The Accountant’s Annual Physical - Part 1

October 30, 2018

Does your Business Need an Annual Physical?

By Angela Todd

Much like the annual physical recommended by your physician, your business operations should have an annual check-up. Our check-up for your business happens when the yearend is submitted for the preparation of your financial statements and tax filings. As with your physician, if we don’t know what ails you (your business), we can’t investigate prescribed treatments.

The top 10 “ailments” for your business:

  1. Proposed or recent changes to your will
  2. Proposed or new agreements to dispose of or acquire a significant capital asset
  3. A trustee or beneficiary of your estate that taken up residence out-of-country
  4. A separation or marital breakdown of a shareholder
  5. A change in revenue mix such as the purchase of portfolio investments or a solar energy asset
  6. A significant trade or loan transaction with a related corporation or a shareholder
  7. A transaction with foreign individuals, partnerships or corporations
  8. Notification of a review or audit by the Canada Revenue Agency
  9. Ownership in a partnership or corporation by someone related you or another shareholder
  10. A new interest in a partnership or a new corporation

We are here to help you protect your business and determine the best alternatives available. Let your advisor know as soon as a change is anticipated so we may be proactive together. 

Disclaimer: This article is intended for general information only and is not intended as legal opinion or advice. The views and opinions expressed do not reflect the official position of BNG Bossy Nagy Group or any other affiliate.

 

 

Knowledge. Clarity. Action.