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In The News

THE PROFESSIONAL EDGE | Issue 2 | Spring 2018

The Professional Edge is a quarterly tax, business, and financial planning newsletter for the clients and associates of Wolrige Mahon.
See below for the list of articles featured in the spring 2018 issue of Wolrige Mahon’s The Professional Edge newsletter.

New 2018 CRA Allowances for Company-Use Vehicles

Owner-managers should discuss Canada Revenue Agency (CRA) changes to employee vehicle allowances with their CPAs before announcing any changes to company policy.
To keep up with rising costs of operating vehicles, Revenue Canada has increased the maximum tax-exempt car allowance deductible for employees to 55 cents per kilometre for the first 5,000 kilometres, and to 49 cents per kilometre for distances travelled in excess of 5,000 kilometres… Read more

For the Record

Good record keeping today can prevent CRA penalties tomorrow.  
We live in a digital world where everything is captured electronically in real time. Paper financial statements have become relics from the past; unfortunately, the requirement to produce evidence for the Canada Revenue Agency (CRA) for HST or income tax has not… Read more

Value Billing

What is the best way to price the job and bill your client?
When billing a client, it is common to set an hourly rate, multiply that by the number of hours worked on the file and bill the client accordingly. But technology is reducing the time to do many jobs while increasing the need for knowledge, training and experience. Whether “billable hours” continues to be right for your business of should you move to “valuable billing” is a question worth exploring… Read more

Training for the Future

New technology makes training easier and more effective.
Training is an essential part of building and maintaining any successful business. Technological advancements have increased the amount and types of knowledge required to perform a task. There is still a need for some traditional skills, but gone are the days when a new employee learned a fixed body of knowledge and applied that knowledge for their entire career… Read more

WM Service Spotlight: “I Just Need More Money”

What is a recurring theme that you hear in meeting with clients?
Jonathan McNair, a Partner in WM’s Insolvency & Restructuring Group, discusses a recurring theme he hears when meeting with clients and how a qualified, independent advisor can provide a fresh perspective and a complementary toolbox of skills to help businesses solve complex issues. Excerpt of his article below:

“We quite consistently are told ‘I just need more money’. Based on our experience, ‘needing more money’ is a symptom of some underlying cause. The reasons for requiring additional working capital are myriad. Some are positive while others can be indicative of serious underlying issues…” Read more