This article was originally written for and published in the GVCA Journal (Mar-Apr 2023 - Issue 2).
Continue ReadingThis article was originally written for and published in the GVCA Journal (Jan-Feb 2023 - Issue 1).
Continue ReadingAs part of the 2021 Federal Budget, the Government of Canada announced plans to add an annual tax of 1% on the value of residential real estate owned by any non-resident, non-Canadian that is considered vacant or underused. The rules for UHT were enacted June 9, 2022 for residential properties owned at December 31st each year starting December 31st, 2022.
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Continue ReadingPlanning is always the key to success in any endeavour and succession is no different. The well-planned transition of your business can benefit you financially while also providing you with peace of mind that your business will become your legacy.
Continue ReadingBusiness owners work for years to build up a business that they are proud only to come to the grim realization that they will be walking away from it all upon retirement. But transitioning the business doesn’t have to be a scary thing when you know what options are available. With appropriate planning, the transition of both management and ownership can happen over time, allowing the business to continue to evolve with a contribution from both the old and new owners.
Continue ReadingWhen you started your business, you had a vision, goals and dreams. As your business grew and changed, a strategy and plan evolved. Whether these plans were formal or highly informal, you had some sense of the direction you wanted your business to take. All too often, exiting your business doesn’t get that same attention. It can be easy to put off succession planning for a myriad of reasons; however it is important to create an adaptable plan and get everyone (family, partners, and key employees) on board. This will help to maintain the value of the business, maximize your retirement fund and protect your legacy.
Continue ReadingThe simple answer is YES! Succession is a word that is often used, but what does it really mean? A complex and confusing topic, it lingers as the unspoken part of business planning, too large to tackle, genuinely the elephant in the room.
Continue ReadingAs a business owner, you expect your business not only to support your family but to fund your retirement. Those who get the most out of their business upon retirement, are those who prepare a succession plan that is in line with their business’ strategy. This is always driven by the goals of the business owner and is revisited over time.
Continue ReadingThe construction industry is starting to see an increase in ownership changes as owners decide to retire and pass on their legacy to the next generation, a key employee or a third party. The sale of a business sets up the seller’s retirement plans while the purchaser can move from a skilled construction worker to an owner building his/her own legacy. As such, understanding the benefits and drawbacks of different purchase and sale options is vital.The actual structure of the company being purchased will vary the overall results, therefore obtaining advice from your trusted advisors early in the process will be important.
Continue ReadingThe Ontario Ministry of Labour has announced a recent blitz of ‘proactive inspections’ with a focus on the construction industry. Don’t be alarmed if you receive a letter from the Ministry of Labour - it is simply a routine inspection, however we do expect construction clients to be a larger proportion of these inspections.
Continue ReadingEveryone in construction has heard of the changes that the Workplace Safety & Insurance Board (WSIB) has proposed to make to their rate framework. Although we did see decreases in some construction WSIB rate groups during 2017, there is still much confusion and uncertainty over what the future holds for WSIB premiums.
Continue ReadingWhile some of us are better at sharing than others, the sharing economy seems to be here to stay. The sharing economy is simple: assets or services are shared by private parties or individuals often using the internet. The best known examples of this in action are Uber and Airbnb.
Continue ReadingRight now there is a lot of talk about the changes coming to the Workplace Safety and Insurance Board (WSIB). Many construction businesses are unaware of the WSIB rules that could impact them today.
Continue ReadingAccountants and other professionals often advocate incorporating a holding company (“holdco”). But now what? Establishing a holdco is most commonly used to hold the shares of an operating company (“opco”). Retained earnings of the opco can be transferred to the holdco through a tax-free intercompany dividend, in most cases.
Continue ReadingWant to be your own boss? If you are a budding entrepreneur, already own a small business or are looking to purchase a business, this blog post is for you! Even at the earlier stages of your working life, it is important to think about future succession and plan accordingly. By planning up front, you access strategies of tax savings over the life of your business (not just upon retirement). You also benefit from flexibility built into your corporate structure and business goals in order to grow the business while reacting to changes in your needs or goals or in the business environment.
Continue ReadingJennie’s focus on client relationships allows her to provide sound advice to clients. Get to know…
Continue ReadingWhen you started your business, you had a vision, goals and dreams. As your business grew and changed, a strategy and plan evolved. Whether these plans were formal or highly informal, you had some sense of the direction you wanted your business to take. All too often, exiting your business doesn’t get that same attention. It can be easy to put off succession planning for a myriad of reasons; however it is important to create an adaptable plan and get everyone (family, partners, and key employees) on board. This will help to maintain the value of the business, maximize your retirement fund and protect your legacy.
Continue ReadingShould you have a succession plan? The simple answer is YES! Succession is a word that is often used, but what does it really mean? A complex and confusing topic, it lingers as the unspoken part of business planning, too large to tackle, genuinely the elephant in the room.
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