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  • How to manage tax disputes with CRA | Small Biz Advisor
    documents you need to assume the auditor is not happy with what they ve received and they re going to up the ante says Muha Again the key is to be prepared If a client has already been assessed and isn t happy with the outcome you can help her file a notice of objection The deadline to file is 90 days Muha says draft the notice of objection keeping CRA s perspective in mind Start from the beginning and clarify the facts If you re helping a client with an assessment you file a notice of objection and during that time there s another assessment it invalidates all of the work you ve done he warns Remind clients they need to send you everything for that year and keep you updated And the process can be a long one since there s a backlog in CRA appeals It can take anywhere from three months to 14 years to be assigned to an appeals officer There have been instances where it s been three or four years before we hear anything If discussion with appeals don t produce a resolution the next step is Tax Court Again clients have 90 days to launch an appeal Muha notes taxpayers can bypass the appeals process if CRA does not respond to a notice of objection within 90 days So on day 91 the client can go straight to court And in general you get a better result from Tax Court than with appeals Why There are timelines built into the rules of Tax Court so the client has a better chance of the dispute being handled quicker Further Muha notes there are greater opportunities for settlement Number of voluntary disclosures increase CRA recently stated in its annual report that there has been

    Original URL path: http://www.smallbizadvisor.ca/your-business/how-to-manage-tax-disputes-with-cra-4163 (2016-04-26)
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  • What federal tax changes will mean for business owners | Small Biz Advisor
    top combined rate for Ontario of 53 53 The decrease for the second lowest tax bracket is designed to benefit those making between 45 283 and 90 000 the so called middle class while an individual or family making less than 45 283 won t receive any benefit at all The decision to repeal income splitting also means the new changes will have an exaggerated effect on families with disparate income A two income family with one spouse earning 100 000 and the other earning 45 000 for example will receive a possible maximum annual benefit of just 671 under the new tax regime resulting from the 1 5 tax rate reduction from 22 to 20 5 Under the previous government there was a different family tax cut benefit of up to 2 000 for married couples or common law partners but that was repealed under the Liberals Inter vivos trusts will now be subject to the top personal tax rate of 33 for income in excess of 200 000 The refundable corporate tax on investment income in a Canadian Controlled Private Corporation CCPC increases to 10 67 from 6 67 while the dividend corporate refund and the Part IV tax rate which is the tax on the taxable dividends received by a private or subject corporation has been increased to 38 33 from 33 5 The move is designed to lessen personal income tax deferral possibilities from CCPC investment income Annual Tax free Savings Account contribution limits have been rolled back to 5 500 but will once again be indexed to inflation after being raised to 10 000 without indexing by the previous Conservative government The 10 000 TFSA limit for 2015 will remain intact Total available TFSA contribution room to date is 41 000 Federal tax credits on charitable donations jump to 33 on gifts of more than 200 from 29 for individuals earning in excess of 200 000 in general The increase in tax rates for individuals earning more than 200 000 per year may seem problematic for wealthier business owners but it s important to understand that entrepreneurs who engage in smart tax planning have a number of tools available to help mitigate the risk of these changes and maximize their after tax wealth Depending on your financial circumstances for example accelerating some income bonuses or even the disposal of capital or income properties into 2015 may allow you to lessen tax obligations in the coming tax year The same strategy could be used for the income earned on inter vivos trusts Another option is to leave income in your corporation and take advantage of the long term deferral benefits or even push RRSP deduction claims into 2016 and subsequent tax years to help offset the new tax increase A slightly more complex approach is to provide a prescribed rate loan to a lower income spouse or family member which can help shift income into the lower income earner s hands and potentially reduce your near

    Original URL path: http://www.smallbizadvisor.ca/your-business/what-federal-tax-changes-will-mean-for-business-owners-4159 (2016-04-26)
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  • Companies should boost digital sales, services: report | Small Biz Advisor
    respondents agreed that their CEOs set a clear vision for digital initiatives In particular says the report businesses in the healthcare and retail sectors will be most affected by disruptions caused by new technology The vast majority of respondents 94 anticipate massive disruption over the next twelve months for healthcare as a result of data management changes for example Meanwhile 91 predict the retail industry will see significant change as a result of e commerce growth throughout 2016 By 2020 says the report digital experiences are expected to drive 58 of overall sales with 12 of retailers becoming completely digital by that point Digital innovation for advisors For advisors automation is one way to make your job easier It boosts output and lets you focus on building your business and incorporating value added services But you need to careful since the introduction of new tools and technologies shouldn t reduce how much you see clients Jason Pereira financial consultant with Bennett March IPC Investment Corporation spoke with Advisor s Edge in 2013 about the best ways to integrate automation into your practice While he automates as much as possible he makes sure any tools he adds don t create more work for him or his staff To figure out where best to use automation Pereira asks his administrative staff which tasks are straightforward but time consuming and either outsources or automates them He also finds ways to boost client service For example he has fact sheets and articles ready to address recurring client questions and concerns He gives these to clients during initial meetings and always saves spreadsheets or materials on specific topics in case another client requests the same information One way to find and keep such articles on file is to use online aggregation platforms to collect related

    Original URL path: http://www.smallbizadvisor.ca/your-business/companies-should-boost-digital-sales-services-report-4157 (2016-04-26)
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  • How to create a more focused workplace | Small Biz Advisor
    I realized was they weren t focusing on their work she explains Her sales staff were constantly being interrupted by themselves and others They simply couldn t get their tasks done It was to the point that I was going to be sending staff home while at the same time I had orders and was missing deadlines for customers Here s what Leskew says you can do to help your employees and yourself concentrate It starts at the top Bosses are particularly susceptible to interruption thanks to a common management best practice the open door policy I totally agree that we need to have great communication in our organizations and people have to feel like they can brings things forward Leskew allows But she says the rise of the open door manager actually helped the interruption problem in the first place People could have access to you at any time she notes It didn t matter what you were working on someone had permission to come in and get your attention But leaders can t recognize a concentration deficit among their workforce if they suffer from one themselves says Leskew The reason that I was able to solve that problem and my business partner wasn t is because he was used to being interrupted all day long and I wasn t she explains Watch yourself Between emails phone calls and co workers with questions there are plenty of distractions embedded in any day at the office But you don t need something else to break your concentration you re quite capable of doing that for yourself About three quarters of the interruptions that people have in the workplace are because they interrupt themselves says Leskew People are so used to being interrupted that they re constantly checking their environment for fresh distractions she explains We literally can t sit and do what s in front of us because we re waiting to get interrupted again Or we seek out distraction For example someone working on a sales proposal might realize they need to refer to an email then spend half an hour answering messages instead of completing his or her original task Start the clock Unless you ve got someone monitoring you the way Leskew did her sales team it s hard to know when you re interrupting yourself You don t actually know when you ve gone off track and you ve lost concentration she points out Leskew recommends using a timer to track the ebb and flow of your focus Start with 10 minutes Turn the timer on and go about doing whatever you re doing she says When the timer goes off ask yourself Am I doing what I started out to do A lot of the time the answer will be no but at least that way you re aware of your lapses in concentration Most people should be able to work on something for 45 60 minutes without losing focus Leskew contends But it s

    Original URL path: http://www.smallbizadvisor.ca/your-business/how-to-create-a-more-focused-workplace-4149 (2016-04-26)
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  • How to cope with increasingly sophisticated cyber attacks | Small Biz Advisor
    attacks continues to increase Because of this Canadian organizations in both public and private sectors are collaborating to respond to this threat more effectively and in a timely fashion With the recent increase in adoption of threat intelligence services we are seeing businesses start to take a very different and more proactive approach to information security says Abhay Raman EY s Canadian Cyber Security Leader The future will see more persistent multi vector targeted attacks on operational technology environments versus mass attacks As organizations strive to understand cybersecurity these are six trends to watch in 2016 1 Cyber threats from the interconnected world Approaches to cybersecurity will need to encompass the Internet 2 Growth in digital identities Organizations must rethink how they recognize and treat identities by establishing robust data ownership and date protection policies 3 Hyper regulation leading to a more complicated landscape Organizations risk becoming so focused on complying with different requirements they won t be able to develop an overall strategic and balanced approach to cybersecurity 4 Criminal marketplace will become increasingly professional Organizations should conduct a tailored threat assessment aligned to protect their most valuable data and establish mitigation measures around vulnerabilities for access to it

    Original URL path: http://www.smallbizadvisor.ca/your-business/many-organizations-say-they-couldnt-detect-a-cyber-attack-4146 (2016-04-26)
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  • What today’s consumers value most | Small Biz Advisor
    but now they re valuing experiences they can have and then share more broadly said Jay Acharya senior director of digital product strategy at Capital One The shift in mindset is large enough that many millennials are now even open to sharing home ownership The survey found 46 of millennials would be open to buying a house with friends to share the cost In its report Capital One stated that the sharing economy whether it s borrowing lending renting or swapping had led to the shift away from ownership This new barter system born from disruptive technology has enabled closer human connections to create a we based culture and has elevated the sharing of resources to a platform that s easier for consumers of all income brackets to budget for and access the report stated Services such as Airbnb for example are helping bridge the gap between lower and higher cost accommodations While Airbnb bookings are still small relative to hotel bookings they ve seen an increase of 181 over the past 18 months and are most popular with those under 30 female and earning 50 000 to 75 000 according to Capital One The sharing economy allows consumers particularly millennials access to services that have typically been outside of their budget said Acharya So it s really bridging that gap between what would historically have been available to them and what s available to them now Services like Airbnb also allow travellers to live like a local The survey found 58 of Canadians want to live like a local when they re traveling so they ll have more unique stories to tell 67 of millennials and 53 of those 55 In the sharing economy the convenience of going cashless influences product service adoption according to the study Canadians are

    Original URL path: http://www.smallbizadvisor.ca/your-business/what-todays-consumers-value-most-4142 (2016-04-26)
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  • Your Business | Small Biz Advisor - Part 2
    to build your business is through referrals they re free for the Why business owners see clouds in the federal budget s sunny ways BY Armando Iannuzzi PROFITGuide com March 29 2016 Owners of small and medium sized businesses across Canada have reason to feel at ease with Life insurance loophole closed for biz owners BY Melissa Shin with files from Jessica Bruno Advisor ca March 24 2016 Budget 2016 wasn t kind to business owners writes Melissa Bruno Advisor ca Not only did the Surprise end to small business tax cuts BY Jessica Bruno with files from Dean DiSpalatro Advisor ca March 24 2016 In an unexpected move future tax cuts for small businesses have been cancelled writes Jessica Digital to boost number of exporters BY Staff March 17 2016 As many as 350 million businesses would begin exporting goods for the first time if Fraud cost small businesses 6 200 last year BY Staff March 17 2016 Fraud is a major threat to the Canadian small business community hitting victimized small businesses How outsourcing investment management will improve your practice BY Christopher Ambridge Advisor ca March 15 2016 Managing wealth has evolved beyond investment management writes Christopher Ambridge

    Original URL path: http://www.smallbizadvisor.ca/your-business/page/2 (2016-04-26)
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  • Your Business | Small Biz Advisor - Part 7
    for small business BY Sissi Wang CanadianBusiness com December 3 2015 Sophisticated software to find leads and boost sales was once reserved for large corporations but Why You Should Dwell on Your Failures BY Rosemary Counter CanadianBusiness com December 3 2015 Moving on as quickly as possible after a mistake wastes an opportunity to learn something SMEs should diversify BDC BY Staff November 30 2015 Small and mid sized enterprises SMEs that are well diversified have a far better chance of Where consumers would like to do their holiday shopping BY Rebecca Harris Marketing Magazine November 26 2015 Bricks and mortar still rules but shoppers want mobile options to supplement the retail experience writes Rebecca How to sell your business for top dollar BY PROFITGuide com Staff November 24 2015 Can you put a price on your life s work When it comes time to sell Tapping into millennials digital addiction BY Staff November 19 2015 Looking across the globe the average millennial aged 16 30 with internet access spends 3 2 hours Why you should hire a civility coach BY Yaldaz Sadakova BenefitsCanada com November 17 2015 When a colleague rushes into the office every morning she never says

    Original URL path: http://www.smallbizadvisor.ca/your-business/page/7 (2016-04-26)
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