Client Library


When it comes to information about taxation and your business, it's hard to keep up! We have created our library of topics to help you easily access information on dealing with your business. When it comes to growth or selling your business, or dealing with the CRA, look here first and let us help you make the best decision. 

Click on the title of any article below to fully explore the topic. If you have questions, please contact us. We are here to help.

Silent Partner Agreement: Everything You Need to Know

A silent partner agreement lets a silent partner share the profits or losses of a business without handling the day-to-day tasks of running it.

  1. Advantages of Bringing a Silent Partner Onboard
    2. Avoiding Misunderstandings
    3. Some Common Terms for Silent Partnerships
    4. The Silent Partner's Contribution
    5. If More Money Is Needed
    6. Allocation of Profits and Losses
    7. Liabilities

Disability Tax Credit

T2201 Form Information

Designed to offset the extra living costs related to having a disability, the Disability Tax Credit (DTC) is a non-refundable credit used to reduce your taxes owed.

Click to Read More about the Disability Tax Credit


Acquiring a franchise is a major commitment in terms of your financial resources, time and emotional energy. Choosing correctly can bring you financial reward in the future.

Since you may be investing a substantial part of your life’s savings, and even mortgaging your home, you need to be absolutely sure that this is the right step for you. Franchisees have a higher success rate than a stand alone business because of the support of the parent company. However, if you pick the wrong company, you could be tied to agreements and commitments that you may later regret.

Partnership Business Liability: Everything You Need to Know

Partnership business liability is one of the main considerations for entrepreneurs who wish to start a partnership.

  1. Liability in a General Partnership
  2. 2. Liability in a Limited Partnership
  3. 3. Differences Between Partnership Liability and Personal Liability

Related Business

A related business includes any business, where another individual related to the recipient of income does any of the following:

  • personally carries on the business
    • this means income from a sole proprietorship to a related person can be subject to TOSI
  • is actively engaged in the business carried on by a partnership, corporation or trust

Buying a Business

“Caveat Emptor” - Let the buyer beware.

The above phrase is often heard when buying second hand goods. It applies equally to buying an existing business.

It’s an exciting time and it means that you, as the buyer, have to make sure that you understand what it is you are going to get for your money.
This is where we can help, with our “Due Diligence” services.
We will examine the last few years’ financial statements of the business you intend to purchase and provide you with a realistic estimate of the valuation.

How to Become a Silent Partner in a Business

If you want to be a silent partner in a business, you only need to invest money in the business, while staying uninvolved in management activities.3 min read

How to become a silent partner in a business? If you want to be a silent partner in a business, you only need to invest money in the business, while staying uninvolved in management activities. Typically, your name will be in the partnership agreement, but you will have no say in the business's operation.

Successful Borrowing

At one time or another, most businesses need to approach lenders for financing. And all lenders have certain expectations. The closer you meet those expectations, the better your chances for success.

Before you approach a commercial bank, government agency or credit union, be prepared to persuade the lending officer that you represent a reasonable risk. Have the following information available:

Business Plan

A business plan should include:

Business Insurance: What To Do Before You Renew Your Insurance Policy

Conditions in the insurance market present Chartered Accountants a great opportunity to enhance their business insurance coverage as well as to educate their small business clients on key policy renewal strategies.

Here are several tips on enhancements to look for and other factors to consider when renewing coverage:

General Partner vs. Limited Partner: Everything You Need to Know

The difference between a general partner vs. limited partner is that a general partner is the partnership owner, and a limited partner is a silent partner.

The difference between a general partner vs. limited partner is a general partner is an owner of the partnership, and a limited partner is a silent partner in the business. A general partner is an owner of a partnership. Usually, a general partner is either a managing partner or active in the daily operations of the company.

Tax Returns for Deceased Taxpayers

The preparation of the final income tax return(s) for a deceased taxpayer and related trust tax returns for an estate are very specialized services that we have prepared for over 20 years for our clients.

There are numerous income tax elections that must be filed as well as tax planning opportunities that arise in the final year of the tax return and only a very experienced Income Tax Professional can achieve the significant income tax savings that are available.

Are Your Internal Controls Good Enough?

Given the current state of the economy, you must have guessed that fraud is on the up tick. With employee layoffs on the rise, your company is more vulnerable to internal payment fraud because employees know where the weaknesses are in your organization’s processes.

And, whether the staff is disgruntled because of a job termination or just pressed for money, all companies are at an increased risk.

Internal controls have always played a strong role in preventing fraud but it is only recently that they have begun to get the attention and respect they deserve.

Disadvantages of Partnership: Everything You Need to Know

The disadvantages of partnership include the fact that each owner or member is exposed to unlimited liability for their activities within the business.

Disadvantages of Partnership

The disadvantages of partnership include the fact that each owner or member is exposed to unlimited liability for their activities within the business, transferability can be difficult to achieve, and a partnership is unstable as it can automatically dissolve when just one partner no longer wants to participate in the business or can no longer do so.

Owner-Manager Remuneration

Dividend, Bonuses, Salaries, Shareholder Loan Repayments, Tax Free Capital Dividend Account Dividends or Other Compensation Methods?

These are just some of the options to consider to put income into the hands of the owners of the business with the least amount of tax becoming due – but each situation is different and there’s no ‘one size fits all’ solution.

As the owner-manager-shareholder, it’s important that you review your business and personal taxes together so that you can minimize them and find the optimum mix between the two.

7 Tips to Improve Your Cash Flow

Cash is King! That is what everyone tells us and it is true! You cannot function successfully in any business without proper cash flow. So if this cash principle is so well known, then why is it that so many businesses struggle?

Sometimes the obvious is not always so obvious when you are entrenched in running the day-to-day aspects of your business. Here are seven tips to improve your cash flow!

1. Cash and Carry

Business Partner vs. Investor: Everything You Need to Know

Business partner vs. investor — what's the difference? In most cases, investors and partners play two very different and distinct roles within an organization.

  1. How Is a Silent Partner Different From an Investor?
    2. Three Ways to Bring on a Silent Partner
    3. Investor Pros and Cons
    4. Partner Pros and Cons

Sold! Getting the Best After-Tax Price for Your Business

If you have ever sold a house, you know how involved the transaction can be before either party signs on the dotted line. As the vendor, your ultimate goal is attracting the highest price – while minimizing your tax bill.

Now imagine instead of your home you are selling your business. Suddenly you are facing a number of complicated issues that you may never have expected.

Business Smarts – 8 Time-Tested Strategies

Whether your company is dealing with a loss of market share or explosive growth, it’s always important to be ready with sound strategies to ride the waves. We spoke to various business entrepreneurs and consultants who share their tips with us on various innovative strategies.

  1. Review your strategic plan on a systematic basis. Short-term planning is important in a changing business environment but long-term planning will carry you through any business cycle.

Strategies for Sales Growth

Every company that wants to increase sales has two ways to go about it: Find new customers or sell more to existing customers.

Of course, finding new customers is important but it can be very expensive, time consuming and difficult. So focus on your established customers to get the most out of their purchasing power.

Chances are, you already have the elements to accomplish this, such as a sales force, customer database, delivery system and customer service department. Make sure you’re using these elements wisely. To get the most profit from established customers, here are some suggestions to consider:

10 Tips for Choosing a Financial Planner

You may be considering help from a financial planner for a number of reasons, whether it is deciding to buy a new home, planning for retirement or your children’s education, or simply not having the time or expertise to get your finances in order.

Whatever your needs, working with a financial planner can be a helpful step, in securing your financial future.

You should interview and evaluate several financial planners to find the one that is right for you. You will want to select a competent, qualified professional with whom you feel comfortable, one whose business style suits your financial planning needs. Here are 10 questions to ask when choosing a financial planner:

Taking Care of Business – Mistakes To Avoid In Running Your Business

Most business decisions have tax consequences. One of the biggest mistakes a business owner can make is to not consider the tax impact of a decision before it is made.

The financial impact of “not thinking” can be devastating for you and your business, and can get you in trouble with Canada Revenue Agency, or CRA. Six common and potentially costly mistakes include:

10 Steps to a Successful Business Plan

Business entrepreneurs are one of the most powerful forces in Canada’s economy. When it comes to stimulating economic growth and building a brighter future, they lead the way.

They have great ideas and take the risks to innovate, create jobs, generate wealth and invest in communities across the country.

To be a successful business entrepreneur, you need to ensure you’re planning for your future.

Grow Your Business

Most business owners focus on just one way to grow their businesses – winning more customers or clients. You’ve heard it and probably thought it yourself – “quick, business is slow we’ve got to get more leads,” “if I could just win 10 new customers we’d have it covered!”, or “I have to do more advertising.”

But that is only part of the picture.

To leverage your investment in marketing, generate the best results, and ensure the profitability and longevity of your business you must consider the “4 ways to grow your business” thoroughly.