Category: Bookkeeping
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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? (2025 Update)
Many Canadians own property or investments in the United States. Whether it’s a vacation home in Florida, shares in a U.S. company, or cash held in a U.S. brokerage account, these assets can create exposure to U.S. estate taxes when you pass away. The rules are somewhat complicated, but understanding them is essential for proper
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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.
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Your Wealth Management Process
The wealth management industry has become increasingly sophisticated when selling us financial services. They come up with “holistic solutions” to our financial “problems” and tap into our emotions in an effort convince us to pay them. The truth is, like most important things in life, there is no “quick fix” to managing our finances and