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Financial Statements – What do they mean? Lisa Patrick

Are you someone who doesn’t know how to read a financial statement?  Financial statements show the “reality” of the situation of a business.

Whether you are a new investor, a small business owner, a manager, an executive, a non-profit director, you need to understand how to read, analyze, and create the financial statements so you can get a full and accurate understanding how much money their is, how much debt is owed, the income coming in each month, and the expenses going out the door.

Building a successful business is about managing money. You have to manage the financial aspects of the business, balancing costs with potential returns.

Financial reports provide information not always visible on the surface.  Good news.. you can learn to read and interpret financial statements.

Business is about repeating the cycle of selling goods and services, making money, and re-investing to grow the business. To succeed you must have profits at the end of this cycle. To succeed long-term, you must apply the profits to further the business interests.

So your understanding of the business statements and the ability to use them can make the difference between creating a strategic game plan, and playing a game of chance.

In the near future we will be offering a free seminar about this very topic ..We want to hear from you… Interested in attending or hearing more .. Let Us Know.

A legal way to get more $$$ FROM Revenue Canada! Lisa Patrick

Hey, December 31 is fast approaching!

Have all your spousal RRSP contributions been on deposit for over 2 calendar years ?…

Should you cash them and reinvest them in spousal RRSP again?   YES – if you are not using your Total RRSP contribution limit.  Using the same money to get that tax deduction again!!!  A Legal way to get more money from government.!

If spouse is in the lowest tax margin and you in highest… way to distribute tax refunds again!

Have more questions or you want to learn more – Contact Us.

Darlene Lafond R.P.A., C.P.C.
Master Tax Specialist

Don’t be part of the statistic about Wills especially if you own a business. Lisa Patrick

Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.


  1. I don’t have enough money to worry about it.
  2. I am single.
  3. I don’t have any children.
  4. I don’t like to think about my death.
  5. Writing a will is time consuming, expensive and complicated.
  6. I am too busy building my business or working trying to make a living.
  7. I don’t want to deal with a lawyer.
  8. I don’t have money to get a Will drawn up.

Why have a Will here are several good reasons why:

  1. Avoid, or at least reduce, estate taxes.
  2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
  3. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate.
  4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
  5. If you have children, preserve your assets by setting up a trust fund.
  6. You are single and have no dependents.  Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
  7. You own a business – YOU NEED a succession plan for your business.

Lisa Patrick

Buy Land With Your Children’s Money – How? Lisa Patrick

Income earned rule will attribute to contributor to investment advantages: HOW?

By keeping any of your children’s own money properly separate from others, you may one day use their proceeds to buy land in trust for them.  This would ensure any profit earned as a result of the sale or any rental income,  would attribute back to the child or children.
And Yes; consider having your children partner their income in the purchase and share the profits.  Ensure you can clearly identify their income from others.

Contact us for more information.

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