Why many tech startups are cheering a broken Liberal campaign promise

On March 22, Prime Minister Trudeau’s Liberal government unveiled its first federal budget since capturing a parliamentary majority in the 2015 election. Among the components of the budget that have attracted attention in the press are the fiscal stimulus measures, infrastructure investments, and a deficit projection of close to $30 billion. But the budget is also notable because of something it does not contain: changes to the taxation of stock options.

In general, Canadians who are likelier to receive compensation in the form of stock options tend to be at the high end of the earnings scale. Large firms often reward their executives with stock options in lieu of salary, partly because stock option gains benefit from preferential tax treatment, and partly because ownership of claims on their own company’s stock provides a material incentive for corporate executives to optimize that stock’s performance.

The Liberals’ original proposal was to place a cap of $100,000 per year on gains from exercised stock options that can qualify for a tax deduction. (Under the current rules, only half of gains from cashing in stock options are subject to taxation, and there is no cap.)

Why didn’t the government follow through on its pledge? And what are some of the implications of this non-change?

Startup compensation a concern

“As I was out on pre-budget consultations I heard from many small firms and innovators that they use stock options as a legitimate form of compensation for their employees, so we decided not to put that in the budget,” said Finance Minister Bill Morneau. Indeed, startups typically do not enjoy the kind of cash flow that large, profitable, established firms generate. Thus, it is common for startups, particularly in the tech sector, to try to lure talent away from major players by offering stock options as compensation. This practice has allowed some startups to attract highly skilled personnel who might otherwise have accepted a more immediately lucrative position at a reputable, old-guard company.

The Liberals were not the only federal political party to float a proposal for altering the preferential tax treatment accorded stock options in the run-up to last year’s election. Thomas Mulcair’s New Democrats actually went a step further, advocating wholesale elimination of the special deduction. But tech entrepreneurs pushed back; Hootsuite Media founder Ryan Holmes even predicted that the NDP plan would “kill the Canadian startup ecosystem.”

At a time when Canada’s economy is experiencing lacklustre growth and job creation, many leading politicians understandably don’t want to be seen as undermining one of the country’s most vibrant growth industries. Moreover, the Liberals have marketed themselves as a party that plans to green the economy through technology and innovation; a policy change to the detriment of the tech startup sector would seem out of step with that brand image.

The downside: loss of federal revenue

Of course, incumbents in many industries would be delighted to receive special subsidies, protections, and preferential tax treatment, and can mount convincing arguments in their own favour. Every policy yields costs and benefits, and it’s the task of policymakers to weigh these in order to identify the most socially beneficial option.

Preferential treatment for stock options imposes a cost on Canadian taxpayers by undercutting the amount of revenue that makes its way into federal coffers. In turn, this compromises the government’s ability to offer public services and invest in infrastructural upgrades and innovation—all of which can lower the cost of doing business and boost productivity—without increasing the deficit. Even relatively conservative tax specialists, like Jack Mintz of the University of Calgary, have argued that the status quo around stock option taxation is inefficient, and unfairly favours employees who receive stock options as compensation.

Trudeau and Morneau broke their promise because they have calculated that the status quo delivers more benefits for startups than costs for Canadians who don’t hold stock options. For now at least, a lot of tech startups will breathe a sigh of relief.

Could a Basic Income Guarantee Be Good For Business?

The basic income guarantee (BIG)—sometimes called a basic minimum income, or negative income tax—is hardly a new idea, but it is currently in vogue. National governments in Switzerland and Finland, and the provincial administration in Quebec, are all considering proposals for a minimum income. Most recently, Canada’s federal government invited one of the country’s foremost experts on the subject to discuss it at a pre-budget hearing in Ottawa.

The BIG is one of those rare policy tools that has garnered support from thinkers, activists, and policymakers all across the ideological spectrum—from the late American neoliberal economist Milton Friedman, to Canadian former Conservative senator Hugh Segal, to the centre-right coalition in Finland, to typically centre-left Green parties, feminists, self-identified progressives, even socialists.

Naturally, many people worry about the potential work disincentive, but past studies—including the Mincome experiment in Dauphin, Manitoba in the 1970s—suggest that this disincentive is not as powerful as one might expect, and may be partially offset by human capital gains. (For example, employees might take time to upgrade their skills rather than work menial jobs to make ends meet; new parents might stay home to look after their young children rather than rush off to work.) If designed effectively, a BIG could have beneficial effects on the labour market, the private sector, the overall education level of society, and public health.

It could afford numerous benefits to businesses and aspiring entrepreneurs in particular.

•  Education, skills, and innovation: By providing time for recipients to upgrade their education and cultivate new skills, a BIG could promote both a more dextrous workforce and a better educated society. Visionary individuals would also enjoy more freedom to experiment and hours to invest in long-term projects.

Think of tech pioneers who have spent countless hours tinkering in their garages, refining the latest game-changing breakthrough. A BIG could encourage time-intensive innovation and research, and offer many more creative geniuses the opportunity to engage in it.

•  New commercial opportunities: Pro-business advocates of a BIG tend to emphasize its potential to reduce social program and public health costs, while streamlining administration and bureaucracy. In turn, this could allow the private sector to offer services for which the state had previously assumed responsibility. Many existing businesses could look forward to growth in their customer base, since more people would have disposable income.

•  Easing of downturns: When economic recessions occur, poverty typically rises, and consumers at all income levels tend to cut back on their spending. Businesses watch their revenues drop due to a lack of customers. Managers respond by laying off employees, which exacerbates the problems of poverty and too few customers. A BIG could help to stabilize the situation by dulling the sharp edges of the business cycle, and mitigating various other social ills associated with hard times.

Of course, many practical questions and details warrant policymakers’ attention. How should we finance a BIG? For the purpose of determining who qualifies, how should we define the poverty line? Would it be appropriate to distribute the BIG differently based on cost of living, or could impecunious residents of inner-city Toronto, downtown Vancouver, Dawson City, Iqaluit, Halifax, and rural Quebec all expect an equal supplement? At what age should individuals become eligible? What about new immigrants and asylum seekers? What about people with serious physical disabilities versus those with able bodies—should they receive different income supplements?

Nonetheless, encouraging results from past trials indicate that the BIG is worthy of the serious consideration some governments are giving it.

Things to Consider When Incorporating Your Business

Incorporating your business in Canada can provide you with a level of protection in terms of liability. It can also show potential investors that you're serious about handling your business in a professional manner. Before you enter into the incorporation process there are many factors you'll want to consider. 

Will I be able to conduct business throughout the country?

If you make your company a federally incorporated company then you'll be able to conduct business across all of Canada. On the other hand, a corporation who files under OBCA is restricted to doing business in Ontario exclusively, unless it obtains additional licenses. Understand that choosing between a provincial or federal incorporation would depend on the type of business that you run and your vision for the future.

What are all the filing requirements?

As a corporation you'll have to follow the laws of "general application, requiring registration, returns and/or fees" as they apply to each particular province. These requirements are all contained in the CBCA provisions. Additionally, any time there is a change in your corporation you'll need to make necessary filings. There are other restrictions under the Business Names Act which pertains to the name you can select for your company.  

Where can I hold my board of director's meetings?

If you are a federal corporation you can hold those meetings anywhere in Canada. With a provincial corporation those meetings must be held within your province. These requirements should be spelled out in the filing papers.

Filing for incorporation will require you to look ahead to the future of your business. It might seem less costly to do the minimum amount of legal work for a "simple" incorporation application. That approach could come back to haunt you when your business takes off and you look to expand throughout the country. There will be a lot of effort going into your incorporation filing. Make sure you explore all your options to ensure the greater potential for success. In other words, cover all the bases ahead of time and you'll come out on top! 

For more information on incorporation and to place an order to have our experienced paralegals draft  articles of incorporation on your behalf, please visit our website at www.CorporationCentre.ca.

Marketing to Kids in Canada: Things to Watch Out For

Many parents think that when it comes to television advertising aimed at children it’s like the “Wild West” where anything goes. In actuality, there are some very strict guidelines to follow with regard to marketing to kids in Canada. The first consideration is to classify what is meant by children’s advertising. These would be commercials that are packaged before, during or right after any type of children’s programming. In this case, “children” are defined as anyone under the age of 12.

The Canadian Association of Broadcasters established a Broadcast Code for Advertising to Children in 1971. The following are a list of the highlights of this code that the advertisements must adhere to. A commercial for children should:

·         Use age-appropriate language that is accessible to the target audience. 

·         Refrain from any type of content that could inspire children to harm themselves such as wild stunts.

·         Collect only the minimal amount of personal information for a contest that would allow a child to participate in that activity.

·         Restrict the advertiser from dealing with anyone other than the parent or guardian of a child who wins a contest.

·         Require that a child must get their parent or guardian’s permission before handing over any type of personal information.

·         Refrain from using any of the personal information gathered in a contest to advertise products that aren’t age appropriate for children under 12.

·         Refrain from collecting any date from the children about their family’s financial status.

·         Keep third parties out of the equation when it comes to this personal information.

Self Regulation

For the most part, companies are permitted to self regulate their advertising practices. However, when it comes to children’s advertising those ads must be submitted to the CAB for approval before going on the air. Even with those approvals, parents still retain the right to complain about a company’s advertising practices. These complaints would be submitted to the Canadian Code of Advertising Standards. On the average the ASC receives about 1,200 complaints a year for general advertising but only received one complaint for a child-directed commercial. This is an indication that companies who do advertise for children take that role very seriously.

Factual Presentation

In terms of the actual presentation of a product, advertisers must adhere to certain factual considerations such as:

·         Any representation of a product cannot exaggerate its function in terms of speed, color, durability etc.

·         The size of the actual product needs to be established.

·         The words “new” or “introducing” can only be used in context with that ad for up to a year.

Finally, marketing to children can’t involve direct pressure to purchase or use a product. They also can’t encourage kids to tell their parents to “Buy me this!” The general rule of thumb to apply would be what would you want your kids to see in a commercial?

Federal vs. Provincial Incorporation

 What's the ideal structure for your new company?

There are two types of incorporation available for new businesses in Canada;

1)      provincial incorporation

2)      and federal incorporation

The difference between the two types of incorporation lies in whether you want to do business locally or nationally. With a federal incorporation, you will have better protection of your brand and the ability to do business all across Canada even though there may be a business with the same name in a province.

 

With provincial incorporation, you can only operate in the province that you’ve incorporated in. This means that your brand is not protected outside of your province. This does not restrict you from doing business with companies in other provinces, however, you won’t be able to protect your name outside of your province or territory.

There are a couple of downsides to federal incorporation though.

 

·         First, federal incorporation involves more paperwork to be filed every year as required by the Canadian Government and also provincial filings in the province that you’re registered in.

 

·         Secondly, federal incorporation costs more. The fee for filing federal Articles of Incorporation is $200, as well as the additional fees from name search reports and registering your company in province.  Also, the ongoing paperwork each year will cost you more than maintaining your provincial incorporation.

If you plan to be a small business - operating locally, it makes no sense to spend the money to do a federal incorporation. However, if you’re a business that has clients across the nation and even in other countries, it would be a good idea to do a federal incorporation.  If you’re an ecommerce business, where you don’t need a physical location to do business, you don’t need to be federally incorporated if you’re just operating from one province.  You can always be provincially incorporated now and then change to a federal incorporation later as your business grows.

Are Canadian Courts Adapting with New Technologies?

The cornerstone of any free society is a thriving court system which takes the approach to justice very seriously. For a court system to truly serve its constituents it has to keep up with the technology and the Canadian legal system is no exception.

Fortunately, the modern technological advances that have been woven into the Canadian courts have proven to not only be cost effective but also to serve the greater good.

I see you!

There is a practical aspect of adapting technology to court use and that has to do with geography. Beyond our vibrant urban cities, Canada is a vast land of abundant resources and environments. The current population stands at 30 million + but we are scattered all across the Canadian landscape. As such, it’s not uncommon for a judge to be issuing rulings 1,500 miles from the main courthouse. This is where video conferencing has made a huge difference in terms of expediting court cases.

With video conferencing, a judge can review, cross examine and make a ruling on an applicant who might be several miles away. By adapting video conferencing there is also a great reduction in the need for prisoner escort costs. In some cases, a video conference is a benefit when a hardened criminal can remain incarcerated without the chance of getting contraband passed to them outside the confines of the jail. This is definitely a case where swift justice can prevail.

Shuffling papers…

Another positive use of technology is with case management, especially the large amounts of paperwork to manage. New software and systems have been created that allow documents to be created, edited and stored virtually on secure servers. It allows court clerks instant access to case files and removes redundant data entry.

As with the video conferencing, upgrading to a case-management system for certain court documents is a cost saver not only on paper but also physical storage space. The caution is to insure that these documents are secure. Safeguards need to be put into place to make sure only designated court personnel would have access to these types of records. By the same token, these files have to be properly updated to insure that an innocent party has their record expunged.

Efficiency is the key

During the actual trial, technology can play a role when it comes to evidence presentation. A power point presentation is easy to compile and understand. It’s also helpful when it comes to reviewing that evidence if it is kept on a single file as opposed to scattered over dozens of charts and placards. Many courts have upgraded old transcript recording to new digital recording methods. Once again technology proves to streamline a process while reducing costs.

Clearly, the Canadian courts are putting technology to work. The question then becomes how dominant will that technology become and will there be safeguards to protect privacy?  Ironically, the answer to that will be decided by the courts.

The Top 10 Small Business Resources Online

Entrepreneurs can never have too many outlets to get questions answered, industry information and basic tips on all things business-related. That’s why we like to keep our blog up-to-date on information that can benefit you, the small business owner.

But there are tons more great resources out there to find all the information you need from just a click of the mouse. Below is a list of our top 10 favourite blogs and websites dedicated to the small business owner.

Canada Business Network

A Government of Canada blog dedicated to a wide range of business related topics, including insight into government programs, advancements, and events.

Young Entrepreneur

YE provides open forum for entrepreneurs, mentors and investors alike to ask questions, network, and create discussion while getting regular tips and information on the YE blog.

Canadian Federation of Independent Business

CFIB provides business owners support by lobbying on behalf of members on issues that affect Canadian business. Their website has a wealth of regularly updated information on current political issues and legislation as well as general information and tips to help your business grow.

Canadian Entrepreneur

Written by Rick Spence, a leading consultant on entrepreneurship and business growth in Canada, the Canadian Entrepreneur blog not only gives business owners great tips and ideas but also provides interesting anecdotes that make for a great read. He’s a regular contributor on the National Post blog as well.

How’s Business?

Staples is well known as the place to go for anything office related in Canada, but they also have a great business insights! The Staples blog has posts on a wide range of topics to appeal to business owners at any stage. The blog includes great recommendations on resources as well as highlighting successful Canadian entrepreneurs.

Small Business: Canada

Susan Ward’s “Small Business: Canada” section on the About.com website is a gold mine of information on any topic you can think of regarding Canadian business. Her posts are well written and easy to read, making even the most confusing concepts clear and understandable.

Small Business Trends

Though this is an American blog, there are many good tidbits of information on Small Business Trends that can apply to any business.  

The Daily Dose

Entrepreneur.com’s “The Daily Dose” provides excellent coverage of the latest information on all business related matters. It’s a great read to keep on top of current news and trends that may affect your business.

The Frugal Entrepreneur

Everybody wants to save a buck – especially small business owners! The Frugal Entrepreneur is dedicated to helping small business owners and entrepreneurs do just that. With cool tips and tricks to help you maximize your business on a minimized budget, this blog is a great read with great tips.

Canada One

Not only does CanadaOne.com provide business and event listing services, it also has a wealth of information for business owners. Get expert advice, business guides and book reviews all in one place and all dedicated to helping your business grow.

Do you have a go-to blog or website for small business information? Let us know in the comments!

 

What Happens if I Get Audited?!

It's certainly not a campfire horror story but many Canadians fear that they may be subjected to a tax audit. Is there basis to that fear?

The truth is that, for most personal tax returns, the chances of an audit are slim. The vast majority of Canadians, more than 90%, completes their tax returns accurately and files them on time. Of more than 26 million personal and corporate returns filed annually, the Canadian Revenue Agency (CRA) audits less than 2%. Most personal returns are accurate as the bulk of personal income is recorded on T4 slips. However, returns from small and medium sized businesses may be prone to error or may be fraudulent. As such, most CRA audits are directed at the business community.

This is not to say that you should assume that whatever you include in your personal return will slide through unnoticed. For example, if you live in a neighbourhood of stately, expensive homes, yet your income is barely above minimum wage, you may expect to be queried by the CRA as to other sources of income to support your lifestyle.

Should you be chosen for a tax audit, it is wrong to assume that the CRA is searching for criminal activity. A tax audit is conducted to ensure compliance with the Income Tax Act. An auditor may actually discover that you overpaid taxes and a refund is due. In any event, don't be confrontational. Cooperate with the tax auditor and make all your records available. It is possible that you made an honest error and you have the opportunity to discuss this with the auditor. The auditor is also well versed in tax issues and may be able to offer helpful advice in your tax matters.

Overall, be prepared. Keep careful records and don't discard them immediately after filing your return. If the tax auditor knocks at your door, be ready and be helpful.

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How to Master Canadian Taxes Before Next Year

If you compiled a list of Canada's greatest complexities, chances are very good that the Canadian Income Tax Act would command a respectable spot on that list. In recent years, it has expanded incredibly, becoming a quagmire of confusion to the average citizen. It is no wonder that more than half of all Canadians now secure professional help to prepare and file their tax returns.

Have you tried to hold a conversation with a tax preparer during tax season? It is limited to several words as most tax professionals literally work around the clock to prepare as many returns as possible. If you are one of the clients, appreciate that your expectations are linked directly to your level of cooperation. In other words, your accountant cannot use information, sometimes basic and crucial, if you don't supply it. Due to the tremendous workload and seasonal pressure, the accountant may not ask every question. Therefore, be prepared to supply certain information, along with your receipts and T4's or T5's.

The amount of tax you pay depends on a number of key facts that your accountant should know. Marital status and exact age are crucial as these affect possible tax credits or deductions. Your children, depending on their ages, create numerous tax credits and deductible expenses. Accuracy is essential; there is no room for approximation.

If you were employed at several jobs, be sure that each employer is listed in your return, even if you did not receive a T4. You are responsible for paying taxes on earned income and your accountant must be aware of every dollar that you earned.

If you own a business, compile a detailed list of every possible expense and revenue. Your accountant can decide which are not relevant, if any. Don't make assumptions by yourself; let the professional decide.

List all your financial holdings, including any overseas investments. With all the pertinent information available, your accountant can determine your tax liabilities. Similarly, don’t forget to list "non-employment" income such as rental income, capital gains from sale of property, etc.

Finally, don't forget medical expenses. Keep all your receipts for treatments, medications, insurance, etc. You paid dearly for your health and some of the expenses may return to you.

Spend some time researching tax credits and benefits. If you're not sure whether you are eligible, ask your accountant. It is better to err on the side of caution. It's easier to remove some numbers but much harder to add them if they were never included.

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How Can I Find a Good Accountant?

May 2010; the tax season is behind us for another year. If you are like almost half the Canadian population, you prepare your own taxes each year. But, as the Canadian tax code is growing increasingly more complex, a greater number of Canadians are seeking professional assistance from accountants in order to reduce the risk of paying unnecessary taxes.

Locating accountants is relatively easy. Finding the accountant suitable for your specific needs is far more difficult. Canada boasts three professional accounting bodies whose members are certified to serve the accounting needs of the nation. However, each organization has different standards and requirements for membership. Therefore, if you are shopping for an accountant, it's best to decide precisely what your needs are and interview prospective accountants carefully.

By far, Chartered Accountants (CA's) are the best trained accounting professionals. Only CA's can audit and sign financial statements. Roughly 40% of CA's in Canada work with the public, while the remainder is employed in the private sector, government, or education. Although advertisements for CA's will make many claims, it is wise to get several references.

In addition to CA's, Canada also has 37,000 Certified Management Accountants (CMA's). Generally, CMA's do not have private practices but, rather, work in large organizations, monitoring and interpreting operating results to help management develop operating strategies. Nonetheless, a CMA should have adequate training to help a small business or a self-employed individual with basic tax management and preparation.

Finally, Certified General Accountants (CGA's) offer a little something for everybody, working both in private practice as well as corporate or government settings.

Whomever you choose, your best bet is to ask friends and colleagues for recommendations. Also, take the time to interview at least three prospective candidates. Be sure that the chemistry is right between you. But, as much as possible, try to be your own accountant. A wealth of information is available online today. If you can't do it yourself, gather as much information as possible so you know what to request of your accountant. By learning to prepare your own taxes, you'll gain valuable insight into managing your everyday financial affairs.

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Canadian Tax Deductions to Keep in Mind

Get ready, Canada – April 30th is rapidly approaching. As most Canadians are aware, this auspicious date heralds the end of the tax season for the previous year. It is your last opportunity to make any adjustments to your taxable income and, hopefully, reduce the tax due.

Tax deductions exist within the legal system to allow a degree of parity amongst taxpayers and create a balance between earned income and the relevant taxes. However, as most accountants will point out, although the government will allow you legal deductions on your tax return, they will not contact you to point out possible deductions that you missed claiming. Therefore, research and consulting may be worth money in your pocket.

Here are a few sample deductions you may have missed:

Certain adult family members living at home can reduce your taxable income. If you have a relative over 18 with a physical or mental disability, and they live with you, you can deduct more than $4,000 of your taxable income for the expenses incurred for them.

Do you work from home in your rented apartment? If you have dedicated workspace at home, and work there at least 50% of your time, a portion of your rent and maintenance expenses may qualify as a tax deduction

If you are required to use your own car for business purposes, and do not receive a nontaxable allowance from your employer, you can deduct a portion of your auto expenses including lease payment, loan interest, maintenance, licence and repairs.

Who ever thought that your hobby may be tax deductible? If you earn some side income from your hobby and travel in order to do so, a portion of the travel expenses can be claimed against your taxable income.

A person who drives for a living can claim a portion of their food expenses while traveling. Similarly, when you travel for work, it is expected that you need lodging and showers. These, too, are deductible expenses.

If you are filing a simple return, it may not be necessary for you to incur the expense of a professional tax preparer. The Canada Revenue Agency maintains a highly informative website. On the other hand, if you feel you may be missing something, consult with a professional. After all, as honest hardworking Canadians, we all pay our taxes. But, we wouldn't mind paying just a little less.

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Tips for MBA's Seeking Work in Canada

It's not easy. There's a lot of competition out there, and every unemployed MBA, whether recent or not, is looking for a job. What's the best job search strategy?

Recruiters and career experts offer the same advice to job seekers. Analyze your strengths and focus on your interests. Being an all-around expert in everything will work against you. Have a clear-cut idea of how to best sell yourself. Also, while you're still in school, start making connections. Long before graduation is the time to start developing your network of contacts. Let the business world know who you are and what it can expect down the pipeline. You want business to be waiting for you.

Don't be overly picky. As small, temporary jobs and internships come your way, take them. Each job affords you additional experience and contacts, both of which are vital down the road.

Another avenue to follow is temporary contracts. With a growing number of entrepreneurs starting businesses in Canada, many are seeking business consultants to help them in their start-up ventures. However, while ideas abound, money doesn't. Many cannot afford to hire "top" consulting firms and would rather pay less for younger talent. While these contracts will rarely offer job security to a young MBA graduate, it will help establish credentials and afford opportunities to gain vital hands-on experience.

Current MBA graduates should be aware that patience would have its rewards. A large segment of today's senior management is at the front end of the baby boom generation. Many will be retiring over the next decade, making way for the next generation to make its mark on the business world. Therefore, the time is right for "the next generation" to gather experience and be ready and waiting for the opportunities that are just around the corner.

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Corporation Minute Books - Do I need one when Incorporating?

As a lawyer dealing with small business owners that are starting-up a business on a shoe string budget - Do I really need to have a corporate minute book?

The answer is simple: yes - it is required by law; and no it does not have to be a binder.

Most Canadian laws do not specifically mention a “minute book” but rather of keeping records of specific kinds of information. Most jurisdictions in Canada require corporations, and therefore its directors, to keep records containing the articles and by-laws and any amendments, minutes of meetings and resolutions of shareholders and directors, copies of all notices of change of directors, and securities registers.

Accordingly, it is legally required to maintain these records and information in one place. These records are kept in a “Minute Book” which has the properly named sections and tabs of the records required to keep. Moreover, the maintenance and keeping up to date of the minute book ensures easy access to the desired information especially if there have been many changes over the years. As you grow your business more documents will be inserted in same.