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Appreciate your comment, @chrismarion4385!

Hello and thank you for supporting our channel. You can apply ratios in your business to determine efficiency such as: • Inventory Turnover Ratio: This measures how efficiently a company manages its inventory by calculating how many times inventory is sold and replaced over a given period • Accounts Receivable Turnover Ratio: This assesses how efficiently a company collects revenue by measuring how many times it collects its average accounts receivable during a given period • Asset Turnover Ratio: This evaluates how efficiently a company uses its assets to generate revenue by dividing net sales by average total assets • Operating Efficiency Ratio: This shows how well a company uses its resources to produce revenue by comparing expenses (operating expenses + cost of goods sold) to net sales • Accounts Payable Turnover Ratio: This measures how efficiently a company pays its suppliers by calculating the number of times it pays off its creditors during an accounting period

Hello and thank you for your support! Here are my answers for you: 1. On importing you pay GST through Canada Customs to Canada, not the other country you are shipping from(in your case Pakistan). This will be on our brokerage and duties invoice. This should be broken out in your bookkeeping based on the invoice from the brokerage company. 2. There is GST on fuel which is typically broken out on the receipt. If there is no GST broken out then you may want to use a major gas station that breaks it out on their receipts I hope this helps!

Hello @ryanm7171, thank you for your comment. The CRA charges a penalty the first time you are late and when you are late more than once the penalty goes up the second time and on. The first time you file late they may have some leniency if you apply for penalty and interest but if you have been late more than once than it would be highly unlikely. Hope this helps!

@kdeducationalcorp.3044 Thanks for getting back to me. I usually file late, but this was the first time I had ever I paid late in over 30 years, and it was just one day. Even credit card companies give their customers grace once. Had I known, I would have waited the entire month before paying.

Hello @dianetownsend9813 and thank you for stopping by our channel. To answer your question, yes, penalties should explained on the (re) assessments but the interest is just on the statements as it’s the standard rate of interest. Hope this helps!

Hello @stephanluclarose and thank you for your question. If you have a GST number and you are selling goods or service that you charge GST on and your purchase from the supplier has GST on it then you can claim the ITC. Hope this helps.

Thank you for the feedback @BenjaminKpah

Thank you!!! Appreciate the positive feedback. :)

Hello @airajahmed! Thank you for your comment. These points related only to the Canadian system.

Hello @ericplatek6950! Thank you for your comment. You can send us an email at info@kdprofessional.ca

Hello @sirbuddyli! Thank you for your question. The answer is no. The GST ITCs do not go on the T2. The only thing showing on the T2 is the GST balance owing. Hope this helps!

Yes, according to the government, it is an agreement with both the employee and the employer as well as the government. Here is link for more info: www.canada.ca/en/employment-social-development/programs/ei/work-sharing.html I hope this helps. And thank you for your comment!

Thank you @jessebensen8009 for your comment. Good question. You can deduct GST you paid on any expense for the business. So if you paid GST on the 20% utilities then you would claim that GST ITC of what you actually deducted on your GST filings. Some things have GST and some don’t, for example Mortgage, insurance and property tax do not. Hope this helps!

Hello & thank you for your comment, @kemper2780. This depends on if you have partners or not. If you own 50% or less, there should be a hold co owning the op co, but if you are majority owner then it is best to have the trust own the op co and have the hold co or capital co a beneficiary of the trust.

Thank you,@FlaschDJ! That's a great point! Being prepared and organized with your record keeping will definitely help you feel more in control and will therefore help minimize stress.

Thank you, @todd.westra! Yes, 100% agree! How you manage your cashflow can make or break your business!

Hello @DivisionRunch, thank you for your comment! And yes, the trust can have a bank account and investments.

Thank you! We appreciate the feedback. :)

Thank you @todd.westra! Appreciate your feedback!

Hello! Sorry, can you please clarify your question as we did not mention Home Depot in the video. Thank you!

Hello and thank you for your comment. We are sorry to hear of your loss and your CRA experience on filing that final return. We hear you. CRA is being unfair about the whole thing. And agreed that CRA makes many mistakes. Regarding this CRA issue, we want to remind you that you can do any of the following to resolve it: 1. Appeal/Object to the assessment if they get one showing penalty www.canada.ca/en/revenue-agency/services/forms-publications/forms/t400a.html 2. If the appeal doesn’t work, then apply to Fairness to cancel the penalties and interest www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc4288.html 3. Submit a CRA complaint (optional) www.canada.ca/en/taxpayers-ombudsperson/services/submit-complaint.html Hope this helps and all the best to you!

@@kdeducationalcorp.3044 Thank you for the advice. Should I pay the entire amount, including penalties, then wait for them to refund it? Or, can I just pay the amount that is truly owed, and not the penalties and then it will settle itself when they review it? I was speaking to a CRA agent on the phone, and he advised me to not pay the penalty. But that seems sketchy to me.

@@steve8803 If you file an objection you don’t have to pay any amounts while it’s in objection. However if you end up having the objection denied, you will owe the same amount plus interest. If you do pay any amounts and the objection is allowed, they will pay you back what you paid plus interest. Hope this info helps you.

Hope things worked out for you @steve8803

They are hiring immigrants that cant even speak the language let alone understand the complexities of Canadas b.s. tax system and no I am not racist I just expect my country to take care of it's own first. Just like their countries would.

Thank you for the comment @Glow0110! Great idea! Will definitely look into doing this topic for our next videos.

@@kdeducationalcorp.3044 Thank you so much for the response and for considering it!

It’s always best to set up the trust and then the corporations. However if you don’t do it this way you can restructure to fix it later but it costs some legal fees. Hope this helps! Thank you!

Thank you for your feedback. Agreed that these are complex topics and we do recommend that business owners consult with their accountants and lawyers about this. We just wanted to provide some basic information and some awareness for business owners that this may be a good option for them - at least open up a conversation and have them dig in deeper and do their own due diligence if they are interested.

Hello John! Thank you for your comment. In the segment we were speaking about ,it’s the trust owning the holding company and the holding company owning the operating company. This is the standard for many structures but is not the only way to do things. Hope this helps! Thank you!

Hello and thank you for your questions. A Living will is type of trust so no you would not have a living will own a trust, however the power of attorney for the living will may also be the trustee of any other trusts. The trust can of course own shares of any corporations you choose. Hope this helps!

Hello Annie! Thank you for your questions. Apologies for the late response. You can check your GST filing period in any of the following ways: -Looking at prior GST return -Logging into CRA My Business Account -Calling the CRA at 1-800-959-5525 Hope this helps!

@@kdeducationalcorp.3044 TY :)

Hello Anthony! Thank you for your question. Both at the same time is preferrable if you already know you want the holding company. I hope this helps. Thanks again!

Yes, this is the basis of the structuring for what you are wanting to do. However, there are many nuances and options that would need to be discussed to ensure you get the structure the way you want it. If you’d like a free consultation with us just ask! Thank you!

Hello Deena, thank you for your comment. The answer to your question is that items on the balance sheet is not reflected in a PST audit. PST is only on amounts collected, not amounts paid so the main thing they are looking at is the income you collected and whether you collected and remitted the right amount of PST or not. This is different than GST or HST audits where they would look at everything since they are looking at amounts collected and amounts paid. I hope this helps! Thank you!

Hello & thank you for your question. And yes, you can purchase a company in bankruptcy in many cases. However, there are a lot of other considerations when doing this and you’d be working with the trustee of the bankruptcy. It may be better to just buy the assets of the company that are being sold through the receivership!

Hello Joshua! Thank you for your comment. Typically, this would be a family trust used in this instance.

@@kdeducationalcorp.3044 Thank you! I’ll look into how they function and steps to acquire.

@@JHalle02 Thank you, Joshua! All the best to you!

Thank you, Gabe! We'll work on some more videos on Hold Cos. Thanks again!

Hello and thank you for your comment. We looked into this and it is a U.S. concept, not Canadian, and will not be of much help. Sorry about that. From what we can gather, there is not a specific type of non profit that is needed to set one of these up. However it would be good to speak to a lawyer in the jurisdiction you are setting it up in.