Innovation Hub: Resources for you

Most professionals can now incorporate their practices as professional corporations as per the provincial legislation. Professional Corporations are now becoming a very common structure since the majority of provinces have relevant professional regulations. Professional Corporations are popular amongst Accountants, Lawyers, and Medical Professionals. Disclaimer: This post is an income tax perspective of the use of professional corporations...

News Release – July 05, 2021 Resident Canadian Director no more needed for Ontario Corproations The province of Ontario in Canada has removed the residency requirement of the Director effective July 5, 2021. Previously Ontario Corporations were required to have at least 25% of the directors on the board as Resident Canadians. Resident Candian means a Canadian Citizen or Permanent Resident only. A Canadian citizen who is not a resident...

The much anticipated Black Entrepreneurship Program (BEP) opened the applications for Black Entrepreneurship Loan Fund.  The Black Entrepreneurship Loan Fund Program is an umbrella program under the BEP. Under the BEP, the Government of Canada partners with different financial institutions and Black-led organizations. The loan fund, also contributed by the Government of Canada, can be accessed by black entrepreneurs through the Federation of...

A business plan plays a key role in the decision-making process for its internal and external users. The very first challenge entrepreneurs face is the writing of this business plan. Unfortunately, sometimes it looks like such a daunting task that it becomes the reason for procrastination to start the business. Finally, when a business plan is written, the market realities in today’s fast-paced world are effectively changed. To cut it short,...

Cryptocurrency is the buzzword of 2021. If you’re an investor, not a single day goes by without a headline about bitcoin popping up in the newspaper, a tweet about cryptocurrency going viral, or your investor friends singing the praises of blockchain technology. It is hard not to get involved, and it is never too late to learn. Know about basic ideas and concepts behind cryptocurrency here. If you are an accountant or tax preparer,...

Canada Emergency Business Account (aka CEBA) has been the most talked-about government support program for small businesses. Since its launch, it has helped many small businesses with the liquidity pressures faced during the pandemic. Many small businesses find the ease of access and a waiver of $10,000 out of $40,000 principle amount very attractive features. Unfortunately, CEBA comes with different eligibility requirements and other...

Pitching is about hitting the bull’s eye to get that ‘YES’ from investors. But it’s not that simple! Did you know 90% of start-ups fail? Yes, and, it’s the percentage of pitches that fail more. Avoiding common pitfalls while preparing your pitch deck can save plenty of things right off the bat. Coming up with a killer pitch deck is imperative to secure the right funding for your new venture. You need to stand out...

For a while, Silicon Valley in the United States has been a Research and Development hub in the world. Well, that may change soon. According to the 2019 global technology innovation report, the US and China grab the topmost place in the list of emerging research and development hubs. 58% of respondents to the survey conducted by the KPMG thought that silicon will not be the innovation centre of the World in the next four years.  In September...

10 Reasons to Invest in Canada Planning to start a business or looking to expand internationally? Well, Canada is the place for you. Investing in Canada offers plenty of opportunities in terms of everything right from the urban infrastructure to political stability. Did you know that Canada has the soundest banking system among G7 countries and also ranks sixth among 141 countries? Also, for 2020-2024, Canada is ranked as the best country in...

Wondering how to incorporate your business in Canada? Let’s find out the general steps involved to set up a corporation in Canada. 1. Decide if you need to incorporate your business? A lot of times people just go and incorporate their business without carefully considering multiple factors. Incorporating the business is one of many legal forms of doing business. You do have the option of whether to operate as an unincorporated business or...

Investor Pitch & Business Plans: Have you done TAM, SAM and SOM? Need Capital but having a hard time convincing the investors? Did you do the TAM, SAM, and SOM right? Taking a new business off the ground is a unique experience for everyone. Some of them have it seamless and others stride through various complications. Just having a great out-of-the-box idea would not suffice, it is equally important to present the feasibility of your idea...

Lenders and investors need to see the potential in a business and the credibility of those presenting before they invest in an idea, just like you would do thorough research before buying a house or a car. This is what makes business plans extremely useful and critical to raise loans and investments.  Even a small mistake in the business plan can cost you your potential investments. Lenders such as banks and investors look for specific...

COVID-19 Economic Crisis is a historical event in making! In the future, this economic event of 2020 is going to be referred to alongside the great recession of 1932 and 2008. This will be always a case-study for how diseases and epidemics affect globally connected economies. COVID-19 crisis has certain unique differences from the previous global recessions. Whilst the 2008 crisis was triggered by the collapse of financial markets and spread...

How Small Businesses and Entrepreneurs can take advantage of COVID-19 situation – a Positive Perspective There is no doubt about the economic damage inflicted by COVID-19. It has wiped out the savings and growths in investment portfolios, bashed the seniors by wiping lifetime savings and gains in their RRSPs on top of health issues, sent the non-essential workforce to home, and put the existence of many businesses on risk! This is all...

The federal government of Canada has announced a 75% wage subsidy for employers. The purpose of this is to support businesses of all sizes to either re-hire laid-off workers or to not lay-off workers due to decreased demand. Previously the federal government had announced a 10% subsidy for small businesses, that subsidy is still in effect also. Canada Emergency Wage Subsidy has new rules effective July 05, 2020, please read here.  Important...