First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

income tax

Social impact bonds – investing in communities

Social Impact Bonds (SIBs) are an innovative way for organizations to practice Socially Responsible Investing (SRI). Canada joins other jurisdictions like the United Kingdom, the United States and Australia, in investing in SIBs.

 

, , , , , , , , , , , , , , ,

Federal Budget 2017-18: Impact on businesses

federal budget 2017

On March 22, 2017, Canada’s Finance Minister Bill Morneau tabled the Liberal Government’s Federal Budget 2017, Building a Strong Middle Class, which includes various measures affecting businesses. The federal budget 2017 is modest and is focused on skills training, innovation and how Canada will promote sustainable growth. The government is forecasting a deficit of $28.5-billion, […]

 

, , , , , , , , ,

Substantively enacted corporate income tax rates

corporate income tax rates

Ernst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca. The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally […]

 

, , , , , ,

Social enterprise movement is gaining momentum

The social enterprise movement is gaining momentum in the non-profit and charitable sectors. There are frequently articles in the popular news about “successful” not-for-profits expanding their activities to include revenue generating activities. There are enterprises like the old standby enterprise of selling used clothes and goods, but we hear more about ambitious plans like one recently highlighted in the Calgary Herald discussing how the local legion is becoming something akin to a real estate developer…

 

, , , , ,

Monitoring controls: The top ten tax controls

At year end, external auditors heading into the tax department do not generally rely on internal controls to reduce testing; a great deal of effort is focused on substantively testing the income tax balances on the financial statements. Tax processes are notoriously manual in nature with numerous adjustments required to manipulate general ledger information into useable tax information. We have compiled a list of the top ten tax controls every company should have in place with the emphasis (as expected) on monitoring controls.

 

, , , , , , , , , , , , , , ,

Introducing guest blogger Adam Aptowitzer at Drache Aptowitzer LLP

It’s a pleasure to welcome Adam Aptowitzer, Drache Aptowitzer LLP as a guest blogger. Adam will be blogging on behalf of Drache Aptowitzer LLP on corporate law and Income Tax law as it applies to charities and not for profits.

 

, , , , , , , , ,

Accountants call for national entrepreneurship strategy

Canadians are pretty good at creating businesses that last, according to a new study by the Chartered General Accountants’ Association of Canada. Around 85 percent of new Canadian businesses survive for a year, 62 percent make it at least three years and 51 percent are still going after five years. The Business Development Bank of Canada puts this last number above 66 percent.

 

, , , , , , , , , , , , , , , , , , , , , ,

Voluntary disclosure and non-profit organizations

If you operate an incorporated not-for-profit organization, you must file a tax return every year, unless your org is a registered charity. If you fail to file a return, you could be on the hook for a big past tax judgment.

 

, , , , , , , , , , , ,

A few words about tax risk

I have the privilege of offering our readers information on a diverse range of important topics that few people really want to talk about, like tax risk.

 

, , , , , , , , , , , , , , , , , , , ,