The April 2021 Canadian Federal Budget announced something called “immediate expensing” for most assets purchased after the budget date of April 18. This applies to Canadian controlled private corporations which we call CCPC’s. The additional deduction will be made on your corporate income tax returns. The property which must be acquired after April 18, 2021 […]
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Do You Allow Agenda Additions at Meetings?
The agenda is the road map for any meeting. Each agenda item should have a suggested timing, and in theory, the number of items on the agenda will be calculated so the meeting will end within a reasonable time. The participants will be ready to discuss the items they know are going to be decided […]
When Do You Budget for Expenditures?
When preparing a budget do you put the expenditure in the month you are going to spend the money or the month the accountants are going record the expense. For example, your property taxes are due in September, but that payment is for the six month period from October 1 to March 31. Let’s work […]
What is malicious compliance? I would define it as following the letter of the rule or procedure, while undermining its intent. Here is a theoretical example. What if employees did not tell the boss the building was on fire, because she had said she did not want to be disturbed, no matter what? I used […]
Your Budget Categories Should Follow Your General Ledger
If you prepare an annual budget, your budget should follow the same categories as your financial statements. This makes sense, but I see budgets that are prepared using categories that do not appear in the same way on the financial statements. For example, the budget shows a breakdown between online and offline advertising and the […]