environment for investors and family-owned businesses throughout the nation. These modifications, set to recalibrate the tax landscape, necessitate a thorough analysis not just of their direct consequences but also of their wider impact on Canada’s economic vitality and competitive standing in the global market. As we explore these pivotal changes, it is essential to grasp how they might influence both short-term financial decisions and long ..read more

For families with family-owned enterprises in Canada, understanding the intricacies of trust management and compliance with taxation laws is crucial. With the recent changes in the T3 Trust Reporting requirements, specifically the inclusion of Schedule 15, it is essential for settlors, trustees, and beneficiaries to stay informed about their roles and responsibilities. This post will delve into the traditional role of settlors, the impact of new reporting requirements, and what these changes mean for settlors, including scenarios where information may be incomplete or unavailable. The Traditio ..read more

The Federal Budget 2024 has just been released, introducing several new measures that will undoubtedly impact the fiscal landscape for family-owned businesses across Canada. As a tax professional deeply rooted in financial principles, I recognize the importance of cautious and informed financial planning. In this complex environment, my role is to distill these changes into actionable advice that ensures the longevity and prosperity of your business. This is preliminary analysis is designed to help you understand and prepare for the legislative adjustments that may affect your business operati ..read more

The CRA has admitted to a glaring mistake involving erroneous late filing penalties on trusts—an error that should never have occurred and one that will impact the trust in communications received from their office. Buried in their release on new reporting requirements for trusts: T3 returns filed for tax years ending after December 30, 2023, their release notes “Some trusts that filed a T3 return after March 30 and before April 3, 2024 with a T3SCH15 (Beneficial Ownership Information of a Trust) have been charged a penalty in error. We are currently reassessing affected ac ..read more