Category: Bookkeeping
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Managing Capital Calls: Best Practices for Family Offices
Family offices investing in private equity and venture capital must navigate the complexities of capital calls. From maintaining liquidity to ensuring accurate reporting, timely execution requires careful planning and strong operational processes. This guide covers key strategies to streamline capital call management for family offices with dedicated administrative support. Cash Management: Building Policies into Investment…
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Streamline An Accounting Practice: Family Office Partnerships
Most accountants know the best way to streamline an accounting practice is to successfully apply technology. But an often-overlooked aspect of streamlining an accounting practice is becoming more strategic about partnerships. So, this post will describe how working with a family office can help streamline an accounting practice and refocus on higher value clients. Managing…
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T3010 Compliance for Family Foundations: 2024
T3010 Compliance for Family Foundations is an important consideration. Our family office manages several family foundations. And, there are a few things in the T3010 for 2024 that have caught our attention. Before we begin, let’s put your financial knowledge to the test with our free financial literacy quiz! How do Impact Investments Affect T3010 Reporting? Impact…
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Consolidated Reporting Service: Streamlining Wealth Management
The benefits of organized, comprehensive, streamlined reporting cannot be overstated. Wealthy investors and charitable foundations require a bird’s eye view of their finances to make informed decisions and achieve their financial goals. That’s why our family office offers a meticulously designed Consolidated Reporting Service tailored for this sophisticated audience. Our service stands out by offering…
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Empowering Charities: Bookkeeping for Charitable Foundations
Bookkeeping for charitable foundations isn’t just a good practice—it’s pivotal. And thankfully, efficient bookkeeping for your charitable foundation can be easy. But for success, you need a partner who understands the specialized demands of charities to ensure your foundation maintains compliance. Before we begin, let’s put your financial knowledge to the test with our free financial…
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Seven Blind Spots your Private Foundation May Have
Our family office provides management & administrative services to private foundations. Over the years, we’ve realized many private foundations take certain responsibilities for granted. So, when an “unexpected” event occurs (like a CRA audit, death of a board member, change of tax rules) these private foundations scramble to adjust. The result is stress to the…
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Codify Your Legacy
Your financial legacy will be mostly measured by how successful your heirs steward your wealth, after you’re gone. That’s why you should work diligently during your lifetime to prepare them for success. This post describes three ways to codify your legacy to better prepare the next generation for the responsibility of wealth management. Documentation Matters…
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Keeping your Holding Company in good standing
Managing a holding company (“holdco”) successfully includes keeping accurate records and performing administrative tasks. Missing some details might mean your holdco fails to comply with tax laws. But also, failure to administer your holdco properly could mean you waste time in the future cleaning up messes or wasting time searching for information. This post describes…
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Am I exposed to US estate taxes?
Canadians might be surprised to learn they may be exposed to US estate taxes. This post describes the risks to Canadian investors and how they might protect themselves. US Estate Taxes When Canadians die owning US situated assets worth more than $60,000 USD, they are required to file a US estate return. Then, if your…
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Foreign Currency Cost Base Reporting
Unsurprisingly, the Canada Revenue Agency (CRA) demands taxes be paid in Canadian dollars. This is simple enough when you earn income in Canada, since you were likely paid in Canadian dollars anyway. Your Canadian based investments are also likely quoted in Canadian dollars, which makes reporting your investment income based in Canada simple as well.…