A good looking set of financial statements of a business are a set of financial documents that provide a snapshot of a business’s financial position and performance at a certain point in time.
Calculating Financial Ratios in Your Financial Statements
Financial ratios are used to make comparisons between different financial aspects of a business’s performance. These ratios can be compared with the industry standard to seek areas of strength of a business and areas where there is room for improvement in comparison to its individual industry.
The perception of tax planning has often been misconceived as a simple choice between dividends and salary from an owner managed business. The decision should consider a number of variances – one such consideration being integration.
What Banks are Looking for in Your Financial Statements
A bank usually requires a set of financial statements to calculate the amount of credit that can be provided to a business or to evaluate solvency of a business to ensure the current credit provided will be paid back to the bank.
For many individual taxpayers, tax planning means organizing all of your paperwork at the end of the year and filing a tax return before the filing deadline.
Assessing whether or not corporations are related and associated is important as this can result in various tax consequences to consider such as how to share the small business deduction on the T2. The purpose of this memo is to highlight what these terms mean and how to assess if companies are associated /related.
With Covid-19, individual tax returns are now due September 30, 2020. This includes both filing the tax return, paying any tax due and paying any instalments that were due between March 18 and August 31, 2020.
