Posts By: Kelly Bird

2019 Federal Budget Commentary

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Finance Minister Bill Morneau released his fourth budget (the “Budget”) on March 19, 2019.  The Budget forecasts a deficit of $14.9 billion for the 2018-2019 fiscal year, but is expected to increase to approximately $20 billion for the next two fiscal years.  Canada’s current net debt to GDP ratio of roughly 28% remains the lowest ….

Relief Provided from GILTI tax for US Expatriates

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As part of the US tax reform in late 2017, US citizens who owned Canadian corporations which are CFCs were subject to a repatriation tax on an amount approximating the retained earnings of the corporation (i.e. commonly referred to as the Section 965 or transition tax) as well as a prospective tax on the earnings ….

Online cannabis retail: Is Ontario failing small businesses?

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The Alcohol and Gaming Commission of Ontario (AGCO) has recently announced that legal cannabis stores in the province will not be able to offer online retail services to their consumers[1]. In the Spring, the province is to see the first 25 retailers open their doors, and many more will likely follow suit once the province ….

SaaS entrepreneurs face unique accounting and tax challenges

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It’s been estimated that by 2020, 73%[1] of organizations will have transitioned at least 80% of their apps to SaaS solutions. In 2018, Gartner predicted a 23% spike in SaaS sales that would total a whopping $72 billion. Where in years past, experts debated about the eventual success of cloud-based solutions, we can easily say ….

How interest rate swapping can save you money

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At Zeifmans, we’ve spent decades working closely with small business owners as they set goals for the future, create strategies to achieve them, and develop the infrastructure to maintain that wealth over the long-term. We pride ourselves on being innovative, continually striving to think outside the box and deliver solutions that give our clients the ….

Zeifmans: A one-stop accounting firm

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Zeifmans is a full-service tax, accounting and consulting firm based in Toronto, Canada, ranked as one of Canada’s top 20 firms by revenue. Beyond the traditional offering, our services include business advisory, valuation, corporate finance, transaction services, corporate turnaround and insolvency, and estate and succession planning, supporting our 9,000+ clients through every step of the ….

Taxation of cannabis businesses in the US: the do’s and don’ts

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While a number of US states have legalized marijuana and cannabis based products for medical and/or recreational use, the US federal tax rules take a harsh perspective on the deductibility of certain expenses associated with the cannabis businesses. A number of cases ruled on in late 2018 have provided additional guidance.  We will discuss a ….

New cannabis products to create further opportunity in Canadian market

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Come October of this year, the Canadian recreational cannabis market can expect a flood of new products. And while the Canadian government has only released draft guidelines as of yet, it’s already clear that licensed producers will need to comply with a number of regulations when creating, packaging, and marketing their products. The edibles market ….

Top 3 challenges facing today’s tech entrepreneur

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If you’re a tech entrepreneur, you’re well aware of the “sink or swim” environment within which your company operates. The fact is that only 3% of startups make it into their 5th year[1], which translates into an important truth: the decisions you make during the first few years of your business have an enormous impact ….

How your business could immediately benefit from the SR&ED credit

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It’s a struggle most small businesses know all too well. You’ve experienced some success, but there’s another goal on the horizon that you want to stretch to meet. To reach that next level, you’ll need to refine your processes, polish your offering, and set your company up to deliver on a bigger stage. Even if ….