Dear Client:

The last Business Matters of the year. (Click here to read the newsletter). Wow 2016 went by in a hurry! We hope that the year was prosperous and enjoyable for yourself and your staff.

Taxation

This article is all about possible taxable benefits that can arise from personal use of company owned vehicles. Remember there are two components to these types of taxable benefits - a standby benefit and an operating benefit. This is an area that CRA has devoted a lot of resources to and the rules can be fairly complex. Fortunately, the article does an excellent job of explaining the basics- read on!

3D Xpoint Technology ?

Never heard of it until I read this article. It sounds exciting, a little bit expensive to start but that will change. Don’t you just love the way technology keeps advancing! Hats off to all the techies that work hard to keep the innovations coming.

It’s time to think like Scrooge

Random ideas in this article to help your business save money. Some of them will apply to your situation and some won’t with the main point being that you should, on a regular basis, review expenses with the goal of reducing them. At a course I recently attended a very successful businessman was quoted as follows “Costs are like finger nails - they grow continuously and need to be trimmed regularly”. Ain’t it the truth.

Management

This article is all about life insurance - do you need it, if so how much? The answer to both of these questions will depend on your personal situation. Only term life insurance is discussed. Keep in mind that whole or universal life insurance should also be considered as part of your analysis. An easy read!  Remember, life insurance is not for you it’s for those around you (family, business partners/staff, charities, etc.).

That’s it!

From our outfit to yours we wish you a Merry Christmas and the very best for 2017. When the good times come may you take the time to truly enjoy them, during the hard times may you experience generosity and be able to share some laughter with those around you.

All the best,

Jim

JIM M. SMITH CHARTERED PROFESSIONAL ACCOUNTANTS INC.