by Stevan Novoselac & John Sorensen
In our article, “The CRA is not a Bank – Director’s Liability in an Age of Economic Uncertainty”,1 we strongly warned corporate directors to make sure that source deductions, GST/HST, employee EI premiums and employee CPP contributions are remitted to the Crown and not used as operating funds, regardless of whether the corporation has cash flow problems. This is because a corporation’s failure to remit these amounts makes directors personally liable for the default, if:
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by Gary Adamson of Adamson Advisory
The universal measure of profitability in accounting firms is average income per partner. Another universal tool is the annual Rosenberg National MAP Survey. It’s a must-have for running your firm.
In the latest survey, Rosenberg identifies his “elite” firms, which are the 54 that had income per partner of more than $500,000. Not bad considering it is based on 2009 economic data—from the middle of the recession.
It’s interesting, if you dig into the data in the survey, you will find that these 54 aren’t just the biggest firms, although as Rosenberg puts it, bigger is better in terms of profitability. In fact, 24 of them are in the $2-$10 million fee range and three are sole proprietors.
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