Cybersecurity and privacy considerations for Professionals
Professional organizations, including medical, dental and other health care practices, continually depend on technology and digital advancements to collect, store and organize information about their patients. Increasing use of electronic data and electronic medical records creates a heighte…Continue reading the post titled Cybersecurity and privacy considerations for Professionals
Section 85: Rollover and Income tax planning
A Section 85 Tax Rollover (“rollover”) is term used to describe a special tax technique that allows a taxpayer to defer all or part of the income which would otherwise be taxed upon transfer. In other words, it allows a taxpayer to defer paying taxes on assets transferred. This is especially…Continue reading the post titled Section 85: Rollover and Income tax planning
Realtors, treat yourselves fairly
Note: An update to this post can be found here which discusses Bill 145 receiving Royal Assent, and the need for the provincial government to implement supporting regulations. Bill 145, Trust in Real Estate Services Act, 2019, represents a potential opportunity for realtors in Ontario to eng…Continue reading the post titled Realtors, treat yourselves fairly
Data Breach Awareness
Everyday hundreds of businesses across Canada have data incidents. From lost bins to hacked computers, businesses need to be aware of their privacy obligations they owe to their customers and clients. Indeed, businesses are now asking themselves not what if I have a data breach, but when wil…Continue reading the post titled Data Breach Awareness
Should I practice through a professional corporation?
Several years ago, most professions governed by colleges or institutes were granted the ability to incorporate. Since that time, thousands of professionals across Canada have incorporated their practices. For newer graduates, whether, and when, to incorporate will be an important decision. T…Continue reading the post titled Should I practice through a professional corporation?
Understanding the differences between GDPR, CCPA, and PIPEDA – a guide for Canadian businesses
Gone are days of unregulated and untethered data gathering. With the rolling out of the California Consumer Privacy Act, Canadian businesses are now finding themselves navigating a sea awash with a patchwork of extraterritorial legislation. The laws are sometimes inconsistent, often vague, a…Continue reading the post titled Understanding the differences between GDPR, CCPA, and PIPEDA – a guide for Canadian businesses
Establishing a medicine professional corporation: Who is permitted to own shares?
The Regulated Health Professions Act allows medical professionals to establish a corporation for the purpose of practicing medicine. Creating a Medicine Professional Corporation (MPC) may be financially beneficial for physicians since the tax rate of the corporation is much lower compared to…Continue reading the post titled Establishing a medicine professional corporation: Who is permitted to own shares?
Expanded tax on split income (TOSI) rules for professionals
Many professionals choose to incorporate a professional corporation to take advantage of the various tax benefits of doing so. Professionals, such as physicians and dentists, who are permitted to include family members as shareholders, have historically been able to benefit from income s…Continue reading the post titled Expanded tax on split income (TOSI) rules for professionals
Advantages and disadvantages of franchising your business
If you’re reading this article, you’re probably considering franchising as a method of expansion for your business. You might be considering franchising as a result of your own research into expansion options for your business, or (as is often the case) you might be considering franchising b…Continue reading the post titled Advantages and disadvantages of franchising your business
6 key elements of a business succession plan
Recently, the Canadian Federation of Independent Business (“CFIB”) suggested that “some 72% of business owners intend to exit their businesses within the next decade, with over 1.5 trillion dollars’ worth of business assets to be transferred to a new generation of business owners”. This s…Continue reading the post titled 6 key elements of a business succession plan