Segal GCSE was proud to celebrate this past International Women’s Day 2023 by serving as a table sponsor at the Canadian Italian Business and Professional Association (CIBPA) of Toronto’s IWD event.
The event took place at the Montecassino Hotel & Event Venue in Woodbridge on International Women’s Day, March 8, 2023, from 5:30 p.m. to 9:30 p.m. The focus of the event was to honour women in leadership and also featured CIBPA Toronto’s Women in Excellence awards.
This was the 8th annual IWD event hosted by the organization. This year, Nicole Servinis, from Citytv’s Breakfast Television was the event MC. Andrea Trentadue, from CHIN TV, served as moderator for the evening’s panel.
On a global scale, the IWD 2023 theme was #EmbraceEquity – not just equality. Providing equal opportunities to women is not enough, because “true inclusion and belonging require equitable action,” explained IWD.
With that in mind, it was a true pleasure for our team to celebrate the amazing, innovative female leaders across Canada and the world!
Celebrating women in leadership
Lavanya Sarathchandran
Marketing and Communications Manager
Phone: +1-416-798-6929
LSarathchandran@segalgcse.com
At Segal GCSE LLP, we embrace an ambitious firm philosophy: to provide our valued clients with an expansive service experience that enables greater opportunities for growth and prosperity. From innovative practices to specialty services, our agile team is on a journey to not just meet your audit, accounting, tax and business needs, but transform your entire portfolio.
For more than 45 years, we have employed a collaborative approach, leveraging the shared knowledge and expertise of our multi-disciplinary professionals, to inspire and drive enhanced client success. Additionally, we augment our specialized offering with an international association with Moore Global – one of the world’s leading accounting and advisory networks.
The federal budget in 2021 announced a national annual 1% tax will apply on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. This is known to be the Underused Housing Tax (“UHT”). This was in effect as of January 1, 2022.
Who’s affected by this
Every homeowner that is NOT an excluded owner that owns a residential property on December 31 of the calendar year is required to file an annual declaration with CRA for each residential property that they own.
Excluded owners
In general, excluded owners are individuals who are a Canadian citizen or permanent resident of Canada.
It is important to note that excluded individuals is not a test on whether the individual is a resident or non-resident of Canada for income tax purposes.
Howard Wasserman CPA, CA, CFP, TEP
Partner – Tax
Daniel Wilson CPA, CA
Partner – Tax
Lavanya Sarathchandran
Marketing and Communications Manager
Phone: 416-798-6929
LSarathchandran@segalgcse.com
Lavanya Sarathchandran
Marketing and Communications Manager
Segal GCSE LLP
Phone: 416-798-6929
LSarathchandran@segalllp.com
At Segal GCSE LLP, we embrace an ambitious firm philosophy: to provide our valued clients with an expansive service experience that enables greater opportunities for growth and prosperity. From innovative practices to specialty services, our agile team is on a journey to not just meet your audit, accounting, tax and business needs, but transform your entire portfolio.
For more than 45 years, we have employed a collaborative approach, leveraging the shared knowledge and expertise of our multi-disciplinary professionals, to inspire and drive enhanced client success. Additionally, we augment our specialized offering with an international association with Moore Global – one of the world’s leading accounting and advisory networks.
Not all heroes wear capes. In a world where tax matters can seem increasingly overwhelming and complex, Segal GCSE has come to the rescue with our 2022/23 Annual Tax Publication.
The theme of this year’s publication – Power of Partnership – is a direct reflection of the 2022 merger between Segal LLP and GCSE LLP, officially creating Segal GCSE. This bold union brought together two dynamic, respected and highly skilled groups of people. Most importantly, the combination of these two groups into one united firm has proven to be greater than the sum of its parts.
Our 2022/23 Annual Tax Publication is a prime example of the breadth and depth of expertise and talent Segal GCSE represents. When you’re surrounded by new regulations, evolving legislation and changing requirements, think of this tax publication as your ultimate not-so-secret weapon. We developed this publication as yet one more way to give you every advantage possible.
As you will undoubtedly see, many hours and much careful work went into the creation of this year’s tax publication. Within its pages, you will find a diverse range of topics, all thoroughly examined and explained, all to empower you with the knowledge and insight to plan and act with confidence. We encourage you to take advantage of this valuable resource today.
Laurie Starkman
416-512-3782
Toll Free: 1-800-206-7307
Segal GCSE is pleased to announce the partnership promotion of three exemplary team members: Christopher Citrullo, Daniel Wilson and Yat-Lung Shea. Each brings unique capabilities, experience and perspective to the role of partner, along with being great team players who embody our firm’s core values and culture.
A specialist in our assurance and advisory practice, Christopher Citrullo delivers exceptional financial and taxation support to clients across a broad range of sectors, including real estate, professionals and professional service firms, financial services, e-commerce and manufacturing. “Chris has demonstrated unparalleled commitment to his clients,” says Segal GCSE partner Eli Gembom. “In addition to helping clients navigate opportunities and challenges, he has proven his leadership abilities by adapting to new ways of working and supporting and guiding teams internally.”
Daniel Wilson is a highly insightful tax expert who assists owner-managed businesses and professionals with corporate and partnership reorganizations, tax aspects of selling or purchasing a business, cross-border tax and estate planning, as well as personal and corporate tax planning. “Daniel is always thinking strategically about the best solution for each client’s unique circumstances,” notes Segal GCSE tax partner Howard Wasserman. “He will continue to foster strong relationships with both existing and prospective clients.”
Finally, as an outstanding assurance and audit expert, Yat-Lung Shea provides clients in the financial industry – including investment brokers and dealers, and mutual fund managers – with guidance and support to address all their assurance needs. “Shea has distinguished himself as the go-to person in our firm for complex audits,” highlights Segal GCSE managing partner Dan Natale. “He possesses the perfect blend of technical knowledge along with the ability to offer practical solutions and actionable advice.”
As they collaborate with the rest of the Segal GCSE team, we look forward to the leadership and insight each of these dedicated individuals will bring to the table in their new roles as partners.
Strengthening our leadership in three more ways
Lavanya Sarathchandran
Marketing & Communications Manager
416-798-6929
The process of acquiring a company is a lengthy undertaking which, when completed smoothly, does not significantly impact its normal operations. As many deals are done on a cash-free, debt-free basis, the post-closing balance sheet should reflect the true nature of the working capital of the company which differs from the traditional accounting-centric definition. Therefore, understanding a target company’s working capital cycle is a critical component in helping your client to negotiate a fair transaction and to ensure the smooth transition of control.
The type of deal described above typically begins with a letter of intent that has language in it relating to the seller leaving an appropriate amount of working capital in the business to ensure it continues to operate without interruption. As the deal nears completion, setting an accurate working capital target and definition for the purchase agreement is crucial so that undefined liabilities do not become the responsibility of the purchaser.
As such, deal-related working capital can consist of some or all of the following balances:
Determining which of the above components exist can be achieved through careful due diligence. Common steps in doing so consist of:
A well-understood and defined working capital target should ultimately leave both the purchaser and vendor on equal footing. The difference between the target working capital and the post-closing working capital (a period defined in the purchase agreement to allow for the books to be cleaned up post-acquisition) ultimately results in a downward or upward adjustment to the purchase price where both sides should feel comfortable about the deal you helped advise them on.
Greg Shagalovich CPA, CA
Senior Manager, Transaction Advisory
Lavanya Sarathchandran
Marketing and Communications Manager
Phone: 416-798-6929
LSarathchandran@segalgcse.com
Lavanya Sarathchandran
Marketing and Communications Manager
Segal GCSE LLP
Phone: 416-798-6929
LSarathchandran@segalllp.com
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