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Beware – Could Your Business Be Classified as a Personal Services Corporation?

June 7th, 2013

BEWARE – COULD YOUR BUSINESS BE CLASSIFIED AS A PERSONAL SERVICES CORPORATION?

For small incorporated companies, if deemed by the Canada Revenue Agency to be personal services corporations (PSC), the implications are potentially serious and costly.

As of October 2012, CRA has become more aggressive at identifying and penalizing companies that can be categorized as a personal service corporation – also known as a personal services business (PSB). IT contractors in particular should be aware of this move by CRA which has put focus on the technology industry in cracking down on PSCs.

If classified as a PSC, the Federal Small Business deduction on the first $500,000 of income is denied, as are most typically-deductible expenses. This translates into an exceptionally-high tax rate for the PSC.

CRA uses a number of factors to determine whether a business falls under the category of PSC, including:

  • Number of Employees (less than 5 is considered a PSC)
  • Number of Clients the Company Has
  • How Much Control the Company Has Over the Work Being Done
  • Who Owns the Tools for the Work Being Done
  • Whether There is a Chance for Profit or Risk of Loss
  • The Degree of Integration Between Contractor and Company

READ THE FULL ARTICLE FROM ABOUT.COM SMALL BUSINESS >>


Posted by: nalh
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Business Intelligence Reports Present Financial Analysis in Plain Language

June 5th, 2013

Business IntelligenceOnce your accounting system is streamlined, you can use the information it provides to help your company grow. But, how do accounting figures translate into meaningful information?

For advanced insight into your business, NALH offers Business Intelligence Reports which allow us to convert your company’s financial data into a plain-language, narrative report.

Our Business Intelligence system calculates key financial ratios, displays real-time industry averages and scores your company’s performance against similar businesses using industry comparisons. Business Intelligence Reports provide crucial information that helps you make informed decisions for your company.

CLICK HERE TO VIEW A SAMPLE BUSINESS INTELLIGENCE REPORT >>


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Featured Client: Interdependent Training Group

June 3rd, 2013

The Interdependent Training Group (ITG) in Vancouver, BC has worked directly with the owners of over 150 businesses for the past 13 years. ITG offers training assistance to corporations in the areas of leading-edge management techniques and skillsets geared for the new millennium business.

Kevin has offered his unique training and facilitating skills in the areas of management to well-known corporations throughout the U.S. and Canada, including Clarica, DANKA Corp, and United Technologies. Kevin’s passion has always been people and systems because when both are in sync the results are astounding.

LEARN MORE ABOUT ITG >>


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Even Non-Registrants Required to Self-Assess for PST

May 21st, 2013

calculatorIf should be noted that, even for companies which are not PST registrants, there are times when a business is required to self-assess for PST.

One example of a qualifying situation is when a business purchases an item that will be used in their course of business (not resold) and the item was purchased without paying PST. For example, when buying from a province such as Alberta or from another country where PST is not applicable, an amount equivalent to the PST normally levied by BC on the purchase must be calculated and remitted to the PST department.

This is known as self-assessing and the remittance would be made as a casual remitter. Such payments would be due the last day of the month immediately following the purchase.

CONTACT US WITH QUESTIONS ABOUT PST SELF-ASSESSMENT >>


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Featured Client: Paintball Gear Canada

May 9th, 2013

PaintballGear.ca is a family-owned and operated distributor of Paintball Gear. They opened their first store in 2003 and have since grown from a staff of 3 to a team of 13. Their warehouse and storefront are located in Coquitlam and they have recently opened a 2nd store, located in Richmond.

PaintballGear.ca is a leader in their industry for customer service, pricing, and reliable professionalism. They offer a 110% price-match guarantee, hassle-free returns for up to 365 days, and a lifetime service warranty on the goods they sell. They also offer free shipping on orders over $150 and if your order is in stock and placed before noon PST, they ship your order the same day. All orders are shipped directly from the warehouse in Coquitlam, so customers do not have deal with border delays or unexpected fees.

CLICK HERE TO VISIT THE PAINTBALL GEAR WEB SITE >>


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Book of the Month: How to Win Friends and Influence People

April 12th, 2013

How to Win Friends and Influence People This grandfather of all people-skills books was first published in 1937. It was an overnight hit, eventually selling 15 million copies. How to Win Friends and Influence People is just as useful today as it was when it was first published, because Dale Carnegie’s understanding of human nature will never be outdated.

Financial success, Carnegie believed, is due 15 percent to professional knowledge and 85 percent to “the ability to express ideas, to assume leadership, and to arouse enthusiasm among people.” He teaches these skills through underlying principles of dealing with people so that they feel important and appreciated.

He also emphasizes fundamental techniques for handling people without making them feel manipulated. Carnegie says you can make someone want to do what you want them to by seeing the situation from the other person’s point of view and “arousing in the other person an eager want.” You learn how to make people like you, win people over to your way of thinking, and change people without causing offense or arousing resentment. For instance, “let the other person feel that the idea is his or hers,” and “talk about your own mistakes before criticizing the other person.” Carnegie illustrates his points with anecdotes of historical figures, leaders of the business world, and everyday folks.

PURCHASE FROM AMAZON.CA >>


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Feature iPhone App: Dale Carnegie Training

April 10th, 2013

Download the Dale Carnegie Training Apps from the App StoreTake the opportunity to learn on the go with four apps from Dale Carnegie Training. Dale Carnegie Training’s Apps make individuals more effective in the workplace. The apps cover topics such as leadership, management, and communication. They feature time-tested tips, videos, and interactive tools.

At $0.99 each, these apps are a bargain and will provide you with valuable lessons that will help you be more effective in business and in life. The current offerings include Personal Leadership, Team Leadership and Company Leadership, along with Secrets of Success, which is also available in Arabic, Portuguese and Spanish.

CLICK HERE TO DOWNLOAD THE DALE CARNEGIE TRAINING APPS >>


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Analyze Your Business’ Finances with Ratio Calculators

April 8th, 2013

Ratios are a good way to evaluate the performance of your business and identify potential problems. Each ratio informs you about factors such as the earning power, solvency, efficiency, and debt load of your business. They are used to measure the relationship between 2 or more components of the financial statements and have greater meaning when the results are compared to industry standards for businesses of similar size and activity.  Find out more about financial analysis using ratios.

LEARN MORE FROM THE BDC WEB SITE >>


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Featured Client: Dale Carnegie Training of BC

April 5th, 2013

Dale Carnegie Training has evolved from one man’s belief in the power of self-improvement to a performance-based training company with offices worldwide. We focus on giving people in business the opportunity to sharpen their skills and improve their performance in order to build positive, steady, and profitable results.

Companies all over the world have turned to Dale Carnegie Training to improve the performance of their employees with emphasis on leadership, sales, team building and interpersonal relations, customer service, public speaking, and other essential management skills.

Dale Carnegie Training offers courses, workshops, seminars and online training tailored to the specific needs of corporations, government agencies, individuals and teams.

LEARN MORE ABOUT DALE CARNEGIE TRAINING OF BC >>


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Featured iPhone App: Trip Cubby

April 3rd, 2013

Download the Trip Cubby iPhone App from the iTunes App StoreTrip Cubby is a polished, full-featured app that is essential for anyone who needs to track mileage for tax deduction or reimbursement.

Many people struggle to keep up with a paper travel log and Trip Cubby takes the time and tedium out of this money-saving process. Trip Cubby is designed to be fast and easy to use. With predictive input, auto-entry, auto-calculation, and quick access to frequent trips, Trip Cubby does the hard work for you. A few quick taps will create useful data ready to search, sort, and generate email reports.

Trip Cubby also allows you to enter any expenses related to a trip, such as parking fees or tolls. While the app is also available in a free version, at a price
of $2.99, this app is a bargain and will pay for itself
on your first trip.

DOWNLOAD FROM THE APP STORE >>


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Book of the Month: Power of the Best – Innovative Strategies from Canada’s Best-Managed Companies

April 1st, 2013

Power of the Best: Innovative Strategies from Canada's Best-Managed CompaniesCanada’s most successful private companies invite readers behind the closed doors of winning enterprises to share critical lessons in achieving business excellence.

In Power of the Best, Peter Brown and John Hughes delve into the key themes that are essential to business success, illustrated by front-line examples from owners and executives of Canada’s Best Managed Companies, including the following well-known companies from a wide array of industries, including: Deeley Harley-Davidson Canada, GoodLife Fitness, McCain Foods, Running Room, SiriusXM Canada.

Brown and Hughes discuss how these leading companies have excelled in the Canadian and global marketplace. Their management teams lead the way in technology, sustainability, branding & marketing, mergers & acquisitions, funding growth, succession planning, leadership, globalization, attracting & retaining talent, and in productivity. Throughout this book, senior business executives explain in their own words how these issues are being addressed and leveraged to their advantage, providing insights not only into their own businesses but also into the strategies that entrepreneurs and executives in enterprises large and small need to master, regardless of their specific product or service.

PURCHASE FROM AMAZON.CA >>


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Featured Iphone App: Grant Thornton Tax Planning Guide

March 30th, 2013

app_taxplanningguideThe Tax Planning Guide is an up-to-date tax reference tool featuring the latest personal income tax developments. No matter where you live in Canada, the Tax Planning Guide will give you accurate information about personal income and corporate taxation. Whether you need assistance for tax planning or calculating your income tax for the upcoming year based on your RRSP contributions or other tax information, the Tax Planning Guide provides simple tools that can help.

Using the latest information about individual income and corporate taxation, the app’s tax calculator will help you estimate your individual income tax according to where you live. Though it cannot replace expert advice, this easy-to-use tool will help you plan your finances by providing an overview of the results through a tax scenario feature that allows you to adjust the main tax settings to maximize calculation accuracy.

DOWNLOAD FROM THE APP STORE >>


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Annual Reports Must Be Filed to Keep Companies in Good Standing

March 29th, 2013

All incorporated companies in British Columbia are required to file an Annual Report with the BC Corporate Registry each year to maintain good standing. The purpose of filing an annual report is to remind the company to promptly file any changes to the information shown in the Corporate Register. It also lets the Corporate Registry know that the company is still active.

Annual report filing only takes a few minutes and can be done online with payment by credit card, so it’s quick and easy to do. Failing to file an annual report for two consecutive years can result in the dissolution of a company by the registrar – a serious consequence for an active business.

LEARN MORE FROM THE BC REGISTRY SERVICES WEB SITE >>


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Featured Client: Dazzling Gourmet Gifts

March 27th, 2013

FEATURED CLIENT: DAZZLING GOURMET GIFTS

Dazzling Gourmet - Hand-crafted elegant serving utensils - Vancouver, BCIn our studio at Dazzling Gourmet, we create and produce hand-crafted designs for serving utensils. Our focus is on producing products that are both functional and elegant. Our designs are unique in that they are perfect for everyday entertaining and also make beautiful gifts for that special occasion.

We offer a wide range of items: jam and honey spoons, salad servers, tea strainers, coffee scoops, cheese knives, barbeque skewers, book clips, letter openers, glass wine trays and many more. As well, we also produce a line of high-quality Canadiana-inspired items which make wonderful souvenirs.

Our products are wholesaled to gifts shops, hotels, kitchen accessories stores, tourist centres and other retailers throughout Canada. We also offer custom packaging to meet a client’s specific needs.

LEARN MORE ABOUT DAZZLING GOURMET GIFTS >>


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Featured iPhone App: OfficeDrop

March 25th, 2013

Office DropWith OfficeDrop’s mobile scanner technology, you can snap a picture, autocrop & rotate, send it directly from your phone in OfficeDrop – perfect for immediately capturing receipts, notes scribbled on napkins, meeting notes and more when you’re on-the-go! Convert paper into multi-page PDFs that you can search from anywhere, anytime, and then access them thru your phone, computer or iPad whenever you need them.

Manage your information with the iPhone & iPad app backed by OfficeDrop, the award winning digital filing system goes beyond storage and gives you searchable storage.

You can also sync files to and from your Windows PC using OfficeDrop’s free Windows sync client; automatically uploads any file in any folder to the cloud for mobile searching & sharing.

DOWNLOAD FROM THE APP STORE >>


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NALH Business Solutions Ltd.
#112 - 8988 Fraserton Court
Burnaby, BC V5J 5H8
(604) 412-3885

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