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  • Clients who owe U.S. tax could lose passports | Small Biz Advisor
    be more vigilant about filing U S taxes and having a U S Social Security number starting Jan 1 or they ll risk losing their passports says Kevin Kirkpatrick of Moodys Gartner Tax Law Congress passed IRC 7345 this December a bill that gives the IRS the ability to share information on delinquent tax accounts with the State Department The department can then deny or revoke passports of American citizens

    Original URL path: http://www.smallbizadvisor.ca/your-business/clients-who-owe-u-s-tax-could-lose-passports-4090 (2016-04-26)
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  • Tax brackets have changed…but there’s more | Small Biz Advisor
    income greater than 200 000 a four percentage point increase over the previous 29 But the motion also introduced several unexpected changes for small business owners The context The government strives to ensure that a taxpayer pays the same amount of income tax regardless of whether the income is earned directly by the individual i e investment income or indirectly through a corporation i e corporation earning investment income and paying dividends to a shareholder So when tax rates change the Canadian government evaluates the impact and addresses potential gaps As such the new 33 top personal rate means the government must change provisions that affect Canadian controlled private corporations CCPCs A CCPC s additional refundable tax will increase from 6 67 to 10 67 The Department of Finance has indicated the increase is intended to reduce personal income tax deferral possibilities that individuals earning income directly might otherwise obtain by earning such income through a CCPC Part IV tax levied on dividends received by a private corporation is increasing from 33 33 to 38 33 Similarly the refund of refundable taxes will increase from 33 33 to 38 33 For a discussion of how these tax elements interact read

    Original URL path: http://www.smallbizadvisor.ca/your-business/tax-brackets-have-changedbut-theres-more-4084 (2016-04-26)
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  • When clients don’t want information they need | Small Biz Advisor
    says Sophia Nizamuddin a Group Health Specialist with Svab Insurance Inc Most wear a lot of different hats They re busy and they don t see the value in tackling a new subject or they see the value but other issues are more pressing Kevin Bandelow assistant vice president Estate Financial Planning Services Sun Life Financial points out that owners who are successful at their businesses may simply not have had the time to acquire knowledge on taxation or financial planning Their expertise is elsewhere he points out And while experienced owners may reject opportunities to learn new entrepreneurs may simply be unaware of what advisors can do for them To make sure clients get the information they need Nizamuddin says it s important to persist despite their indifference Find other ways she says For example we can put the information in emails or letters or offer to educate employees so the owner doesn t have to What you can do When all else fails and clients are simply not receptive to learning what you think they need to know the best solution may be to suggest they network as much as possible so they can take advantage of information provided informally by their peers says Nizamuddin Business owners may be more receptive to recommendations when they already have a good relationship with you especially if they are now exploring a new angle and initiating the conversation themselves That said the strength of your recommendations can still depend on the quality of the information provided by the owner says Bandelow which means your ability to provide clients with solid advice still depends on their willingness to express their needs and dig up the information that will help you find solutions When clients aren t amenable to information you think they

    Original URL path: http://www.smallbizadvisor.ca/your-business/when-clients-dont-want-information-they-need-4082 (2016-04-26)
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  • What to do when you’ve been hacked | Small Biz Advisor
    hope you can do that s not good A promise you don t deliver on is worse than not making one at all Jane Shapiro SVP national practice leader Hill Knowlton Strategies Toronto Dust off your crisis plan For small businesses we recommend reviewing the crisis plan annually There are three key components to any well thought out plan Number one you need excellent scenario forecasting You need to be able to look ahead and identify where risks are coming from and the probability of those risks materializing After you ve done that you need to plan for what you do in that event and establish a chain of command The last component is how you communicate the situation to the affected group You re trying to put some context around what s going on which is a lot different than minimizing it Generally people reject that Ultimately the aim is to allow customers and stakeholders the opportunity to contextualize the information on their own terms and come to their own conclusions John Larsen executive vice president national practice lead crisis reputation risk Edelman Calgary Alert the authorities When a data breach happens the first thing you should do is notify the privacy commissioner in your province since the federal Digital Privacy Act requires you to do so There s also a provision that allows you to work with the privacy commissioner on how to deal with the actual event If you re part of a large organization you re going to have to get legal representation to deal with potential lawsuits Law firms specializing in privacy would have all the tools and processes in place They ll find out exactly how the breach happened and who s affected by it Victor Beitner CISSP President Cyber Security Canada Toronto Craft

    Original URL path: http://www.smallbizadvisor.ca/your-business/what-to-do-when-youve-been-hacked-4077 (2016-04-26)
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  • The 4 common mistakes small businesses make on social media | Small Biz Advisor
    popular with women Instagram with teenagers and LinkedIn with the educated and affluent So don t tweet just for the sake of being social Be strategic about what platform you re spending your valuable time on in order to maximize your brand exposure to the right audience Before starting any social media activity conduct a social media audit to find out where your audience is and how to best engage with them Building a personal brand not a business brand A common mistake is to combine personal and professional details in a single profile a Twitter presence consisting of the company s name as the handle but the owners picture and name for example But even entrepreneurs with separate accounts can accidently cross the line Small business owners are passionate about their businesses More often than not they start them because the product or service is something that they designed or feel extremely close to Consequently it can become part of their identity and their personal voices can start leaking into the company s Twitter Facebook and LinkedIn accounts It s essential that your social feeds have personality but it s even more important that they stay on message and don t become a forum to air personal grievances and opinions A planned editorial calendar is a great way to make sure you re being consistent with your voice Not keeping the lights on As an entrepreneur you re beyond busy especially if you re just getting your business off the ground Often it is easiest to let the non critical aspects of your business like populating Twitter or Instagram account with fresh relevant content fall by the wayside while you focus your energies on hiring attracting new customers and managing supply chain logistics But you should consider social media

    Original URL path: http://www.smallbizadvisor.ca/your-business/the-4-common-mistakes-small-businesses-make-on-social-media-4076 (2016-04-26)
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  • Your Business | Small Biz Advisor - Part 9
    Boutet Advisor ca October 22 2015 Marital breakdown can destroy a business but it needn t be this way writes Nathalie Boutet Biz owners mull impact of Liberal victory BY Canadian Press October 20 2015 Ready or not for another Canadian prime minister named Trudeau the business community seems unphased 10 ways to protect business owners from creditors BY John Natale Advisor ca October 20 2015 Most business owners officers and directors don t realize their personal assets are at risk writes Stay current to stay relevant BY Patti Ryan October 15 2015 With the advent of robo advisors new technologies and clients increasing tendency to find information online Where small businesses are finding growth financing today BY Alexandra Posadzki The Canadian Press October 15 2015 Roughly a year ago Kyle Dutka and Tom Collver found themselves looking for a loan Why biz owners should invest in TFSAs Golombek BY Advisor ca Staff October 13 2015 Business owners who invest in a TFSA rather than leaving surplus funds in their corporation Legal issues small firms should tackle BY Kanupriya Vashisht October 8 2015 Issues facing small business such as securing a steady flow of money as well as Tax benefits

    Original URL path: http://www.smallbizadvisor.ca/your-business/page/9 (2016-04-26)
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  • Canadian businesses optimistic, but skeptical on recovery | Small Biz Advisor
    slightly optimistic about Canada s economic outlook over the next 12 months with 35 believing that the economy will turn around in the second half of 2010 and 22 believing that recovery will take place in 2011 Privately held businesses across the world are starting to see the results of aggressive government stimulus spending and low target interest rates and that s creating a sense of optimism says Bill Brushett national leader for privately held business in Canada Canada has weathered the recession better than most due to its manageable government deficit and strong banking system and that s put us in a better position for an early recovery Fifty one percent of Canadian executives surveyed expect to see an increase in revenue in the coming year while 49 expect to see an increase in profitability and 41 plan to invest more money in plants and machinery The accessibility of financing was another area that reflected a sense of optimism with 37 of those surveyed expecting it to remain at the same level of accessibility over the next 12 months and 34 expecting it to become more accessible When it comes to areas that executives believe will likely remain the

    Original URL path: http://www.smallbizadvisor.ca/news/canadian-businesses-optimistic-but-skeptical-on-recovery-78 (2016-04-26)
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  • Instead of pink slips… | Small Biz Advisor
    freezes as their first tools of choice but aggressive management techniques can supplement or even replace such disruptive moves according to research from Greenwich Associates Greenwich s Market Pulse of U S companies aims to determine the average amount of money saved during the past 12 months by small businesses and mid size companies that implemented staffing reductions salary freezes eliminations of bonuses curbs on travel and other cost saving

    Original URL path: http://www.smallbizadvisor.ca/news/instead-of-pink-slips%e2%80%a6-76 (2016-04-26)
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