MNP Library RSS Feed

The Valuation of Non-Compete Agreements

Wed, 17 Apr 2013 00:00:00 GMT

Valuation of a non-compete agreement can be a vital component of the purchase and sale of a privately held business.

‘Dead Money’ or Rainy Day Fund?

Fri, 15 Feb 2013 00:00:00 GMT

When Mark Carney loudly complained about companies hoarding cash for no reason, he touched off a tense debate.

A How-To Guide for Assessing Brand Value

Thu, 24 Jan 2013 00:00:00 GMT

A brand can be a business’ most valuable asset, yet its value is generally not reflected in the financial statements.So how can management track brand value and make informed decisions with respect to what could be the company’s most valuable asset? The answer lies in business valuation.

MNP presents: Q&A about CME’S Manufacturers' Executive Council (MEC) Program

Fri, 18 Jan 2013 00:00:00 GMT

The Canadian manufacturing industry is dynamic and continually evolving to meet new operational, trade and regulatory changes. Success in this sector depends on how well you manage the variety of issues that can arise.

Improving Your Inventory Management

Thu, 10 Jan 2013 00:00:00 GMT

Inventory is the necessary evil of manufacturing. While generally speaking, having less inventory is better than more inventory, the true overarching goal is to have the right inventory, in the right place and in the right quantity, to enable the steady flow of production activity and customer order fulfillment.

Four tips for finding the best buyer for your business

Thu, 03 Jan 2013 00:00:00 GMT

If you’re considering selling your business, it’s important to find the right buyer. But who exactly is this so-called ‘right buyer?’

Mining the Canadian Markets

Fri, 30 Nov 2012 00:00:00 GMT

The TSX and the TSX Venture exchange are currently home to more than half of the world's public mining companies, as Canada continues to be the leading capital market for such companies worldwide.

Dealing with Fairness in the Family - Part II

Fri, 02 Nov 2012 00:00:00 GMT

When should the succession process start? The sooner you start, the better.

Restricted No More?

Mon, 29 Oct 2012 00:00:00 GMT

Supreme Court of Canada sets new precedent for tax deductibility of farm losses.

Dealing with Fairness in the Family - Part I

Thu, 25 Oct 2012 00:00:00 GMT

The concept of fairness in the family brings forward multiple streams of factors that should be considered in the succession planning process. It is common for the succession planning process to be halted somewhere due to resentments, the longer it is delayed, the more likely positions have become entrenched.

In the Shadow of the Arab Spring

Sun, 23 Sep 2012 00:00:00 GMT

The impact of doing business with corrupt regimes on internal auditors.

Food for Thought: Get Your Slice of the SR&ED Pie

Tue, 21 Aug 2012 00:00:00 GMT

The federal budget may have cut the Scientific Research and Experimental Development pie into smaller pieces, but it’s also offering small and mid-sized processors and manufacturers some fresh slices that are certainly appetizing.

Common Cross-Border Tax Issues for Canadian Public Companies

Wed, 08 Aug 2012 00:00:00 GMT

Tax filings to report cross-border relationships and transactions can be quite stringent, especially with the IRS – and the resulting penalties can be significant. Some advance planning can help avoid some nasty pitfalls.

Where Will Your Business Be Without You?

Fri, 13 Jul 2012 00:00:00 GMT

Only 30% of businesses survive a transition. Do you want yours to be one of them?

A Roadmap for Success

Fri, 22 Jun 2012 00:00:00 GMT

An 8-point plan to help you explore new opportunities.

Is Your Company As Healthy As the Food You Process?

Fri, 25 May 2012 00:00:00 GMT

Food processors must understand and anticipate the myriad complex factors that directly impact their business in order to stay healthy and competitive, while effectively navigating the road ahead.

Bismark & Pink Slime

Thu, 24 May 2012 00:00:00 GMT

The analogy of sausage making and lawmaking has had a remarkably long run. Recent concerns over so-called pink slime make Bismark’s comment as relevant today – and there’s a lesson in that for Canada’s food processors.

Anti-Money Laundering 101: Mastering the fundamentals

Fri, 18 May 2012 00:00:00 GMT

Anti-Money Laundering non-compliance can result in financial penalties and damage to your reputation. What you don’t know could cost you.

Ripe with Opportunity

Fri, 18 May 2012 00:00:00 GMT

Pending changes to the Intoxicating Liquor Act may bring a new flow of opportunity but it will also put new emphasis on the GST “Place of Supply” rules.

Your Wine Business - It’s more than your livelihood, it’s your life

Fri, 18 May 2012 00:00:00 GMT

Good advisors will ask the right questions to make sure they truly understand the core values and motivations of their farm clients. Make sure your advisor understands that what drives you to grow fruit or make wine extends far beyond the bottom line.

Manufacturing Innovation with the Scientific Research & Experimental Development (SR&ED) Tax Credit Program

Wed, 25 Apr 2012 00:00:00 GMT

Recent Federal government budget decisions on SR&ED will help you increase your competitiveness in the manufacturing sector.

Ripe for Innovation

Fri, 13 Apr 2012 00:00:00 GMT

Recent Federal government budget decisions on SR&ED will help you increase your competitiveness.

Being True to Values Leads to True Value: Community Natural Foods takes a different approach

Tue, 10 Apr 2012 00:00:00 GMT

In a world where the bottom line rests on the financials, consistently putting people over profit isn’t a common approach. At Community Natural Foods, one of the largest natural food retailers in Canada, relationships with employees and customers take centre stage and it’s creating great results.

The Right Exit Strategy for You and Your Forestry Business

Mon, 12 Mar 2012 00:00:00 GMT

As the owner of a successful forestry business, you know just how hard you’ve worked to make your business succeed. You know that it’s not enough to know where your business is at today. You need to have a plan for the future — to achieve the goals of your business as well as your personal goals.

Does the B.C. Government’s Proposed Opportunities for the Wine and Liquor Industry Have Any Legs?

Tue, 06 Mar 2012 00:00:00 GMT

Seminar Panellists at the Third Annual Seminar on Wine and Liquor in British Columbia Discuss the 2012 Budget Promises.

Investing in China

Fri, 02 Mar 2012 00:00:00 GMT

With the recession in the U.S. and the European sovereign debt crisis, many companies are looking elsewhere for investment opportunities. China is a vast market and presents many opportunities for companies. Of course, there are risks to foreign investments, and it is critical to make a thorough investigation of the country.

Operating Lean in the Wine Industry

Thu, 16 Feb 2012 00:00:00 GMT

A little focus on production costs can go a long way towards putting you in control of your bottom line.

Regulator Expectations for First Annual IFRS Financial Statements

Tue, 14 Feb 2012 00:00:00 GMT

The Alberta Securities Commission has released its 2011 Corporate Finance Disclosure Report identifying specific expectations for the first annual IFRS financial statements and related Management Discussion and Analysis.

Balanced Strategic Approach to Management in the Forestry Industry

Thu, 22 Dec 2011 00:00:00 GMT

Most successful forestry companies understand that a key determining factor of business success is directly related to effective strategic management and planning. We'll review the four main components to consider in the a balanced strategic approach to management.

Compliance Matters – New regulations facing credit unions

Mon, 19 Dec 2011 00:00:00 GMT

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Four Strategies for Effective Change Management for Credit Unions

Mon, 14 Nov 2011 00:00:00 GMT

In any organization, effectively transitioning through periods of change can be an enormous challenge. For credit unions, change management strategies can help mitigate the effects on internal people and operations as well as on members. It also allows for an effective transition and helps you achieve the desired outcomes.

Grow Your Membership in a Competitive Market: Strategies for fostering loyalty between credit unions and their members

Mon, 07 Nov 2011 00:00:00 GMT

Responding to the needs of your member community and fostering these relationships is not only critical for maintaining your credit union’s current membership. Introducing innovative and value-added services can strengthen member relationships and provide a return on investment for your credit union.

Cash In On Your IT Innovations: How SR&ED Helps Credit Unions Stay Competitive

Mon, 31 Oct 2011 00:00:00 GMT

The technology needs of Credit Unions have become more diverse and complex. Tax credits can make developing a custom solution that helps take your Credit Union to the next level more affordable.

Security Strategies for the Mid-Market

Thu, 27 Oct 2011 00:00:00 GMT

What is the value of your corporate information? How would your customers and key stakeholders react if your company was the next headline about a security breach? From lost productivity to reputation damage and costs of remediation – the impact of a security breach can be disastrous.

When is Farming Not Farming?

Thu, 27 Oct 2011 00:00:00 GMT

For farm owners to entering into an arrangement to have somebody else assist in farming their property, it is important to understand the nature of your agreement and how it will be viewed by the government for various purposes.

MNP’s Balanced Strategic Approach to Management

Wed, 19 Oct 2011 00:00:00 GMT

Most successful oilfield service companies understand that effective strategic management and planning is a key factor of business success.

Accounting for a Reverse Acquisition

Fri, 14 Oct 2011 00:00:00 GMT

There are two methods of accounting that need to be considered when a reverse acquisition takes place as the transaction would either fall under IFRS 2 Share based payment or IFRS 3 Business combinations.

Giving Credit Unions a Voice

Tue, 11 Oct 2011 00:00:00 GMT

MNP helps credit unions gain representation on a committee that shapes the future of accounting standards for members.

Credit Unions Facing Fines

Mon, 19 Sep 2011 00:00:00 GMT

In 2008, FINTRAC was given the authority to issue monetary fines against organizations and individuals who fail to implement adequate Anti-Money Laundering (AML) controls. Since this time, FINTRAC has undertaken numerous audits of credit unions resulting in the first public fine issued against a credit union in Ontario for the sum of $37,090.

Financial Statement Requirements and Private Enterprise Transactions in Public Markets

Wed, 24 Aug 2011 00:00:00 GMT

Whether you are undertaking an initial public offering, business acquisition of a private company or a reverse takeover, identifying financial statement requirements in advance of your transaction will facilitate the timely completion of your transaction.

Preventing Corruption in Foreign Operations

Fri, 15 Jul 2011 00:00:00 GMT

Companies with foreign operations need to take proactive measures to protect their reputation and their financial statements from corruption issues.

Raising Money In the Secondary Market

Fri, 13 May 2011 00:00:00 GMT

At some point, a public company will need to raise capital in order to finance acquisitions, growth, or simply fund ongoing operations. Unless the company can rely on an exemption, regulatory authorities in Canada generally require companies to issue these securities through a registered securities dealer, and to file a prospectus.

Cash in on your Business Innovations

Tue, 26 Apr 2011 00:00:00 GMT

Many businesses develop innovative ways to overcome everyday problems, but did you know that some of your solutions could qualify as research and development (R&D) and be eligible for up to 41.5% in federal and provincial tax refunds?

Financial Barometer: Leading indicators of financial performance

Tue, 26 Apr 2011 00:00:00 GMT

As an accountant, providing you with an “official” score sheet for your company’s performance is just a small part of what we can do and isn’t the only approach to determining financial performance. This year, rather than asking your accountant “how did we do?”, try asking “what do we need to do to be more successful?”

Financing Equipment: How does your decision impact your bottom line?

Tue, 26 Apr 2011 00:00:00 GMT

Whether you purchase or lease a piece of equipment, it affects your financial statements and your tax return. The effects differ depending on whether you purchase or lease, but the take-home message is the same: financing your equipment can have a significant impact on your bottom line.

How Does Your Business Keep Score?

Tue, 12 Apr 2011 00:00:00 GMT

Even the most profitable companies are always looking for ways to get better. When looking at a business, there are many ways to measure its success. A common mistake is to measure your business’ performance by focusing solely on the bottom line.

What Dental Professionals Can Expect From Their Trusted Advisors

Mon, 04 Apr 2011 00:00:00 GMT

Dental professionals will get an an idea of the areas that their accountant and other professional advisors should be helping them with. This is not intended as an exhaustive list and we recognize that each individual’s situation is different. To optimize your results, you should meet with your advisors to customize a plan specifically for you.

Exit Your Business on Your Terms

Mon, 04 Apr 2011 00:00:00 GMT

If you are a business owner, you’ve invested years of your life and significant financial assets into developing a successful enterprise. But without a strategic approach to business succession planning, any value you’ve built may retire when you do. That’s why it’s important to have an exit strategy.

IFRS and Regulatory Filing Requirements – What Your Company Needs to Know

Thu, 31 Mar 2011 00:00:00 GMT

The CSA has revised its rules to provide some transitional relief to companies in the year of adoption of IFRS. In addition, the Ontario Securities Commission has released an Issuer Guide to provide public companies with tips on filing their first IFRS interim financial report.

The Benefits of Reorganizing Your Corporation

Mon, 21 Mar 2011 00:00:00 GMT

If you are in business and have your own corporation, you probably know about corporate structures. After all, you chose a corporate structure when you set up your corporation. So once you have your business in a corporation, why would you need to undertake reorganization? There are some very good reasons.

To IFRS or Not to IFRS? Incorporating IFRS in the United States

Thu, 03 Mar 2011 00:00:00 GMT

As deliberation continues on whether the United States (“U.S.”) will incorporate International Financial Reporting Standards (“IFRS”) into the U.S. financial reporting system, many public companies are left uncertain about their future accounting principles.

Is Winemaking Farming?

Wed, 23 Feb 2011 00:00:00 GMT

When you are an accountant dealing with tax issues on a daily basis, you need to get comfortable with the fact that there are few “black and white” answers when it comes to Canadian tax law.

Employee Stock Options of Publicly Traded Companies: What You Don't Know Could Cost You

Fri, 18 Feb 2011 00:00:00 GMT

Several amendments to the employee stock option rules under the Income Tax Act that were originally proposed in the March 4, 2010 federal budget have recently been enacted and have effect as of March 4, 2010. These amendments mainly affect publicly listed companies and their employees.

Overview of the Estate and Gift Tax Provisions of 2010

Mon, 14 Feb 2011 00:00:00 GMT

The 2010 Tax Relief Act provides temporary relief. Among other changes, it reduces estate, gift and generation-skipping transfer (GST) taxes for 2011 and 2012.

Correctly Applying Fair Value Standards: What You Need to Know About Purchase Price Allocations and Goodwill Impairment Tests

Mon, 14 Feb 2011 00:00:00 GMT

Given that the transaction market is on the incline, it's timely to remember the importance of properly recognizing assets acquired in an acquisition. Properly accounting for assets acquired in a merger or acquisition can have significant monetary implications for a company.

ERCB Directive 76: SOX for the Measurement World

Thu, 03 Feb 2011 00:00:00 GMT

The Energy Resources Conservation Board (“ERCB”) of Alberta recently implemented the Enhanced Production Audit Program (“EPAP”) to raise the level of assurance over compliance with ERCB measurement and reporting requirements. EPAP is being implemented through Directive 76: Operator Declaration Regarding Measurement and Reporting Requirements.

Public Company Reporting Requirements

Thu, 06 Jan 2011 00:00:00 GMT

The transition to being a public company will increase the scrutiny by shareholders and analysts to receive fair and fulsome disclosure about the business and nature of operations with which to make investment decisions. In addition, the securities commissions will ensure compliance with regulatory requirements.

A Higher Standard for Appraisal Professionals: What you need to know before selecting an appraiser

Thu, 16 Dec 2010 00:00:00 GMT

The Canadian Association of Insolvency and Restructuring Professionals has updated the Standards of Professional Practice effective this year. This includes Standard 10-2 Appraisals. This standard defines the duty of care that needs to be applied when an insolvency and restructuring professional Member uses an appraiser.

The WikiLeaks Aftermath: Why Your Business Needs a Whistle Blower Hotline

Fri, 03 Dec 2010 00:00:00 GMT

Greg Draper, the Investigative and Forensic services Leader at MNP discusses how business owners can promote internal whistle-blowing programs to protect their organizations from the growing threat of WikiLeaks and other social media sites.

The Effect of New Canadian Auditing Standards on Your Year-End Audit

Thu, 25 Nov 2010 00:00:00 GMT

Canadian Auditing Standards (commonly known as CAS) will be applicable for all Canadian audit engagements for periods ending on or after December 14, 2010. The changes result from harmonization with the International Standards on Auditing (ISA).

Civil Search Warrants in Canada: Guidance for Anton Piller Orders

Tue, 23 Nov 2010 00:00:00 GMT

Civil search warrants in Canada are known as Anton Piller Orders, after the famous 1976 English case Anton Piller KG v. Manufacturing Process Ltd., which defined the process of civil search and seizure under common law.

Capitalizing on the Capital Gains Deduction - Incorporating Your Farm Partnership

Mon, 01 Nov 2010 00:00:00 GMT

In past articles, we have discussed the capital gains deduction and the assets a farmer might own that qualify for the deduction. We also discussed the use of a partnership in a farming operation. In this article, we will discuss the potential use of the capital gains deduction on the incorporation of your farm partnership.

New Tax Rules for Employee Stock Options

Wed, 27 Oct 2010 00:00:00 GMT

The 2010 Federal Budget proposed changes that will have a significant impact on public companies that use stock options as a means of compensation. These changes relate to how stock options are taxed in the hands of employees, directors and officers, and they come into effect in just a few months.

Family Farm Partnerships

Fri, 01 Oct 2010 00:00:00 GMT

A typical family farm operation generally takes the shape of three main forms: a proprietorship, a partnership or a corporation. There are significant tax planning benefits available when operating a farm in a partnership structure as opposed to sole proprietorship.

Considering Going Public

Thu, 30 Sep 2010 00:00:00 GMT

Becoming a publicly traded company represents a significant achievement for any organization. Before you jump in, it’s important to get professional advice. Here is a synopsis of important factors to consider.

Capitalizing on the Capital Gains Deduction

Wed, 01 Sep 2010 00:00:00 GMT

Saskatchewan business owners and farmers may be missing out on significant tax savings. The capital gains deduction allows you to claim a deduction of up to $750,000, which can be used to offset capital gains incurred on the disposition of either qualified small business corporation shares or qualified farm property.

Tailored to Fit - Customized business training programs help Aboriginal communities succeed

Thu, 26 Aug 2010 00:00:00 GMT

Building capacity is key for First Nations, Inuit and Metis communities interested in developing economic opportunities for long-term success. This is where customized training solutions can be an effective tool at achieving that goal.

CRA Provides Guidance on IFRS Start-up and Tax Reporting

Wed, 25 Aug 2010 00:00:00 GMT

On June 4, 2010, the CRA issued new guidance on how the IFRS will affect tax reporting. The requirement to adopt IFRS applies to publicly accountable enterprises and will replace Canadian GAAP as the acceptable set of accounting standards.

It’s Time to Consider a Food Safety Tax Credit

Wed, 04 Aug 2010 00:00:00 GMT

While Canada has an excellent system of food safety, recent crises and product recalls have given food safety a high public profile. With the industry experiencing a number of challenges, such as aging infrastructure and strong global competition, the pressure to improve safety comes at a difficult time.

Understanding Proposed Changes to Venture Issuer Regulation

Wed, 28 Jul 2010 00:00:00 GMT

On May 31, 2010, the Canadian Securities Administrators (CSA) issued a consultation paper called Tailoring Venture Issuer Regulation. In it, the CSA proposes a single new regulatory instrument for venture issuers in an effort to reduce disclosure requirements.

Managing the Harmonized Sales Tax - What Businesses Need to Consider

Wed, 16 Jun 2010 00:00:00 GMT

Currently many businesses are able to purchase inventory and certain equipment used in specialized sectors exempt of PST. After July 1, 2010, these purchases will be subject to HST.

Managing the Harmonized Sales Tax - How will the HST affect Cross-Provincial Shipping?

Tue, 15 Jun 2010 00:00:00 GMT

Effective July 1, 2010, B.C.’s and Ontario’s Provincial Sales Tax (PST) will be eliminated and replaced by the HST. From this date forward, sales of goods, services, certain real property and intangibles “supplied” in B.C. will be taxed at 12% HST.

Managing the Harmonized Sales Tax - How will the HST affect business and consumer contracts?

Mon, 14 Jun 2010 00:00:00 GMT

Businesses must understand what rate of GST or HST to apply to all their contracts before and after July 1, 2010. This is to prevent interest and penalties from being assessed if GST or HST is not applied correctly to a particular contract.

Fraud Risk Management - Is Your Organization Prepared?

Wed, 05 May 2010 00:00:00 GMT

A major Canadian bank has taken action against a group of individuals alleged to have orchestrated a massive mortgage fraud scheme. What are you doing to reduce your risk of fraud, and what will you do when it strikes your organization?

Anti-Money Laundering/Anti-Terrorism Financing

Tue, 27 Apr 2010 00:00:00 GMT

Canada's banking regulator tells financial institutions that although their efforts to fight money laundering and terrorist funding are seen as adequate, they are not doing enough.

Valuing Mineral Rights In Today's Market

Wed, 21 Apr 2010 00:00:00 GMT

Recently, the CRA has begun to take a closer look at how the value of a mineral right has been determined for taxation purposes. The following article offers insight into the history of ownership of mineral rights, the reason for valuing mineral rights, how mineral rights were historically valued and the proper approach for valuing mineral rights.

Managing the Harmonized Sales Tax (HST) - What Physicians Need to Know

Mon, 19 Apr 2010 00:00:00 GMT

Generally, the HST will follow the GST rules, with some exceptions, and will be administered by the Canada Revenue Agency. For physicians, GST paid on purchases is usually a non-recoverable tax (a cost). The following is a snapshot of how the HST will affect your practice and what you need to know.

Time to Replace or Upgrade Your Equipment? Here Are Some Financing Items to Consider

Wed, 10 Mar 2010 00:00:00 GMT

If you are looking to replace or make a major equipment purchase over the short-term, knowing what each lender’s criteria is and how they differ will improve your chances of success .

Canadian Agri Food Exporter’s Top 10 U.S. Tax Myths - What You Don't Know Could Cost You

Thu, 04 Mar 2010 00:00:00 GMT

With the Canadian agri food industry exporting approximately 70% of its products to the U.S, it’s important to know the cross-border tax issues that could affect you.

The B.C. Wine Industry - A Look Ahead

Thu, 04 Mar 2010 00:00:00 GMT

The start of a new year brings out the fortune teller in many of us. The start of a new decade makes “crystal ball gazing” even more enticing. How far have we come in the last 10 years and where will we be in 2020?

Business Sustainability Through Effective Succession Planning

Thu, 04 Mar 2010 00:00:00 GMT

Running a sustainable and successful business in today’s dynamic marketplace can be a challenge. If you are thinking of transitioning your business to someone else, your challenges can be even greater.

IFRS or Private Enterprise GAAP - Which Road Will You Take?

Fri, 12 Feb 2010 00:00:00 GMT

If choosing between International Financial Reporting Standards (IFRS) or Private Enterprise Generally Accepted Accounting Principles (PE GAAP) is weighing heavily on you, it is important to consider these three factors to help you choose the right path.

Investment Fraud – The Right Response Pays Dividends

Thu, 11 Feb 2010 00:00:00 GMT

The term ‘Ponzi Scheme’ is appearing in the news more frequently than ever before. Is there a sudden increase in the number of fraudulent investments these days?

Challenges of Harmonized Sales Tax for B.C. Forestry Sector

Fri, 05 Feb 2010 00:00:00 GMT

On July 1, 2010 the province of British Columbia will harmonize their sales tax. Harmonization brings many advantages and some disadvantages—this article will focus on some of the challenges that harmonization may bring.

The New HST: Rules, Regulations & Requirements

Fri, 05 Feb 2010 00:00:00 GMT

In July, Ontario will be harmonizing its Provincial Sales Tax with the federal Goods and Services Tax. Here are some of the things that Ontario municipalities should consider as the countdown to harmonization gets underway.

Managing the Harmonized Sales Tax - What Auto Dealerships Need to Know

Fri, 05 Feb 2010 00:00:00 GMT

Significant changes to Canadian sales taxes in Ontario and B.C. are taking place, which may be the most important change in Canadian taxes since the introduction of the GST in 1991. And while the government touts the changes will help businesses achieve greater efficiencies, you need to be aware of the specific issues that will affect you.

Potential Benefits of the Harmonized Sales Tax for the Forestry Sector

Thu, 04 Feb 2010 00:00:00 GMT

As many of you know, on July 1, 2010 the province of British Columbia will harmonize their sales tax. Harmonization brings many advantages and some disadvantages for the forestry sector.

How does BC’s new HST affect me?

Wed, 27 Jan 2010 00:00:00 GMT

The announcement in July by the Federal and BC governments was unexpected, since there was no indication that BC was moving in that direction. In fact, during the May 2009 provincial election, the BC government had stated that we would not be moving to a Harmonized Sales Tax system. The proposed change has raised a furor among certain taxpayers and in certain industries, such as the restaurant industry, since the HST will have a more significant effect on them.

Harmonization for Grape Growers and Wineries

Thu, 31 Dec 2009 00:00:00 GMT

With recent announcements from the provincial governments of Ontario, British Columbia and Quebec touting the merits of harmonizing their respective sales tax with GST, many businesses are asking what this ultimately means for them. And while harmonization has its benefits, there are some issues to be aware of. Here’s what you need to know.

Harmonious Harmonization

Wed, 30 Dec 2009 00:00:00 GMT

The BC government recently announced their plans to harmonize their sales tax with the federal GST effective July 1, 2010. While harmonization has its benefits, there are some issues to be aware of. Here’s what you need to know.

Building Business Value

Thu, 17 Dec 2009 00:00:00 GMT

You’ve spent years building your business, but what about its value?

Keep the Caution Flag Up

Mon, 05 Oct 2009 00:00:00 GMT

Farming is not a race to the finish line. Similar to a car race, a yellow flag is signaling some potential danger ahead. In the past few months, there has been quite a bit of discussion about the potential rise in interest rates.

What are the Challenges of a Harmonized Sales Tax for the B.C. Forestry Sector?

Wed, 30 Sep 2009 00:00:00 GMT

Growth by Management Function

Mon, 28 Sep 2009 00:00:00 GMT

The management functions on a farm can be categorized into 4 key areas: Marketing, Operations, Human Resources and Finance.

PST Harmonization: What you need to know to successfully manage the harmonized sales tax changes

Wed, 26 Aug 2009 00:00:00 GMT

With recent announcements from the provincial governments of Ontario and B.C. touting the merits of harmonizing their respective sales tax with GST, many businesses are asking what this ultimately means for them.

Resourcing the Management Team

Mon, 24 Aug 2009 00:00:00 GMT

It was not long ago when farmers were expected to be able to ‘do everything’ on their farms. Farmers' broad skill sets and abilities were directly connected to their strong sense of independence.

Business Resilience: Build the Plan, Success Will Follow.

Wed, 12 Aug 2009 00:00:00 GMT

Not all risk management plans are equal. Now, many businesses are throwing out the old models and adapting new, stronger and far more comprehensive plans. The problem for many small to mid-size businesses—who lack economies of scale—is where to start.

To Lease or to Buy?

Mon, 03 Aug 2009 00:00:00 GMT

Every vineyard and winery owner must make equipment purchase decisions throughout the life cycle of their business. After selecting the equipment you need, the next step is to decide how you will finance the acquisition.

Liquidity and Cashflow

Mon, 20 Jul 2009 00:00:00 GMT

Most farmers are well into the 2009 production cycle. The to-do lists are getting longer and the days are getting shorter. So, it’s now time to ask the question – do you know where your liquidity is at?

Ontario PST Harmonization

Wed, 15 Jul 2009 00:00:00 GMT

On July 1, 2010, Ontario’s PST will be harmonized with the federal GST. All goods, services, intangibles and new real property supplied (or deemed to be supplied) in Ontario will be subject to the combined single rate of 13%.

Securities Regulatory Valuations and Fairness Opinions

Wed, 15 Jul 2009 00:00:00 GMT

At its recent annual general meeting, the Canadian Institute of Chartered Business Valuators (CICBV) approved amendments to its professional practice standard pertaining to Valuation Reports Prepared for Purposes of Securities Legislation, Regulation or Policies.

Never Wear a White Shirt to a Wine Tasting

Mon, 15 Jun 2009 00:00:00 GMT

One of the perks of being an accountant and business advisor focusing on the B.C. Wine Industry is you occasionally get to do things which clearly make your co-workers jealous.

Where would your winery be without you?

Mon, 15 Jun 2009 00:00:00 GMT

Successfully transferring management from one generation to the next is a major challenge for many family-owned businesses.

A Business Plan is the First Step in Assuring Your Winery’s Success

Mon, 08 Jun 2009 00:00:00 GMT

Ever dream about starting up your own boutique winery? Do you envision long summer afternoons soaking up the Okanagan sun, chatting with tourists who are eager to buy up your award winning wine?

Are you considering your cost of production?

Mon, 01 Jun 2009 00:00:00 GMT

Information and discussions about cost of production are certainly nothing new to farmers. I have had the opportunity of giving presentations to farmers across Canada about cost of production.

How Healthy is Your Health Care Plan?

Mon, 01 Jun 2009 00:00:00 GMT

In these uncertain economic times, businesses in the food industry need to manage costs while maintaining benefit programs that keep their business healthy.

President Obama's Proposed Fiscal Year 2010 Budget – Tax Highlights

Thu, 14 May 2009 00:00:00 GMT

On February 26, 2009, President Obama submitted the administration’s proposed $3.5 trillion fiscal year (FY) 2010 federal budget to Congress, which includes some significant tax cuts as well as increases.

Considering setting up a personal business corporation?

Fri, 01 May 2009 00:00:00 GMT

In the past few years, and even more so in the current economic environment, it has become common for individuals to set up their own corporations, which can then be used to contract out the services of the principal (or often the sole) shareholder of the corporation to one or more businesses.

Business Modeling and Farming

Mon, 02 Feb 2009 00:00:00 GMT

People can easily relate to each other when they work in the same industry. They are able to commiserate about their businesses because the players share comparable experiences.

Taking Care of your Business in an Uncertain Economy

Thu, 01 Jan 2009 00:00:00 GMT

With the news predicting a slowing economy, retailers cross their fingers that the psychological mindset of an upcoming recession does not make a prediction a reality.

Getting Back to Business Basics: Turning Uncertainty into Opportunity

Thu, 01 Jan 2009 00:00:00 GMT

There is no doubt that a downturn in the economy can be challenging. For those anticipating slowing sales, the situation can leave them feeling uneasy. A shift in perspective, however, can help you turn a time of uncertainty into an opportunity to revisit your business’s operational and strategic direction.

Tax-Free Savings Accounts

Thu, 01 Jan 2009 00:00:00 GMT

Starting in 2009, Canadians have a new way to save money using a Tax-Free Savings Account (TFSA).

IRS Increases Reporting and Scrutiny of Foreign Bank Accounts

Thu, 01 Jan 2009 00:00:00 GMT

Starting in 2009, the IRS has expanded the Foreign Bank Account Reporting (FBAR) process. Unfortunately, this change will ensnare many more taxpayers into the FBAR reporting requirements, and will increase the compliance time and cost needed to meet the new requirements.

What Can Valuations Do For You?

Thu, 11 Dec 2008 09:56:46 GMT

Ownership changes are common in the business world and can take place for a variety of reasons, including retiring owners, next-generation succession planning, or passing on your business to individuals who can take your business to the next level. To begin, you need a clear understanding of what your business is worth and what drives that value.

The Canadian Economy in Flux - How Alberta food Processors Can Mitigate the Risks

Thu, 11 Dec 2008 09:55:42 GMT

From globalization to fluctuations in the Canadian dollar, the Canadian manufacturing sector faces a number of challenges. To further complicate matters, there’s the credit crunch, continued fall out from the U.S. housing crisis, volatile commodity prices and brain drain from early retirements. While Albertans have been somewhat sheltered from the strains, we’re starting to feel the effects that less prosperous provinces have been contending with for some time.

Accessing Capital – What’s Changing

Thu, 11 Dec 2008 09:52:51 GMT

Farmers have only one true absolute constraint to growth … their time. For farms with good track records, access to capital was not a problem. But, in the future, how farms will be capitalized and where that capital will come from may be changing.

Why Cost Matters - Accounting Solutions for Managing Your Winery

Mon, 10 Nov 2008 00:00:00 GMT

As an owner-manager, one of the many challenges of operating a small or medium sized winery is getting your head around the accounting requirements. And while wine may be your passion, the myriad of accounting processes that go along with your business may not bring you as much enthusiasm.

Measuring Performance to Achieve Success

Mon, 18 Aug 2008 00:00:00 GMT

There is a rare breed of individuals in the business world who are determined to manage and own a profitable enterprise. With that goal in mind, they seek out an under-served market or some other wonderful opportunity as a vehicle to achieve their goal.

Moving your winery from good to great

Fri, 15 Aug 2008 00:00:00 GMT

The astonishing growth in the BC wine industry has been well documented. In 1984, the province had 13 licensed wineries. Today, we have 136, with another 14 licences pending.

Goodbye baby boomers, hello baby bust

Mon, 04 Aug 2008 00:00:00 GMT

Chronic labour shortages have become the norm across Canada, with little relief in sight. The two biggest culprits? Aging baby boomers - and a birth rate too low to maintain our current population.

The whole is greater than the sum of its parts...or is it?

Tue, 01 Jul 2008 00:00:00 GMT

When a piece of plastic the size of a quarter can cause a multimillion-dollar operation to screech to a halt, the importance of an effective, well-oiled supply chain becomes obvious.

Is your winery benefiting from tax incentive programs?

Tue, 01 Jul 2008 00:00:00 GMT

Running your own winery can be a dream come true for many wine lovers. The thought of enjoying the fruits of your labour at the end of the day, while gazing up at an immaculate sunset can be rewarding both personally and professionally.

How to harvest your company's R&D potential

Tue, 01 Jul 2008 00:00:00 GMT

The Scientific Research and Experimental Development (SR&ED) program is a federal tax incentive program available to all Canadian taxpayers. This program allows even emerging wineries and growers to make R&D a regular part of their business operations.

Managing Your Winery - Does Your Cash Flow Like Your Wine?

Mon, 12 May 2008 00:00:00 GMT

A quick check of the number of new winery licences issued in B.C. over the last couple of years tells us there are many new or fledging winery operations.

Environmental Legislation Leads to a Unique New Industry

Thu, 01 May 2008 00:00:00 GMT

Worldwide pressure to reduce greenhouse gas emissions is leading to more than an environmentally conscious public; it’s also contributing to a plethora of new industries. One of the fastest growing is the global trade in carbon credits.

How to Shape Your Future With a Community Scorecard

Thu, 01 May 2008 00:00:00 GMT

A community scorecard is an effective benchmarking and measurement tool that can help First Nations and other communities establish where they are now and where they would like to be five, ten, or even 25 years down the road.

Fraud ER: Do you have a plan for corporate fraud?

Thu, 01 May 2008 00:00:00 GMT

Having disaster insurance and an evacuation plan in case of fire is standard in today’s workplace. But how many of us have a plan for dealing with a threat that can be just as devastating - corporate fraud?

Home Grown: What you Need to Know to Start Your Own Winery

Tue, 01 Apr 2008 00:00:00 GMT

While aspiring entrepreneurs continue to open their own wineries, there’s more to opening a new business than deciding whether to grow organically. Besides figuring out your licensing requirements, you need to know which taxes and duties to pay - and what recording and reporting you are responsible for.

Is your agri-tourism plan as good as your wine?

Mon, 03 Mar 2008 00:00:00 GMT

With the increase in agri-tourism, more and more customers expect your winery to offer additional attractions. These ventures are also an important component of your wine’s brand recognition, as they will help differentiate your winery and generate more profits.

Fraud Prevention Through Internal Controls

Fri, 01 Feb 2008 00:00:00 GMT

A growing number of Aboriginal communities are establishing businesses to take advantage of opportunities for economic development. But any business can fall victim to fraud or other forms of economic crime, such as management conflict of interest or corruption, if the proper internal control environment is not in place.

One size does not fit all

Fri, 01 Feb 2008 00:00:00 GMT

One size, or set of reporting standards, used to be appropriate for all business entities. This requirement is changing in Canada, the United States and internationally.

Seeing the forest through the trees: Planning for regrowth

Fri, 01 Feb 2008 00:00:00 GMT

In the past few years, the winds of change have been blowing hard through Western Canada’s forests – and more than just leaves are being rustled. An industry that used to hum along comfortably is being hit by a myriad of issues, including chronic labour shortages, housing start slow-downs in the U.S. and the spread of pine beetle infestations.

Are you selling an incorporated business?

Fri, 01 Feb 2008 00:00:00 GMT

There are two ways to sell (or buy) a profitable incorporated business, an asset sale and a share sale. Knowing which way is most advantageous to you can make a significant difference in the net proceeds to you if you are selling a business, or the net cost if you are buying one.

Innovation Motivation

Tue, 01 Jan 2008 00:00:00 GMT

Is your business one of the many that contributed to $13.2 billion in research and development (R&D) funding in Canada in 2006? If it is, how much of your R&D investment did you recover?

What's on your balance sheet?

Tue, 01 Jan 2008 00:00:00 GMT

As an owner-manager of a small- to medium-sized enterprise, you may have to re-examine how you prepare your financial statements this year. Don’t get caught in the gap; ask the right questions about your financial statements now.

Making the grade

Tue, 01 Jan 2008 00:00:00 GMT

From healthcare initiatives to our national defences, publicly funded programs have a huge impact on our communities - and can account for millions of tax dollars in funding.

From farm to fork: Committing to traceability and trackability systems

Mon, 03 Dec 2007 00:00:00 GMT

Recently Meyers Norris Penny conducted a “state of the industry” report aimed at evaluating traceability in the B.C. agri-food sector, including potential areas for improvement.

MNP’s Pacific Ag Show survey reveals plenty of optimism for 2007

Thu, 01 Nov 2007 00:00:00 GMT

The recent 2007 Pacific Agriculture Show provided a chance to gain revealing insight into which key issues are top-of-mind with B.C. producers. Meyers Norris Penny Chartered Accountants and Business Advisors helped gauge the pulse of producers through their second annual MNP Pacific Ag Show Survey.

Taking care of business: Home office deductions

Tue, 04 Sep 2007 00:00:00 GMT

One of the questions I get asked most frequently by small business owners is, “What home office costs can I deduct?” Canada Revenue Agency (CRA) has strict rules regarding the deductibility of home office costs.

Key tips for minimizing your business taxes: How to get the most out of Section 87 of the Indian Act

Wed, 01 Aug 2007 00:00:00 GMT

As a First Nations business owner, you operate under a unique set of tax guidelines: your income be subject to income tax unless you structure your business to minimize these taxes. That’s where Section 87 comes in.

Estate planning and taxes

Mon, 04 Jun 2007 00:00:00 GMT

It is a sad occasion when someone dies. Unfortunately, at this difficult emotional time those grieving must also deal with the difficult legal and financial issues of their loved one’s estate. Understanding the tax implications of death can help you plan for those you leave behind.

Marketing is everything!

Tue, 01 May 2007 00:00:00 GMT

Business history is filled with companies that had superior products but ultimately lost out to firms with poorer ones. One common denominator of a successful business is an effective marketing plan.

Measuring your way to success

Mon, 02 Apr 2007 00:00:00 GMT

Even the most profitable companies are always looking for ways to get better. When looking at a business, there are many ways to measure its success. A mistake that many make when measuring business performance is to focus solely on the bottom line.

Top ten steps to effective performance management

Thu, 15 Mar 2007 00:00:00 GMT

Behind every well-run business there are people and processes. Behind every struggling business there are people and processes. The very same components that make one company successful are also present in those that struggle to get by.

Managing Risk in Your Business

Thu, 01 Mar 2007 00:00:00 GMT

There is risk associated with every aspect of business, whether you are farming or in some other business. There is no possible way to eliminate all risk. Therefore, it is crucial that farmers manage the risks that are associated with their farms.

Managing in challenging times

Thu, 01 Feb 2007 00:00:00 GMT

Virtually everyone will agree that we are in challenging times. There are the obvious challenges, external to the farm itself, relating to drought, grasshoppers, BSE and the list goes on. Government programs, trade related issues and dollar exchange rates are a few more.

Keeping your lender happy

Mon, 01 Jan 2007 00:00:00 GMT

Successful businesses use a ‘team of advisors’ approach to managing their operations. Farms should be the same. One of the key team members, and particularly in agriculture where there is a significant amount of capital investment and leverage required, is the lender.

Biofuels: Western Canada’s answer to climate change, low commodity prices and rural revitalization?

Wed, 01 Nov 2006 00:00:00 GMT

Global warming, declining oil supplies, and a volatile Middle East. They’re disturbing problems that affect us all. While there are no easy answers, biofuels are emerging as a potential tool to help reduce these threats – and, in the case of Western Canada, help revitalize our rural communities along the way.

Integrity due diligence

Wed, 01 Nov 2006 00:00:00 GMT

You wouldn’t leave your children in the care of a stranger. You wouldn’t go away for a two-week vacation with your house left unlocked. But how well do you know the people and companies with whom you are doing business?

Appreciating your cattle’s depreciation in the BSE Reality

Sun, 01 Oct 2006 00:00:00 GMT

These days, it can be tough to be optimistic - but we owe it to ourselves to be realistic. This includes how we view our older cattle. Most of us wouldn’t compare these creatures to our old tractor, but if you stop to think about it, the two have a lot more in common than you might expect.

MNP Helps Enoch Cree with New $132 Million Casino Project

Thu, 01 Jun 2006 00:00:00 GMT

According to the Community Economic Development Centre at Simon Fraser University, the number of native entrepreneurs is growing at a rate more than double the national average. Meyers Norris Penny is playing a key role in helping many of those entrepreneurs get their businesses running.

Organic beef: swimming in the mainstream

Mon, 05 Dec 2005 00:00:00 GMT

In the ‘60s and ‘70s, the words, “organic food” conjured images of health-conscious hippies intent on saving the planet. Increasingly, organic is transforming its focus from “Love and Peace” for the few to “Eat a Piece” for the many; organic products are entering the mainstream, with 76% of Canadians purchasing organic food at some point.

What if we didn’t think about it as succession planning?

Tue, 01 Nov 2005 00:00:00 GMT

There is, and correctly so, quite an emphasis placed on the importance of getting your ‘succession’ plans in place. And there is a lot of discussion within the industry, trying to understand why more farmers are not actively working on this important issue within their farm businesses.

Using financial performance in setting business strategy

Mon, 03 Oct 2005 00:00:00 GMT

Businesses face real challenges in creating and sustaining profit. Notwithstanding the achievement of personal and family goals and the personal enjoyment of working in the business, management focus should be on increasing owner value.

Turning your vision into a business plan in the New BSE Reality

Thu, 01 Sep 2005 00:00:00 GMT

The new BSE reality has led many producers to consider diversifying their businesses by investing in beef packing plants and other ventures. If this includes you, getting the support you seek with outside investors will require a business plan that goes well beyond, “I know in my gut this is the right thing to do!”

Business management tools to keep you on track

Thu, 01 Sep 2005 00:00:00 GMT

Analyzing a business is clearly not restricted to the use of ratios. However, ratios are indeed very useful tools that can be used when analyzing the performance of a business.

The new BSE reality: Time for government to eat up!

Mon, 01 Aug 2005 00:00:00 GMT

Despite our best efforts, it appears the U.S. border will continue to remain closed to Canadian cattle for awhile. The New BSE Reality has shown us the only market we can truly rely on is the one we have right here at home.

What do increased property values mean to you?

Mon, 02 May 2005 00:00:00 GMT

The recent increase in property values has a lot of people talking. Everyone seems to have seen a home in their neighbourhood sell for far more than they would have imagined a year or two ago.

Mistakes to avoid in running your business

Fri, 29 Apr 2005 00:00:00 GMT

Most business decisions have tax consequences. One of the biggest mistakes a business owner can make is to not consider the tax impact of a decision before it is made.

Succession planning in the new BSE Reality

Wed, 02 Mar 2005 00:00:00 GMT

Pressures surrounding BSE’s impact have made it especially tough to convince the next generation to remain on the farm. To address these issues, and to help ensure a solid future, succession planning must be a key part of your comprehensive business plan.

What kind of financial reports do you need?

Tue, 01 Mar 2005 00:00:00 GMT

In recent years there have been significant changes in the accounting industry. In response to the Enron and Worldcom scandals, the rules, called Generally Accepted Accounting Principles (GAAP), that accountants must follow to provide assurance on a business’ financial statements have been significantly expanded.

The equity in your business

Tue, 15 Feb 2005 00:00:00 GMT

It is generally understood that there is a relationship between risk and return. Unfortunately, the relationship is not always positive because losses can occur. For a lot of farmers, 2004 was a very good example and with prices where they are, 2005 could be somewhat bleak as well.

Key questions to ask before investing in a packing plant

Fri, 11 Feb 2005 00:00:00 GMT

As a result of the New BSE Reality we are coming to terms with, some producers are considering investing in beef processing plants. Before making your decision, ensure “that light at the end of the tunnel isn’t just a bear holding a flashlight” by asking yourself some important questions.