Staying Plugged In.

Slide 2
The Section 84 Deemed Dividend Rules

What to do to avoid the deemed dividend trap.

Slide 2
Taxation Issues for Canadian Corporations with Foreign Affiliates

An overview.

Slide 2
Using Joint Ventures To Capitalize On Real Estate Investments

Research tax-efficient structures to facilitate real estate investing.

Slide 2
The Replacement Property Rules

Using the Income Tax Act to avoid tax.

Slide 2
Corporate Tax Planning:

Utilizing the butterlfy.

Slide 2
The Corporate Attribution Rules

Navigating through the delicate nature of non-arms length transactions.

previous arrow
next arrow

Staying Plugged In.



Leading Tax Advice

Call Nicholas Kilpatrick



Not everyone is made to be an entrepreneur.  Possibly everyone knows this, because at some point in time, most have dabbled in business ownership.

There's a certain mix of skills, ability to withstand risk and humility, and disciplinary ethic that  successful entrepreneurs have, all of which contribute to their success.  At the same time, there are people who, because of their own unique make-up, are well positioned to excel in corporate or governmental structures; people are as different as the workplaces that exist to work in.

What's unfortunate, however, is the tendency in some to acquiesce to the first job that comes; due in large part to the "security" garnered from a paycheque, that security remains intact until we desire to do something else, or want to do a complete re-organization of our career.

Although it takes time, and risk, to wait until we find something that we truly enjoy doing, the benefits reveal themselves throughout our whole lives.  This is especially true for the entrepreneur.  

For those prepared for inevitable and multiple setbacks, who want to expose themselves to the possibility of living on operating lines of credit before their dream takes off, who are able to stomach the possible remorse of (hopefully) temporary financial hardship while their peers establish financial structure and attain assets while working in a comfortable corporate environment, then entrepreneurship is for you.  

As long as the desire to succeed at the venture, complemented with a reasonable plan to build and sustain the business that makes common sense (given market opportunities) prevails over the yearning for the safe harbour of a regular paycheque, then you may have the necessary qualifications to embark on an entrepreneurial career.



Premium Accounting and Tax Assistance - call Nicholas Kilpatrick at 604-327-9234 to find out more for your business and click here to see our latest first-time offers.


But the potential benefits are really what give credibility to (in the minds of those with the desire to fulfill their dreams) the entrepreneurial pursuit.  The insatiable desire to create something from nothing, and establish for others (employees and stakeholders) a means to provide a healthy lifestyle, propels the true entrepreneur onward to reach goals which he or she has established autonomously, yet usually with the aid of the motivating insights of successful entrepreneurs who have succeeded before them.

What a wonderful phenomenon it is to provide a career for someone, enable them to maintain a standard of living, and see them flourish and succeed as a result of the risk, and possibly multiple years of hardship that you undertook to get your dream off the ground.  The right people, once your venture is self-sufficient enough to warrant additional hires, will team with you to build the business and possibly take it to heights that you yourself didn't think possible.  Assuming control and sole responsibility for growth and sustainability of the venture throughout its existence will impair that very growth and sustainability.

You never know when the entrepreneurial opportunity will present itself.  For this reason, it's good not to just jump into entrepreneurship for its own sake.  You need to wait for the right opportunity which, combined with your desires and skill-sets, will increase your chances of not only financial and business success, but also heighten the probability of enjoying your work over the long term.  

Maelle Gavet, CEO of Ozon, gives an inspiring summary of her own progression from potential partner at the Boston Consulting Group to the CEO position at one of the firm's smallest clients.  She plainly states that to her the move was risky, but, after assessing that her skills (fluent Russian, expertise in retail and logistics) complemented the opportunity before her (virtually untapped Russian market, shaky distribution systems, Internet penetration rates among Russians increasing at 15% per year), she realized that Ozon could become the Amazon of Russia.  Now offering 3.5 million products on it's online platform, and with 2,355 employees, she has taken the operation from a revenue base of $295 Million when she took over the company in 2011 to $747 Million in 2016.

Keep in mind, too, that, there's risk working in the big corporate world too.  Layoffs, benefit caps, re-organization of job descriptions, or re-locations can severely disrupt lives, but certain people can survive and even excel in the corporate environment.

If you find yourself struggling in your work capacity, wherever it is, try not to judge your abilities based on your present situation.  The optimal parameters to use to engage in self-assessment are your skills, your drives, your gifts and talents.  As long as you're in a career that can leverage those things, you're in the right place.



Nicholas Kilpatrick is a partner at the accounting firm of Burgess Kilpatrick.  He leads the firm’s consulting and strategy practice and works with companies to enhance their Analytics, Forecasting , and Data Optimization functions.  The practice’s focus includes quantitative forecasting, corporate and unit strategy and planning.  Please visit our website at or on Facebook at for more information on our firm.

Leave a comment

Your email address will not be published. Required fields are marked *

Want Great Insights, Tax Planning, and Business Videos?

Subscribe To Our Newsletter!

You have Successfully Subscribed!