Top 10 Articles of 2023
Explore how fraud, tax incentives, cybersecurity laws, and new workplace norms can affect your business. As the end of 2023 approaches, we are excited to showcase this year's 10 top-performing articles and trending subjects that resonated with our audiences. We explored a broad spectrum of topics ranging from cybersecurity laws, fraud, corporate tax, and future of work predictions amongst others. This compilation of articles explores ways to protect your business, help accelerate growth, and provide new solutions to new and persistent problems.?
In your journey of building a successful business, you may have initially reinvested profits rather than paying yourself. Now, as your business matures, you're considering ways to withdraw profits efficiently. When managing taxes effectively, it is crucial to factor in personal and corporate tax rates, cash needs, and tax attributes. Read our full article to learn six strategies you can use to withdraw money from your business in a tax-efficient way.
We understand the pivotal role of quality as both a core value and a driving force in our pursuit of excellence. With our commitment to quality and innovation as the foundation of our business, we can prioritize our quality audits and position ourselves as an industry leader. This year's Audit Quality Report provides fresh insights into how we are elevating our commitment through strategic focus areas, including a persistent culture of quality across our firm, talent and culture, client-centricity (markets and industry), and innovation and change.
In November of 2022 the Department of Finance released new proposed changes to the Excessive Interest and Financing Expenses (EIFEL) rules based on feedback and consultations from various stakeholders. Originally presented in the 2021 Canadian Federal Budget and officially introduced in February 2022, the rules are aimed at reducing the tax benefits of excess interest and financing expenses from multinational corporations, cross-border investments, and other Canadian public and private enterprises. Learn more about the new proposed changes with our insightful breakdown of each proposal.?
4. ASPE vs. IFRS (vs. U.S. GAAP): Choosing accounting standards
Canadian companies have more flexibility than they realize when choosing accounting standards that best suit their business’s core strategy. The options are Accounting Standards for Private Enterprises (ASPE), International Financial Reporting Standards (IFRS), and Generally Accepted Accounting Principles (U.S. GAAP), each suited to specific situations. Many companies overlook aligning their accounting framework with their business needs and future plans. However, the right choice goes beyond compliance. It impacts how investors, buyers, and lenders engage with your company, propelling it forward. Dive into each standard and explore comparisons and recommendations that are compatible with your business.
Rushing to complete your T4s with the risk of late penalties is a stressful experience. The secret to a stress-free, on-time preparation and delivery of your T4s is to ensure all the necessary information is well-organized and ready in advance. Explore our simple list of reminders to help alleviate the stress of filing.?
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In recent years, Canada has faced a rising tide of cyber threats targeting critical infrastructure, businesses, and individuals. Geopolitical tensions have also heightened government-driven cyber operations, posing a greater threat to Canada's security, economy, and public safety. Introduced in 2022, Bill C-26 is an Act Respecting Cyber Security designed to enhance cybersecurity in critical sectors, better manage cyber risks in federally regulated areas, and provide the Canadian government with more legislative power to address cyber threats effectively. Learn more about the contents of Bill C-26 and how it affects you as a Canadian.?
In recent years, Canada has seen a growing concern for information privacy, leading to significant changes in handling personally identifiable information. Canada is currently updating its privacy laws at provincial and federal levels, aligning them with international standards and enhancing individuals' rights and protections. These updates are triggered by rapid technological advancements, outsourcing trends, rising cybersecurity threats, increasing cross-border data flows, and evolving international standards. This article explores what you need to know about how the federal and provincial governments are working to protect your personal data.
In 2022, we saw society adjust to the pandemic and gradually return to normalcy. Unfortunately, this worldwide crisis created opportunities for fraudsters. As our economy and society evolve, so will the fraud schemes, especially with predictions of an economic downturn. There are various motivations and factors that enable fraud. Learn how you can protect your business by understanding the top five fraud risks in 2023.
Workplace culture has evolved, empowering employees with flexible, technology-driven work environments that replace traditional offices. To stay competitive, businesses must adapt their workspaces to support this shift and align with the hybrid model. Our workplace survey we conducted in 2021 revealed that employees desire flexibility, collaborative office spaces, and a focus on health and safety. Learn more on why firms that align their strategies with the hybrid model will continue to thrive now and into the future.
Insurance transformation is a journey, and although adopting a new technology platform is a crucial initial phase, it's just one part of the equation for success. To fully realize the benefits of insurance transformation, there are common challenges to overcome between the "go live" phase to the "stabilization" phase. A successful transformation will have its challenges. From defining automation imperatives, achieving the target operating model, managing the degree of customization, and advancing data reporting and analytics. It is critical to take a step back and solve these issues within the broader context. Our article explores the different long-term solutions that will avoid downstream consequences for your business.
2024 insights
Looking ahead to 2024, there will be many different circumstances that will affect your business. Our team of diverse professionals is here to help. Whether you need help with your cybersecurity strategies, an experienced accountant for your payroll and tax questions, workplace culture consultants, or other professional services. We have you covered. Curious about other trending topics? Visit our website for more insights: https://www.bdo.ca/insights
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1 年Thank you for sharing.