Did you know that it takes, on average, 5-10 years to develop and implement an effective business succession plan? What are you waiting for?
The Entrepreneur's Exchange
innovative business tips from our experts at SBLR
Did you know that if you review and modify your remuneration strategy on a proactive basis, you may be able to save thousands of dollars of tax each and every year?
Did you know that if your corporate group is structured properly with the right tax planning, you could creditor-proof your company, minimize taxes on death and potentially save hundreds of thousands of dollars of tax on the sale of your company?
Did you know that it takes, on average, 5-10 years to develop and implement an effective business succession plan? What are you waiting for?
More than 40% of small and mid-sized enterprises will change ownership in the next five years, but less than 4% have a formal plan to manage the transition. Are you prepared for your own succession?
Succession is not always a gradual or predictable process – the issue could be forced by sudden illness or a new opportunity that you can’t pass up. Planning ahead, therefore, is essential. The best time to plan is when you don’t need a plan at all – before a crisis situation occurs.
Did you know that planning proactively for your business succession can open the door for many tax and estate planning opportunities that can save you money? If you wait until you’re ready to sell, these options may simply not be available.
Thinking about selling your business one day? With proper advance planning, it is possible to eliminate or significantly reduce your taxes upon the sale of the business.
Are you leaving money on the table? If you have invested money and resources to design and develop a new or enhanced product, process or procedure, you may be eligible for government tax credits and a cash refund.
The Scientific Research & Experimental Development (SR&ED) Program is Canada’s largest, yet most underutilized tax incentive plan. You may be eligible for a cash refund without even knowing it!
Did you know that you can recover up to $0.68 of every $1.00 in wages spent on qualified Research and Development activities? That’s a fantastic investment for your money!
In order to be eligible for a SR&ED refund, all claims must be filed within 18 months of the fiscal year-end of the enterprise. Ideally, the claim should be filed with your corporate tax return, in which case your refund will be process in 4 months; otherwise, the processing time jumps to 8 months.
