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Experts from Baker Tilly accounting firm give top tips for business owners in real estate, film and TV, and manufacturing
Entertainment, manufacturing and real estate—three industries essential to the Vancouver market are poised for change. How can leaders prepare for market pressures and creative pivots? The experts at Baker Tilly, Vancouver-based accounting firm, share top tips for success.
Gurpreet Sandhu, Partner at Baker Tilly, is the firm’s Entertainment and New Media Lead. He is passionate about ensuring Baker Tilly entertainment clients are successful by keeping projects in line with the regulatory requirements and maximizing tax credits.
“Leaders in entertainment should never start a TV or movie project without engaging lawyers and CPAs that specialize in entertainment,” he says. “We have seen too many projects that fail or are less successful because of missing professionals.”
Another tip is to submit tax credit applications in as early as possible to avoid delays. “Often the tax credit filing is complete, but production is waiting on certification, and therefore, there is a delay in CRA processing the claim.”
Identifying client-specific goals and helping business owners reach them is what inspires Wilson Telford, CPA, CA, Partner, Audit and Accounting.
The manufacturing industry has many challenges. Wilson’s top tips address two important areas: scientific research & experimental development (SR&ED) and growth.
“I always ask my new manufacturing clients if they have been filing for SR&ED tax credits,” Wilson says. “It is surprising how many do not look into whether they qualify for the program, which may be available to businesses who have created new processes or must conduct experimental research in the development process. My team can help the client work through the process for a successful claim.”
He also recommends manufacturing clients plan for growth before they need it. “Generally, when you have excess capacity, the work will find you,” Wilson says. “It is important to continuously assess your current and future needs so that planning for growth can be done at an early stage to avoid headaches later.”
Louise Lee CPA, CA, Partner, says the best way to handle the current real estate market is to be flexible. “We’ve enjoyed unprecedented years with low interest rates and consumer interest in real estate,” she says. “But recent rate hikes have made it tough for the real estate industry. We all have to learn to be flexible, hold on to inventory and ride out the lows, if we can.”
She advises business owners to watch hot topics like BC wildfires, social housing and the rental pool for opportunities.
“What can you, as a leader, learn from this past summer?” she asks. “Can you pivot to prefab or modular housing? Can you look at more fire-resistant material without affecting the bottom line? This is the time to sit, listen and learn.”
Click here to consult directly with the experts at Baker Tilly.
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