August 2018 Newsletter: Tax Planning Considerations Related to Family Trusts

The past few years have seen a number of significant income tax changes for small businesses and their owners.  Taxpayers who own corporations should review their ownership structures to ensure that previous tax planning still makes sense in light of all of these significant changes. There are a number of important considerations to contemplate when reviewing your ownership structure which we have outlined in our newsletter. If you would like us to review your situation, please do not hesitate to contact our office. 

Click below to read more about these tax planning considerations in our August newsletter:

Another Great Cottage Party for the Books

Summer is in full swing at Hendry Warren and we are making the most of it! Leaving behind the hustle and bustle of the city, the team ventured into cottage country last Friday for some well-deserved rest & relaxation. We traded in our calculators for appetizers by the lake and had a blast enjoying great food, great friends and great fun.

Here We Grow Again!

We are pleased to announce that as of this week, Tobi Brienesse has joined the Hendry Warren family as the newest addition to our receptionist team.

 If you happen to stop by our office, Tobi will be one of the friendly faces that greets you.  She is looking forward to getting to know all of the HW team members and clients over the next few months!

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Another Great Event by GenNext Ottawa

This past Thursday, a few members of the Hendry Warren team got the chance to participate in GenNext Ottawa Rooftop Social: Mix and Mingle. They had a great time meeting other young professionals, all of whom are passionate about giving back to the community. Thank you GenNEXT for delivering a meaningful speech about youth mental health and for inspiring change. 

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Calling all Tax Professionals!

Calling all #TaxProfessionals! Our firm is growing, and we are looking for a dynamic individual to join our tax team.  This opportunity might be right for you if you’re looking for a new challenge, in a supportive environment, with a team that emphasizes collaboration, not competition.

But, hey, don’t take it from us! Let Andrew DuBroy, one of our tax team members, tell you a little about his experience at HW.

1.       Why did you choose to specialize in tax?

Tax is intellectually challenging and rewarding (it is not just mundane data entry; trust me!). The depth and breadth of tax means continuous learning and there is plenty of opportunity for advancement.

2.       What do you like most about working in tax?

For me, the best thing about tax is the feeling I get when I help people with their taxes; whether it be to save them some tax or to help them understand a concept. Navigating the complex rules of the Income Tax Act can be a daunting task, so being able to help people work within the rules to achieve the best possible outcome is a great feeling.

3.       Walk us through a typical day at HW. 

No two days are the same, but a “typical” day at Hendry Warren would involve working on a variety of projects, including preparing tax returns, doing tax research and compliance work, and tax estimates and planning. It’s not all work though – HW is involved in plenty of social and community outreach activities, such as softball and hockey teams, Run for the Cure, Movember, Christmas hamper packing and more. I love the fact that I work with a team of such vibrant young professionals, who, over the years, have become great friends.

Interested in joining Team HW? Email stephanie.smith@hwllp.ca to learn more!

CFE Season is Upon Us

It’s a busy time of year for our CPA students! This past Thursday, we said farewell and good luck to our September 2018 CFE writers in true Hendry Warren fashion by getting together for a Beer O’Clock before they left for study leave.

On Friday afternoon, we discovered that we had another great reason to celebrate – our other CPA students found out that they all passed one of their various CPA exams! As seen in the snapshot below, a few of our successful writers took advantage of our half-day Fridays to get together for a celebration at Local Lansdowne.

Meet Brock McDonald - Team Lead

A quote that really resonates with us is, “You don’t build a business; you build people and then people build the business.” Here at Hendry Warren, we are proud to say that many of our staff started as co-op students and recent graduates, and we have had the privilege of seeing them grow into successful CPAs. Last week, we sat down with one of our freshly-minted CPAs, Brock McDonald, to ask about his experience at HW.

Us: What is your favourite thing about the culture at Hendry Warren?

Brock: The family atmosphere is a major benefit of working at Hendry Warren. The culture is based on a foundation of teamwork; we support each other in our day-to-day work and enjoy the benefits of getting together for fun social events.  I have met so many great people, many of whom have quickly become lifelong friends.

Us: What is your favourite memory of working at Hendry Warren?

Brock: Picking only one memory is a challenge but, if I have to choose, I would say that my most memorable moment at HW is when I received my CPA designation. I had been working for over seven years and thanks to the support of the Firm and my colleagues, I finally achieved my goal!

Are you looking to join a supportive team and collaborative culture? Ask us how our team is growing!

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#TipsWithTodd - Business Bank Accounts

As the owner of a new small business, you will likely be responsible for everything from managing the day-to-day operations of your company to preparing the bookkeeping. When preparing your own bookkeeping, it is easy to get your personal and business finances muddled.

Todd's suggestion?

Setting up a separate bank account will help avoid a lot of confusion. Having a separate bank account and bank card will save you time and energy as you won’t have to sift through all your expenses to remove any personal purchases. Being able to easily identify which invoices/receipts are business-related will speed up the bookkeeping process which will leave you more time to focus on your business!

#business #finance #Ottawa

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Meet Candice Donovan - Administrative Assistant

A great employee is like a four leaf clover, hard to find but lucky to have.  We feel so lucky to have Candice Donovan on our administrative team that we decided to ask her - why us?

Us: What’s your favourite thing about the culture at Hendry Warren?

Candice: I love that HW is an inclusive environment. Everyone gets along and has fun together whether it’s a deadline push or a fun night out its always a positive environment.

Us: Could you please share what inspires you to be the best version of yourself?

Candice: It is easy to be the best version of myself when I work in an environment that appreciates and values me.

Us: How has working at Hendry Warren positively impacted your life outside of work?

Candice: I have gained self confidence through working at HW which has helped me be a better community contributor in everything I do, including but not limited to being a Scout Leader.

Us: Please share your favourite memory from working at Hendry Warren.

Candice: My favorite memory from working at Hendry Warren would be my first tax season. I loved the way everything and everyone came together and contributed to a common goal.

Thank you for all you do, Candice! 

Meet Susan Lu - Staff Accountant

Last week we asked Staff Accountant Susan Lu to share with us some special things about the Hendry Warren culture.

Us: Susan how would you describe your favourite thing about Hendry Warren?

Susan: The team is very encouraging of its employees to interact with each other, be it work or fun related! It's been valuable getting to know the other members of the firm as they've already helped me learn so much!

Us: What's your favourite memory from working at Hendry Warren so far?

Susan: One of my favourite memories has been our staff barbecues and getting together around the picnic tables and enjoying the great weather with the team at lunch.

That's one of our favourite things to do as well!

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Meet Robin Lawrence - Assurance Manager

We recently sat down with Robin Lawrence, a six and half year vet at Hendry Warren, and asked her if she would answer some special questions about our culture.

Us: Robin what would you describe to be your favourite thing about our culture?

Robin: Hendry Warren emphasizes the need to be involved in the community and give back. For example we participate in events like CIBC #RunForTheCure and #Movember to raise money as well as do inter-office initiatives like 'fancy jean Friday' to raise money for local charities.

Us: What would you say about the culture inspires you?

Robin: Being surrounded by many successful and ambitious women - not only are many of them both motivators internally but actively involved in events outside of work while simultaneously bettering themselves through professional development courses or fitness regimes.

Us: Has the culture influenced you outside of work?

Robin: Absolutely! We're always encouraged to use our skills to give back. I took the advice to heart and assisted on a board of directors for a local pet therapy program. Not only was it personally rewarding but also a great way to expand my knowledge and share my expertise.

Thank you Robin! We appreciate what you do every day and are inspired by you as well.

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Perfect Day for a Picnic

We couldn't help but share this great lunch shot from last week of a group of our co-ops, summer students and new full time hires. Staff lunches are one of the ways we bring our team together in the summer.

Its a great way to connect with peers and becomes something people look forward to at the end of a week. We love what we do and our growing team!  

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Detour Required!

Effective Monday, June 18, 2018, the east bound exit at Carling Avenue & Kirkwood Avenue (Exit # 124) of the Queensway will be closed for construction.  For clients coming to our office from the west end of the city, we suggest taking the exit at Maitland Avenue (Exit #126).  Follow detour signs and turn right onto Maitland Avenue, then right onto Carling Avenue, then right onto Kirkwood Avenue, then right onto Laperriere Avenue and finally right onto Lady Ellen Place.  Clients coming from the east end should not be impacted by the closure.  The Carling Avenue & Kirkwood Avenue exit is scheduled to be closed for 3 – 5 weeks.  We will provide further updates when construction is completed.

Meet Stephanie Smith - Human Resources Manager

We're so proud to have teammates like Stephanie.

She's inspiring for many reasons, but having spent over 10 years striving to provide clients with the highest quality of service really makes Stephanie such a natural fit on our team.

Stephanie is a Certified Human Resources Professional through the Human Resources Professionals Association of Canada. She has completed degrees with the University of Ottawa - L’Université d’Ottawa and Algonquin College, and certificates in Human Resources Management with the Sprott School of Business at Carleton University.

Her warm and open personality make her really easy to talk to, but she also always has great stories about hiking with her rescue pup and all things outdoors.

We're lucky to have Stephanie on the Hendry Warren team!

#MeetTheStaff #OttCity #Accounting #Ottawa #HumanResources

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Women for a Humane Canada

Nancy Nicks is excited to announce she has joined Women for Humane Canada bringing animal welfare to the next level.  She is thrilled to be joining a group that has the leadership, networks and advocacy skills to bring animal welfare to the next level in Canada.

#animalwelfare #humanecanada

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Clean Up Your Cash Flow: Basic Accounting Checklist for Small Business

In any business cash flow is important - this is especially true for small businesses. Your cash flow could be the difference between a bright future and shutting the lights off for good. That’s why it is crucial that any small business keeps track of their cash flow to understand the overall health of business and where improvements can be made.

To help, we’ve created a basic accounting checklist for your small business to use. Sticking to a plan can keep operations running smoothly and your cash flow positive.

1.       Record All Transactions

One of the biggest mistakes small businesses make is not recording every transaction that comes through the door. As a business you need to be diligent here - record all transactions including:

-          paying vendors

-          receiving cash from your customers

-          billing customers for goods sold

If you’re finding it difficult to keep up because you are entering transactions manually, consider adopting an accounting software or looking for an accounting firm to help.

2.       Check Cash Position Daily

Cash is the lifeblood of any business and crucial for small businesses. You don’t want to find yourself checking your cash flow statement to find yourself close to the edge. Make it a habit to check your cash position at the beginning of every day. This will help you better predict your overall position based on the money you receive and the expenses you incur during a month.

3.       Organize Your Receipts

 Keep track of your receipts in an organized manner to keep your cash flow in full view. These include organizing and tracking all cash receipts, payments, and invoices sent. As these receipts come in, make sure to organize them into a chosen filing system.

We recommend having a payroll file, a bank statement file, and a vendor file for your receipts. You can organize these by payroll date, by month, and alphabetically.

 4.       Send Invoices with clear Payment Terms

The biggest risk to your business are late or unpaid invoices. In these situations, you need to stay on top of things and make sure payment is timely. A good practice is start with your largest invoices first – ensure you politely follow up in a consistent manner. This will be crucial to keeping your cash flow positive.

 5.       Compare Month-End Balance with Previous Month

 Assess how well you’ve done managing your assets and liabilities by comparing your month-end balance with a previous period. When doing this, look for numbers that have significantly increased or decreased and analyze why this might be.

Are your accounts receivable way up? Why? Are your customers taking longer to pay?

Cleaning up your cash flow process is essential to long-term business success. This means having a clear and full view of your business’ cash flow at any given time. By building good habits and using the strategies mentioned above, you will be able to optimize your cash flow and keep your small business running smoothly.