Scott Park and Co Inc.

  • Home
  • About Us
  • Services
  • Blog
  • Pricing
  • Reach Us
  • Secure File Transfer
  • Home
  • About Us
  • Services
  • Blog
  • Pricing
  • Reach Us
  • Secure File Transfer

Accounting
​ Blog & news

Tax Benefits of Donating Shares to Charity

10/30/2019

 
Picture
Scott Park, CPA, CA

If you are someone that already donates to charities, good on you. But instead of cash, if you hold shares on which you have capital gains, you should be aware of the tax benefit of donating shares. Philanthropy and tax planning go hand in hand.

Read More

Executors of Estates – What You Need To Know If Beneficiaries Are Not Canadian Residents

8/22/2019

 
Picture
Scott Park, CPA, CA

When there is a Canadian estate and all of the beneficiaries are residents of Canada, the administration and settlement of that estate is generally straightforward. However, when there is a non-resident beneficiary (e.g. someone that lives in the US), this creates additional tax issues for the executor to deal with. 

Read More

Benefits of Hiring an Outsourced Accounting Team

8/16/2018

 
Picture
Scott Park, CPA, CA
 
For most businesses, there comes a point when it’s time to hire a professional to handle the financial function of your business operations. If you are at this point in your business, then congratulations! You have grown your business to the stage where you should be handing off some of those hats you wear as a business owner. Although your initial thought may be to hire a full-time or a part-time bookkeeper, a smarter decision may be to outsource your bookkeeping needs to a team of professional accountants. Here are the top reasons why you should consider outsourcing your accounting and tax needs to a professional accounting firm.

Read More

Employees vs Contractors

7/5/2018

 
Picture
Scott Park, CPA, CA

Why It Matters
There may be a temptation among business owners to label a worker as an independent contractor instead of an employee. Paying a worker as a contractor would provide a business owner with less paperwork and administration ease in the short-term, but it could lead to very costly consequences on unremitted payroll taxes, CRA penalties, Worksafe BC insurance premiums, benefits, and severance later on. The best advice is to get it right at the beginning to avoid future issues.

Read More

Incorporating Your Sole Proprietorship Business – Don’t Overlook the Goodwill Factor

6/7/2018

 
Picture
Scott Park, CPA, CA

Many Canadians typically start their own business as a sole proprietorship. This form of business is quite common because it’s the simplest way to structure a business while minimizing costs. As the business grows, the topic of incorporating the sole proprietorship becomes something to think about. Here’s what you need to know when converting your sole proprietorship business into a corporation, which could save you thousands of dollars in taxes.

Read More

Avoid the Do-it-Yourself Pitfalls of Incorporating a Business

5/18/2018

 
Picture
Scott Park, CPA, CA

​For many new entrepreneurs and start-ups, the decision to incorporate a business is an exciting yet potentially daunting step to take. The goal of every business owner is to hopefully make a profit, but let’s face it, the start-up capital or money needed to fund the operations of the business when things get started may be a little tight.  This typically forces the business owner to do things on their own to get things done even when they are out of their comfort zone or area of expertise. As a business owner, having a strong work ethic and do-it-yourself mentality is certainly a good thing; however, when it comes to something as important as properly incorporating your business it is best to avoid the pitfalls of doing it yourself. The problems can be fixed, of course, but not without time, effort and money.
 
Here are some of the common mistakes to avoid when incorporating.

Read More

Update on Federal Government's Response to Proposed Tax Changes

10/24/2017

 
Picture
Scott Park, CPA, CA

Decrease to Small Business Tax Rate
Last week, federal finance minister Bill Morneau announced that the federal small business tax rate will decrease from 10.5% to 10% effective January 1, 2018 with a further decrease to 9% effective January 1, 2019. This came as a complete surprise to many considering the announcements he made regarding the proposed tax changes for private corporations back in July to close so called “loop holes” in the Canadian tax system.

Read More

Tax Filing Requirements for NPO’s and Charities

9/20/2017

 
Picture
Scott Park, CPA, CA

The main difference between charities and NPO's lies in their purpose.
A charity must be operated exclusively for one of four distinct charitable purposes:
  1. Relief of poverty
  2. Advancement of education
  3. Advancement of religion
  4. Other purpose that benefits the community as interpreted by the courts

Read More

Understanding Business Valuations

9/30/2016

 
Picture
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.

Read More

Entrepreneurs May Ask Themselves - Proprietorship or Corporation?

7/22/2016

 
Picture
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?


Read More
<<Previous

    C A T E G O R I E S

    All
    ACCOUNTING
    BOOKKEEPING
    BUSINESS
    CONSULTING
    NPO & CHARITIES
    STARTUPS
    TAXATION
    VALUATIONS


    P O P U L A R   P O S T S

    December 2021
    December 2020
    October 2019
    August 2019
    June 2019
    November 2018
    August 2018
    July 2018
    June 2018
    May 2018
    December 2017
    October 2017
    September 2017
    July 2017
    September 2016
    July 2016
    March 2016

    RSS Feed


    Subscribe to our mailing list

    * indicates required
HOME   ABOUT  SERVICES  BLOG  PRICING  REACH US  SECURE FILE TRANSFER
​©Copyright All Rights Reserved l Scott Park & Co Inc.