Tim Houston

Considering selling your business? You'll pay more tax as of June 25th In 64 days, capital gains tax increases in Canada, which may significantly impact how much business owners will keep after selling their business. Business owners have many things to consider when selling their business and rushing the process to capture these tax savings may not be the optimal plan. Still, it's worth a conversation with your tax advisor. If you have been thinking about a succession plan and considering a near-term sale of your business, NOW could be a good reason to take action ⏳ I am committed to buying a business in 2024 and have a team that can execute diligently to meet this timeline. I have a long-term view, not looking to buy and flip a company and wishing to retain employees for the next chapter. 🚨 You can find more information at PantheonRow.com🚨 The chart shows the tax savings of several scenarios; Sale Price, Tax Brackets, and Life Time Capital Gains Exemption. 👀 An Albertan selling your $10m business -> it may cost you $756,000

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Avoid pitfalls and improve your chances of approval with these essential tips! 1. Incomplete or Inaccurate Documentation Fix: Take the time to gather all necessary documentation, including pay stubs, tax returns, bank statements, and employment verification. Double-check that all information provided is accurate and up to date. 2. High Debt-to-Income Ratio Fix: Pay down existing debts, such as credit card balances or personal loans, to lower your DTI ratio. Avoid taking on new debt or making large purchases before applying for a mortgage. 3. Changing Employment Status Fix: Avoid making significant changes to your employment status or income until after your mortgage is approved and the loan is closed. If necessary, provide documentation and explanations to lenders to demonstrate your ability to repay the loan. #mortgage #househunting #buyertips #loanapplication #mortgagesbycharlene #mortgageadvice #mortgagetips #homeownership

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**Investor Business Plan Service!** Are you an entrepreneur looking to raise capital for a new business or project? We’re excited to introduce our improved **Investor Business Plan Service**, designed specifically to help you secure funding from angel investors, venture capitalists, or other private investors. At Maple Virtual Solutions, our expert writers create high-quality, professional business plans that focus on what matters most to investors—return on investment, strategic use of funds, and credible projections. Send us a message to get started today and secure the funding you need to grow! #entrepreneur #businessplan #investor #funding #angelinvestor #venturecapital #startup #businessgrowth #MapleVirtualSolutions #financialprojections #businessstrategy #financialanalysis #businessdevelopment #fundraising #investing #businesssuccess #startuplife #businessgoals #investmentopportunity #professionalwriting

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I talked to a business owner the other day who's considering employee ownership now that we have a good model here in Canada with valuable tax incentives. He said he's had more calls from private equity funds the last few weeks, and they're saying: "we know this employee ownership thing is coming, so we're willing to pay more right now so you won't consider it." That...is unexpected. Any business owner looking to sell their company should understand what the new Employee Ownership Trust is, and how it works. If it's already scaring PE, it must be worth looking at! I wrote this article trying to explain it a way that I (as a non-lawyer, non-accountant former business owner) would understand. At SCP we don't provide any services to support or finance EOTs, but I'm happy to chat/communicate with anyone and provide some suggestions on who can help. https://lnkd.in/gntX24nV

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Attention, Canadian Exporters! Banks are still split on their USD-CAD forecast. However, USD has strengthened against CAD at 1.3786. This means forward rates have also gone up. If you project USD surplus, consider securing your profit by getting forward rates. If you're a valued client of Reconcile, watch your inbox for a personalized email containing details relevant to your situation. Don't leave money on the table. Competent and caring financial management goes beyond crunching numbers; it involves personalized financial advice relevant for you. #smallbusiness #smallbusinessbookkeeping

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There is a lot in the budget that will have an impact on business owners looking to sell their business. It is important to start these conversation with your advisors early so you can minimize the tax paid on transition. Great summary by the tax experts at ATB. #businessowners #teamatb #successionplanning #taxplanning #albertabusiness #budget #cpa #cbv

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Business owners managing a Not-for-Profit (NPO) organization in Ontario generally only think of Tax Return, Grants and Audit when they think about Finance. It is far from truth !! Managing a NPO requires a delicate balance between fulfilling your mission and adhering to financial and compliance obligations. A Fractional CFO can be an invaluable asset, offering strategic financial expertise tailored to your organization's unique needs. Here's how: 1. Strategic Financial Planning A Fractional CFO ensures your financial strategy aligns with your mission by: ⏩ Budgeting: Developing comprehensive budgets to allocate resources effectively. ⏩Sustainability Planning: Managing cash flow and reserves to support long-term objectives. 2. Optimizing Revenue Streams Understanding and structuring your revenue streams is crucial. A Fractional CFO assists in: ⏩Maximizing Funding Opportunities: Identifying and pursuing diverse funding sources. ⏩Designing Pricing Strategies: Creating pricing models that align with your organization's goals and comply with legal frameworks. 3. Grants and Compliance Management Grants are vital for many NPOs but come with specific requirements. A Fractional CFO helps: ⏩Grant Applications: Ensuring applications meet funder criteria. ⏩Compliance: Monitoring grant usage to adhere to restrictions and reporting obligations. 4. Taxation for NPOs in Ontario While NPOs are often exempt from income tax, certain conditions apply: Revenue-Generating Activities: Must be directly related to your non-profit objectives to maintain tax-exempt status. Filing Requirements: Mandatory filing of a T1044 Non-Profit Organization Information Return if: Gross revenue exceeds $10,000. Assets exceed $200,000. Non-compliance can jeopardize your tax-exempt status. 5. Accounting & Annual Returns ⏩Accurate financial reporting is essential: ⏩Financial Statements: Preparing audited financial statements as required. ⏩Annual Returns: Filing with the Canada Revenue Agency (CRA). ⏩Compliance with ONCA: Adhering to the Ontario Not-for-Profit Corporations Act (ONCA). 6. Audit Requirements for NPOs in Ontario Under ONCA, audit requirements vary based on the type of corporation and its annual revenue: Public Benefit Corporations: ⏩Revenue of $100,000 or less: May waive both audit and review engagement with an extraordinary resolution (80% member approval). ⏩Revenue between $100,001 and $500,000: Review engagement required; audit can be waived with an extraordinary resolution. ⏩Revenue over $500,000: Audit mandatory. There are different requirements for Non-Public Benefit Corporations: These provisions offer flexibility but require careful consideration to maintain transparency and accountability. Why a Fractional CFO? Not every NPO has the resources for a full-time CFO. A Fractional CFO offers: ✅ Expertise at a fraction of the cost. ✅ A fresh, strategic perspective. ✅ Peace of mind 💡 Ready to elevate your mission? Let’s connect!

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Why Filing and Paying Taxes to CRA on time is Important?     Sometimes Business Owners are struggling financially and might not have the means to pay CRA.   We suggest communicating with CRA and explaining your personal situation and work out a payment plan.   The penalty for filing your return late is five per cent of the 2023 balance owing, plus an additional one per cent for each month the return is overdue.   If you’re unable to pay, you could try requesting a waiver on penalties or interest, especially if the circumstances are beyond the taxpayer’s control.   Taxpayers who are in a cash-flow crunch due to inflation and an economic slowdown, should look for alternative avenues to pay off tax-related debt as early as possible. i.e. using RRSP if you are in low tax bracket or line of credit with not high interest rates.

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Let’s do a deal? You focus on running the operations. We will focus on your financial growth. And together, let’s grow your business 🚀 #torontosmallbusinessaccountants #smallbusinessaccounting #smallbusinessaccountants #tangentconsulting #accountantsintoronto #canadiantaxservices

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Over 75 municipal tax and revenue specialists – members of the Ontario Municipal Tax and Revenue Association – joined my workshop on Preventing Burnout yesterday. I underscored how there is a 𝐬𝐡𝐚𝐫𝐞𝐝 𝐫𝐞𝐬𝐩𝐨𝐧𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 for preventing burnout between individuals, leaders, and the organization. We talked about the importance of self-awareness to keep an eye out for the signs and symptoms you might be heading towards a burnout. As always, at the end of the workshop I asked them to think about an action item that they would take over the next few days, that would help improve their wellbeing. 😲 Shockingly, a majority of the answers were "take my lunch break"! Eeek. PLEASE please take your lunch break or at least a few breaks during the day. As I said to the group, you are definitely not as productive as you think you are later in the day if you aren't taking a break. Taking a break re-energizes you and gives you the mental break you need to tackle your work more effectively. >> This is your reminder to take your breaks!! 💛 Ideally you step away from your computer and move your body a bit. Thanks to the OMTRA team for inviting me to present to your members. Note: hopefully it's obvious that I'm not saying taking a break will fix a burnout. :) #workplacewellness #workplacewellbeing #burnoutprevention #speaker

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This taxation is a threat to investment in Canada and comes on the heels of economic reports telling us that Canadian productivity is at an all time low. This low Canadian productivity explains why the Canadian standard of living is deteriorating and it affects inflation. As I very wise economics professor told me once: “The idea is not to tax more the ultra rich, but to have more ultra rich to tax.” Furthermore, let’s not forget that this increase in capital gains taxation will not affect only the ultra rich, but will also affect those with rental units like duplexes and those who own a secondary residence like a cottage… these taxpayers are hardly who I would qualify as the ultra rich. At the very least there should have been a grandfather clause and an election to tax at 50% capital gains incurred until the June 23, 2024 and from then forward the increase in value would be taxed at two -thirds.

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