 Scott Park, CPA, CA
Many people may consider not-for-profit organizations (NPO’s) and registered charities to be the same. However, while both types of organizations may operate on a non-profit basis, the two types are defined differently under the Income Tax Act.  Scott Park, CPA, CA In the 2017 Budget, the Canadian government signaled its intention to target specific tax planning strategies involving the use of private corporations to close tax loopholes and end tax planning strategies that give unintended advantages to some high-income earners at the expense of other Canadians.
 Scott Park, CPA, CA What is Business Valuation? A business valuation is the process of determining what the economic value of a business or company is worth. There is generally no one single way to establish what a business is worth. That’s because business value can mean different things to different people.
 Scott Park CPA, CA A common question I am often asked by entrepreneurs and those looking to create a new start-up business is whether they should start a proprietorship or incorporate?
And secondly, for those that have already started their business as a proprietorship the next question becomes when should they consider incorporation?  Scott Park, CPA, CA I recently attended a liaison meeting between the Canada Revenue Agency and the Chartered Professional Accountants of British Columbia. One matter of particular importance that was discussed was CRA’s letter campaign for 2016. In 2010, CRA began a letter campaign to inform selected taxpayers about their tax obligations and to encourage them to correct any possible inaccuracies in their past returns that they filed. The CRA felt this was an appropriate approach to educate individuals in selected “activity groups” or industries where taxpayers are at a higher risk of misunderstanding their tax obligations. 2016 marks the seventh year of this campaign initiative and they will be sending approximately 30,000 letters to selected taxpayers in early 2016.
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