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The Importance of Internal Controls for a Business

Question:

Why is it important for businesses to have internal controls in place?

Facts:

Internal controls provide protection against error and fraud as well as safeguard assets. In addition, with a good internal control system in place, businesses can effectively communicate expectations to employees which in turn improves overall performance, efficiency, and accountability.

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BC PST Rebate on Select Machinery and Equipment

Tax Question:

What is the B.C PST rebate on qualifying machinery and equipment?

Facts:

To help BC corporations with recovery from COVID-19, the provincial government has implemented a PST rebate on qualifying machinery and equipment. The PST paid on this equipment is eligible for a full rebate. Qualifying assets must have been purchased between September 17, 2020, and March 31, 2022.

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Lifetime Capital Gains Exemption

Tax Question:

How is the Lifetime Capital Gains Exemption used when selling a business?

Facts:

There are two methods to sell a business:

  1. An asset sale where you keep control of the shares of a company but sell the assets owned by the company including equipment, receivables, payables, inventory and goodwill.
  2. A share sale where you sell your shares in the company. All the assets and liabilities associated with the company go along with the shares. You retain nothing of the company.

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