RLB Blog

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.

Small business drives the Canadian economy. December 2012 Industry Canada statistics indicate there were 1.1 Million businesses in Canada. Seventy five percent of these businesses (830,000) had less than 10 employees. Eighty seven percent had less than 20 employees. Based on our experiences building our own businesses and observing and helping clients build theirs, we have outlined 5 keys to small business success.