Business Articles by Joe Truscott

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...

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...

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...

Fraud may seem like an issue exclusive to large companies, but statistics tell a different story.  According to a 2004 survey by the Association of Certified Fraud Examiners, the average loss of 508 surveyed companies was $100,000.  Average...

Receivables do not have much value if they are not turned into cash. Your company really needs to keep tight control on its invoices outstanding so you can get an accurate picture of the receivables situation and take steps to improve the turnover of those accounts....

In this era of corporate transparency and more stringent auditing systems, you might think that your business is pretty well covered when it comes to crime in the workplace. But employee dishonesty is always a possibility.  Depending on the nature of your...

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...

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...

How to Avoid $100,000 Mistakes When Buying, Moving or Expanding Your Business How many of these thoughts race through your head while you are delivering new services to your clients: My current facility does not mirror my businesses abilities.I am not sure how much I...

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...

10 Key Interview Questions Introduction Over my 30 years in public practice as a Chartered Accountant I have been asked, numerous times by my clients, “how do I find a bookkeeper”.  So over the years I have developed a checklist of questions to ask a prospective...

If you have a shareholder agreement, it probably has a clause that deals with the purchase of your shares in the event of your death.  But does it provide enough flexibility to allow your executor and the remaining shareholders to structure the buyout in a way...

The Federal Government, as part of Canada’s Economic Action Plan, has introduced Bill C-56, Fairness for the Self-Employed Act, which will allow self-employed person to “opt-in” to restricted Employment Benefits currently only available to employees.  The...

Over the years we have assisted our clients in the preparation and review of their personal and business wills from an income tax planning perspective. There are many income tax “traps” to be wary of if you have rental, business...

When a company is created, the original shareholders determine how the company will be owned and managed.  This is often set out in a written contract amongst the shareholders called a shareholders agreement.  There is no legal requirement for the...

Someone once asked a bank robber why he robbed banks.  His answer was simply “because that is where the money is”.  This same rule applies today.  The easiest and most common fraud involves cash. We all want to trust our employees and always think the...

Introduction In this global society, it is common to seek pastures further afield. Many people purchase property in the US either as a holiday home or as an investment. When doing so, very little regard is often given to the international taxation implications of the...

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...

Introduction 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...

Introduction As a prospective franchisee, you are probably expecting to ask many questions of the franchisor – and franchisors will anticipate and appreciate your inquiries. Another important part of the due diligence process will be to speak with those who...

Introduction The recession brings to mind the old saying, if it doesn’t kill you, it’ll make you stronger. As a company owner, you are the most important factor in how well your business does. If you have the right attitude and take the right steps, you can not only...

Introduction Not all customers are created equal. If you apply the “Pareto Principle” to your sales department, you’re likely to make two observations: 80 per cent of your revenue comes from 20 per cent of your customers and 80 per cent of your sales are...

Introduction Buying or leasing assets is an issue that often comes up often in business. Before making a decision, consider the many significant financial and business issues involved. Almost all assets can be leased these days, from aircraft to oil wells, but...

Introduction 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...

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...

Introduction One of the more difficult decisions for those approaching retirement is when to commence to receiving your CPP retirement pension. In this brief article, we will examine a number of considerations that must be weighed to make that decision. Starting Your...