RLB Blog

Planning 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.

Business 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.

Right 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.

Want 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.

A typical organization experiences five percent loss from revenue each year due to fraud.

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totalling Input Tax Credits (ITCs) on all expenses and subtracting them from HST collected on sales, the Quick Method allows HST payable to be calculated based on a percentage of sales.