As a Business Owner, Are Your Affairs In Order?

Are Your Affairs In Order?

The Canada Revenue Agency is looking to increase scrutiny to ensure compliance with tax regulations with a trend toward added corporate disclosure requirements. Businesses and their owners are facing a higher level than previously.

Over the last ten years, legislation has considerably modified. These changes have resulted in many business and personal accounts changing to the point that many corporate and estate structures may be due for a review as they may be outdated. Individuals and businesses should consult with their accounting professionals on items such as:

• Does your enterprise take current tax law into account? Are you taking advantage of opportunities while limiting admin costs, or are things unnecessarily complicated or set up to take advantage of tax breaks that don’t exist any longer?
• Is your company where the business should be today? Where do you see yourself during the ten years? Should you be protecting assets from liability or preparing for future business changes?
• Do shareholder agreements match shareholders’ wills and estate plans?
• Are you prepared for a tax audit?

It’s important to review your affairs from time to time, given how much has changed recently. We work with our clients to ensure they are always up to date. If you are not working with our firm, this may be an opportune time to contact our office for a thorough review.

Being proactive by ensuring everything is in order can save taxes and related costs. Expensive fights can be avoided with proper planning.