My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned.

Tuesday, June 7, 2011

The Blunt Bean Counter Noted in Rob Carrick’s Reader

Today my blog Investment Bravado, Little White Lies and Why Kiss and Tell Investing can get you shot was mentioned in Rob Carrick’s The Reader.

Rob has honoured my blog several times in the past few months. As a blogger who can only hope to "bluntly blog" on some complex income tax and investment topics, I sincerely appreciate the “critical acclaim“ from a truly sophisticated financial writer.

Not that Rob needs much introduction, but here are links to follow Rob’s various online writings:

The Reader

His columns in the Globe and Mail

His Facebook

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

2 comments:

  1. I wonder if you would consider commenting on this small business question. At what point (e.g. in annual revenues), does it make sense for a small business to incorporate versus running as a sole proprietorship? I have heard people argue that one ought to incorporate right away while others argue it is not worth it unless one's revenues are in the +$100,000 area.

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  2. Hi Tom:

    Your question is a future blog topic, but I have just started making notes and have not written it as of yet. You would typically incorporate right away if you have concerns about being sued due to the type of business you undertake (a corporation provides legal protection). If legal liability is not a concern, you would then consider other factors such as ownership and income splitting and the ability to sell the shares of that business down the road. The revenue question is fairly easy in my opinion. If the above factors are not large enough factors in themselves to incorporate, you should consider incorporating once you make more money than you need to live on; since at that point, you could then defer tax and have more money to grow your business since you are only paying the 16% or so small business tax rate instead of the 30-46% personal rate on the salary you need to live.
    Hope that helps until I write the blog.

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