[Carrie Anne Hinder]

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[Carrie Anne Hinder]

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[Carrie Anne Hinder]

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[Carrie Anne Hinder]

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[Carrie Anne Hinder]

For trust transactions BMO is our go to bank. Large value wires, incoming and outgoing, seem to run through without issues. On the odd time where we have questions, there is always someone available to help.

[Carrie Anne Hinder]

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[Carrie Anne Hinder]

We have not had a partner go on maternity leave at this point but we did include a clause in a Partnership Admission Contract which states that “during any maternity leave taken as a partner, the firm will pay the Law Corp. a top-up of EI benefits based on 85% of draws for four months. In addition, income entitlement for the year in which maternity leave has been taken, will be calculated based on pro-rated figures”

[Carrie Anne Hinder]

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[Carrie Anne Hinder]

Correct me if I’m wrong, but wouldn’t the WIP allocation be an adjusting journal entry at year end, from accounting income to taxable income, taking into account all the steps that Elvis has mentioned, in addition to calculating the cost, rather than the value? That’s my plan, I hope I’m not too far off.

[Carrie Anne Hinder]

For staff referrals we pay $500. We do not have an Associate referral program.

[Carrie Anne Hinder]

We have set up the Commercial Banking platform with BMO and have initiated 1 wire and we did not encounter any problems. Through BMO, the cost of the platform is far less that the amount of the wire service charges (BMO charges a percentage of the amount wired up to a maximum of $135)
We are also set up with TD, however we have not had to send a wire yet.

[Carrie Anne Hinder]

I’m not sure if all firm’s use the same treatment but it is part of the net income allocated to the partners’ drawing account at year end and then paid out as prior year income. It is included as income on their T5013.

[Carrie Anne Hinder]

We are closed on Easter Monday

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