Drafting a Will is not something most people are very keen to get around to do. After all, who needs a tangible reminder of their own mortality? It is not entirely surprising, then, that according to a not-too-old survey, the majority of all Canadian adults don’t have a valid Will in place. Sure enough, not wanting to think about dying was one of the frequently mentioned reasons for not having created this document.

While thinking about one’s own inevitable demise can, indeed, feel uncomfortable, the consequences of not having a Will can be far more unpleasant. Creating an estate plan - a set of arrangements regarding how your property and assets will be handled after your passing - is a way of preserving your legacy and protecting your family.

As a business person, it's challenging to decide what issues are of critical importance now and which can be tackled later.

Intellectual property or IP protection is precisely one of those issues. You may rightly feel that your ideas, designs or products are the lifeblood of your business and that you need to protect them from copycats and unfair competitors. You may be worried that failing to provide legal protection to your brand and products right from the very beginning may have disastrous consequences for your company. But there's the rub...

 

Wondering how to start a business in Ontario? You're far from alone. Each business has a unique backstory, but many follow this general pattern: The business started by taking on small jobs or selling small quantities of goods or services and gradually ramped up to execute large projects. This is a great way to get going, as it allows you to test an idea before you invest a lot of money and effort. Another method of testing before investing is to buy an existing business, if you can get a good deal.

 

When you want to form a corporation in Ontario, you will need to prepare and file articles of incorporation. The articles of incorporation is the document that brings your corporation into existence, and sets out certain features of the corporation, for example, any restriction on the business that may be carried on, the classes of shares that can be issued and any share transfer restrictions. As such, proper preparation of your articles of incorporation is vital to your business.

 

Meeting business compliance requirements in Ontario can seem overwhelming. In addition to requirements related to your specific business and operations, there are ongoing business compliance requirements related to your corporation to keep it in good standing.

Compliance issues range from preparing annual resolutions, ensuring the government has the most up-to-date information related to your corporation, filing your corporate and other tax returns, employee remittances and making sure you have the necessary permits and licenses to operate your business.

That’s a lot to think about, so we’re going to try and give you some ideas and resources to help manage this. Understanding your obligations and where to go for information will make things a little bit easier.

Accounting can seem like a black-and-white profession. Numbers are numbers. Ten accountants should be able to assess the same financial records and come up with duplicate figures for cash flow, net income, profit and loss, sales and so on. Ditto for dealing with tax returns. Not so fast. There are “right accountants” and “wrong accountants” for your business. Here are some ideas for finding the “right” accountant for your business.