James D. Peros C.A. C.P.A

Being in Control Comes With its Own Responsibilities Henri Fayol, a French mining engineer, published one of the first principles of management guidelines in 1914. One of the more memorable of these was this:   “Control of an undertaking consists of seeing that everything is being carried out in accordance with the plan which has been adopted, the orders which have been given, and the principles which have been laid down. Its object is to point out mistakes in order that they may be rectified and prevented from recurring.” By necessity, owner-managers are required to be in control of every aspect of their business, since they’re ultimately responsible — and potentially liable — for matters including: sales and receivables   purchases and payables banking and borrowing ensuring workplace and employee safety withholding and paying taxes collecting and remitting HST protecting data security and confidentiality addressing labour disputes co-ordinating a uni...

  Have You Planned for What Will Happen With Yours if You Die? If you own a TFSA you undoubtedly started it because of the ability to invest and earn dividend or interest income as well as make a capital gain without paying tax .  Unfortunately, similar to any investment vehicle, there may be complications in the event of the death of a taxpayer. Consider the following. Successor Holder If you have named a survivor who is your spouse or common-law partner as a successor holder then that individual acquires all the rights of the original holder and thus becomes the new account holder. With this scenario the TFSA does not terminate and thus there are no tax consequences to the new account holder. An additional benefit may accrue if the original holder has overcontributed before their demise and the new account holder has contribution room in their TFSA. Should this situation arise the overcontribution by the deceased can be absorbed by the new account holder th...

Electronic Signatures Owner-managers have adapted quickly to transferring funds electronically, paying invoices online and scanning and sending data to and fro.  When it comes to product delivery, contracts or agreements, many are still relying on hardcopy signatures or faxed copies of paperwork to finalize the deal or witness product or service transactions. This process can be time-consuming, with the need to attend your solicitor’s or client’s site, or to print and file shipping or receiving documents. Signing documents electronically is a great solution for saving time while ensuring they are legally binding. Two types of signatures are available that help make this process easier: a digital signature and an electronic signature. 1. Electronic signatures, as the name implies, require the signatory to sign the document which, in effect, has the same legal standing as a handwritten signature. 2. Digital signatures, on the other hand, utilize user-friendly, s...

Complacency Every owner-manager has experienced new employees enthusiastically jumping head-first into the task at hand — only to see that enthusiasm for their job morph into complacency over time.   Complacency on the job not only lessens the performance of an individual employee; it can also lead to accidents or legal issues if workers become used to the status quo and don’t recognize situations that fall outside the normal operational procedures. Managing complacency is an ongoing process. Can you recognize its symptoms? Social scientists have identified 10 common traits that suggest an individual is complacent at work: An individual may seem disengaged from their work. They may not show enthusiasm for new projects, consistently applying themselves just enough to fill the day until it’s time to pack up for home. An employee may stop coming up with new ideas or adding their ideas to the project or task at hand, and simply nod in agreement. It m...