Privacy Policy
This privacy declaration covers the BennettGold.ca web site and all our firm's online and in-office activities.
Our Commitment To You:
You have shared important personal information with us that enables us to provide professional services to you. As a client, the privacy of your personal information is of the utmost importance to every member of our firm.
Our commitment to you is simple: Your information will be kept in the strictest of confidence and will only be used or shared in the manner which you have specifically consented.
All businesses must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA). We have tailored our Privacy Practices to comply with the Act and to meet the needs and expectations of our clients.
Personally identifiable information includes your name, address, gender, age, social insurance number, home telephone number, and other matters personal or financial in nature.
To assist you in understanding our commitment to these Privacy Policies, here are the 10 ways that we actively and consistently protect your personal information:
1. Accountability
We are responsible for all personal information under our control and regularly review our privacy policies and practices with our staff to ensure we are consistently implementing them.
We also require that comparable policies concerning the protection of personal information are in place with any third parties used by us to process such information.
We have designated Robert Gold as our Privacy Compliance Partner. Should you have any questions or complaints related to our Privacy Policies and Practices, Robert may be contacted in the following ways:
Telephone: 416-449-2249
Email: robert@BennettGold.ca
2. Identifying Purpose
The purposes for which we collect personal information will be clearly identified prior to or at the time we collect that information, including:
- What personal information we are gathering or obtaining from all sources including third parties;
- Why that personal information is necessary;
- How we will handle and use it within our organization; and
- When, how and why we make personal information available to third parties outside of our organization (for example: Canada Revenue Agency).
3. Consent
Except in special circumstances, your knowledge and consent are required before we collect, use or disclose any of your personal information. The special circumstances would include during a federal, provincial or foreign legal investigation, and when that personal information is used for that investigation, or if required by law.
We accept any of the following methods as consent for our existing use and future collection, use and disclosure of your personal information for the identified purpose:
- Your receipt of this Privacy Policy document, unless you advise us, either orally or written, that you do not agree with the terms set out in this Privacy Policy and that you wish to opt-out of all or portions of it;
- Your express written or oral consent as obtained during the initial consultation whereby the personal information was gathered; or
- Your consent as provided by your authorized representative (legal guardian or power of attorney).
4. Limiting Collection
We will only collect the information necessary to provide professional services to you. Should you wish to provide us with any additional personal information, we will not use or disclose it without your implicit consent.
We may gather personal information from the following sources:
- From you, during a meeting to gather the necessary personal information to perform the professional service you require. For example, your name, address, date of birth, marital status and social insurance number will be used in the preparation of your personal income tax return;
- From you, via contact forms completed on our web site;
- From bankers, lawyers and other financial service representatives with whom you have a relationship and have given consent to them to provide personal information to us; or
- From past interactions with us; for example, preparing federal corporate income tax returns for a corporation of which you are a shareholder.
5. Limiting Use, Disclosure and Retention
We collect, use and disclose personal information in order for us to better understand your professional accounting needs, communicate effectively with you and provide you with the professional services and products you want.
Specifically:
- To authenticate your identity;
- To prepare government filings (personal and corporate income tax returns);
- To advise you on specific financial and taxation issues.
We use your personal information to provide and market our services to you and to administer your account with us. If you advise us that you no longer wish to receive information about our services, we will not send you any further material.
Your personal information is retained only as long as required to provide the necessary professional services intended, and for a reasonable length of time thereafter in order to comply with any potential legal or governmental requirements.
We do not disclose your personal information to any third party to enable them to market their products or services. However, there are certain circumstances when we will disclose your personal information, for example:
- If you request that we provide information to a third party on your behalf;
- If we engage a third party to provide services to us;
- Where it is necessary to establish or collect payment;
- If the information is already publicly available.
6. Accuracy
We are committed to ensuring the personal information we have on file is as accurate and up-to-date as necessary for the identified purposes for which it is to be used. We will make every effort to update our records as needed, as well as advise all parties authorized to use the personal information.
7. Safeguards
We have strict security safeguards in place to protect personal information in our control, whether in electronic or paper-based format, against loss, theft, unauthorized access, disclosure, copying, use or modification.
In situations where personal information is transferred to third parties, (for example, when e-filing your personal tax return), we contractually require any person or organization providing products or services on our behalf to protect our clients’ confidentiality in a manner consistent with our Privacy Policies, or as required by law.
8. Openness
As our client, you have the right to know how your personal information is being used and to who it has been disclosed. Updated versions of our Privacy Policies are posted on our web site at BennettGold.ca.
9. Individual Access
Should you require individual access to your personal information, please direct your requests to our Privacy Compliance Partner, stating specifically which personal information you are requesting.
Once we have determined that the request for access is by an authorized party, we will respond to the request within 30 days. Should we not be able to respond in 30 days, we will contact you directly and advise you of the delay.
We may charge you a reasonable fee for providing access to your personal information but only after we have first advised you of the approximate amount.
10. Challenging Compliance
Should you have a complaint related to our Privacy Policies, please contact our Privacy Compliance Partner. We are committed to resolving complaints quickly and efficiently.
If we are not able to resolve your concern, or if you have other concerns about our Privacy Policies, contact the office of the Privacy Commissioner of Canada. Our Privacy Compliance Partner will provide you with the contact information upon request.
We appreciate you entrusting your personal and confidential information with us. We are available at any time to discuss our Privacy Policies with you.
Please direct all inquiries about Bennett Gold LLP's Privacy Policies and Practices to robert@BennettGold.ca.
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Achieving Revenue Growth and National Distribution
Our client secured distribution through Wal-Mart and exponential product sales.
The Client’s Goal
Our client needed advice on how to take a new product to market quickly. They also wanted to minimize marketing agency expenses associated with product launches.
The Bennett Gold Action Plan
Working closely with our client, we:
- Negotiated on their behalf with potential distributors
- Forecasted all of the costs associated with manufacturing overseas
- Facilitated meetings with a range of manufacturing partners
- Introduced them to appropriate intellectual property lawyers
The Client’s Win
Within a few short months, our client secured North American-wide distribution through Wal-Mart and saw their revenues grow dramatically. At the same time, their product was named one of the sports products of the year.
Achieving Rapid Growth
Our client adopted structures and processes that helped them achieve rapid growth.
The Client’s Goal
A young Toronto-based services company with fewer than 10 employees recognized a gap in their industry. But, they needed help modifying their company so that they could quickly and cost-effectively capitalize on the opportunity.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Designing and implementing appropriate accounting and reporting procedures
- Rolling out an effective tax plan
- Interpreting routine and non-routine accounting reports
- Introducing the client to the Bennett Gold Network of Professionals
- Providing timely business mentoring
The Client’s Win
Along with hiring a high-profile CEO and attracting new investors, our client was able to focus on conducting their business - which grew into a seven figure business within months.
Securing Financing for Product Innovation
Our client received funds that allowed them to build prototypes and manufacture their products.
The Client’s Goal
Operating in west-Toronto for five years, a waste-management company with 20 employees needed help to secure financing for effectively taking their product from idea through to market.
The Bennett Gold Action Plan
Working closely with our client, we:
- Prepared financial forecasts and tax filings
- Introduced them to the Bennett Gold Network of Professionals and potential investors
- Translated complex financial and operational information into easily understood language for investors
- Served as a business advisor during meetings with potential investors
The Client’s Win
Our client secured the financing they needed for prototyping and manufacturing their product --- through new investors and SRED (Scientific Research and Experimental Development) Tax Credits.
Taking Control of Costs
Our client dramatically reduced operating costs without losing the ability to grow or continue innovating.
The Client’s Goal
The fund manager for a publicly-traded nation-wide mutual fund wanted to control the costs and quality of work conducted by outsourced professionals.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Evaluating work conducted by the external service administrators
- Reviewing day-to-day work operations
The Client’s Win
Our client gained control over costs by implementing streamlined work processes and accounting procedures. In addition, they were better positioned to acquire a competitor.
Attracting the Right Buyer
By adopting new structures and processes, our client successfully attracted investors who purchased their company.
The Client’s Goal
Determined to grow quickly, our client, a Toronto-based technology company wanted to adopt the most efficient corporate structure.
The Bennett Gold Action Plan
Working closely with our client, we:
- Conducted management meetings to review operations and find cost-containment opportunities
- Facilitated regular shareholder meetings
- Provided sophisticated tax planning solutions
- Took on Controller responsibilities
The Client’s Win
Our client was able to grow rapidly while maintaining control over its operations. This attracted new sources of financing and investors who purchased the company.
Making Sense of Managing Finances
Our client gained control over their forecasting which led to revenue growth of 50% and an increase in staff of 150%.
The Client’s Goal
Our client, the owners/operators of a Toronto-based marketing company wanted to gain control over operational expenses so that they could run their business more profitably.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Updating accounting procedures and technologies
- Training on finance management
The Client’s Win
Our client was able to manage their own finances, which led to more business opportunities and increased public profile.
Growing Revenue by 30%
Our client improved their bookkeeping, inventory and operations procedures, which allowed them to focus on generating new revenues.
The Client’s Goal
Referred by one of Canada's largest software and integration companies, our client, a media marketing agency with 10 employees wanted to focus on growing revenues. But, they knew they needed to optimize their accounting procedures first --- which in turn would allow them to devote more energies to business development.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Providing guidance on how to establish and maintain bookkeeping
- Training staff on how to manage inventory and operations
The Client’s Win
Our client gained confidence in successfully selecting and conducting a series of accounting procedures themselves. At the same time, they knew when they needed additional accounting support. This additional skill and knowledge allowed them to reallocate time and energy in ways that allowed them to grow revenues by 30% in a year.
Launching a Business Quickly
Our client was able to get their business up-and-running within weeks.
The Client’s Goal
Our client, two web-savvy e-commerce retail specialists, told us they wanted to enter a very competitive and saturated market -- taking on one of Canada's best known and widely established national retailers.
The Bennett Gold Action Plan
Working closely with our client, we:
- Provided on-going counsel to our client's advisory board
- Built our client's understanding of the key challenges and opportunities they were about to face
- Identified and translated critical industry trends and changes in governing legislation
- Facilitated business planning and forecasting sessions
The Client’s Win
Within weeks, our client had a relevant and innovative business up-and-running. At the same time, it had a realistic plan in place that made it attractive for potential investors.
Ensuring Ecommerce Success
Our client effectively rolled out a high-volume web-based business marketing sports product.
The Client’s Goal
Our client, the web-development team, acting on behalf of baseball pitcher 'Rocket' Roger Clemens, wanted to know they could keep personal information exchanged during customers' website visits and transaction private and secure.
The Bennett Gold Action Plan
Working closely with our client, we:
- Educated them on the Internet's most stringent privacy, security and transaction criteria
- Translated these criteria into specific business and operational actions
- Helped them achieve a standard high enough to receive the Internet
assurance seal WebTrust
The Client’s Win
Our client and Roger Clemens felt confident enough about the privacy and security of personal information collected through the baseball star's website to aggressively market its merchandise. As a result, the site generated significant profile and revenues.
Securing Funding for Technology
Our client received a tax credit of over $200,000 for funding the technology they needed.
The Client’s Goal
Our client, a well-established Mississauga-based document-management firm with 30 employees wanted to improve their operational efficiencies by investing in the most current technologies.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducted a thorough examination of our client's accounting procedures and tax profile
- Introduced our client to an experienced engineer who could help them secure SRED (Scientific Research and Experimental Development) Tax Credits
The Client’s Win
Our client was able to secure a tax credit exceeding $200,000 for technologies they needed to stay ahead of their competitors. At the same time, they saved 20% from the fees charged by national firms.
Setting Up South of the Border
Our client expanded their business to the United States while cost-effectively complying with local tax regulations.
The Client’s Goal
Our client, a growing Toronto-based services company with over 20 employees, wanted to establish an ownership structure that would minimize taxes and reduce the costs of establishing operations in the United States.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducting a thorough examination of our client's accounting policies and procedures
- Identifying qualified International tax consultants
- Recommending appropriate corporate restructuring options
- Modifying relevant accounting procedures
The Client’s Win
Our client was able to expand their business into the United States while minimizing the taxes and costs of investment in their American operations.
Achieving Cost Savings and Efficiencies
Our client found new opportunities to save costs and improve their day-to-day operating procedures.
The Client’s Goal
Our client, a 10 year-old Mississauga-based company, wanted to identify cost-savings and reduce procedural inefficiencies.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducting a thorough examination of our client's accounting policies and procedures
- Modifying relevant accounting procedures
- Identifying practical ways of dealing with accounting complexities associated with operating in different jurisdictions.
The Client’s Win
Our client achieved sustainable cost-savings and implemented operational best practices that continue to help them remain efficient.
Gaining Confidence in the Company's Finances
Our client eliminated the stress associated with establishing and maintaining accounting and bookkeeping procedures.
The Client’s Goal
Our client, a small family-managed business, wanted to focus on their day-to-day operations by minimizing the energies required to properly establish and maintain accounting procedures.
The Bennett Gold Action Plan
Working closely with our client, we:
- Assisted in developing and implementing a business plan
- Prepared financial banking documents
- Prepared annual financial statements
- Prepared annual tax returns
The Client’s Win
Our client achieved the confidence they were seeking: new bank financing was put in place and their company's finances were consistently kept in order. As a result, they focused on conducting business and achieving the right balance of personal and business goals.
Evaluating Potential Buyers
Our client was able to choose the right buyer for their business.
The Client’s Goal
Our client, a fast-growing natural resource-related company wanted to determine if potential buyers were compatible given long-term growth plans.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducting a thorough due diligence of buyers' financial and operational procedures, policies and technologies
- Analyzing buyers' potential corporate cultural fit
The Client’s Win
Our client was able to make an accurate and timely decision about selling their interests.
Increasing Online Trust and Clients
By adopted the Internet's leading privacy and security standards, our client enhanced their online reputation and increased the number of online customers.
The Client’s Goal
Our client, a National online portal, wanted to offer their online customers a completely safe and secure website.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Reviewed the company's online and offline procedures, policies and technologies
- Developed a plan for implementing the Internet's highest privacy and security standards
- Provided on-going updates on maintaining privacy and security standards
- Introduced our client to potential clients and business partners
The Client’s Win
Our client achieved the Internet's most trusted third-party privacy seal. By doing so, they catapulted ahead of their competitors by establishing an online reputation for going that "extra mile" in anticipating and addressing concerns of their customers.
Reducing Taxes
Our client achieved tax savings by re-examining the way that revenues and expenses were being logged.
The Client’s Goal
Our client, a Markham-based business with seven retail outlets, wanted to find ways to use their resources more effectively.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducting a thorough review of our client's financial statements
- Reviewing our client's processes for tracking sales and purchases
The Client’s Win
Our client was able to take advantage of significant tax reductions by adopting new ways of tracking and reporting sales and purchases.
Eliminating Receivables Issues
Our client improved their cash flow by eliminating the causes creating slow and abandoned customer payments.
The Client’s Goal
Our client, one of Canada's most respected National not-for-profit research institutes, needed to improve their cash flow.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Assessing the procedures, work flows and technologies used to collect, store, update, analyze and report financial information
- Assessing the processes used to report membership revenues
- Recommending databases and processes that streamlined financial accounting and reporting
The Client’s Win
Our client resolved bottlenecks in receiving revenues and dues owed to them as well as identified sources of new revenue. At the same time, the client gained control over its expenditures.
Evaluating Potential Buyers
Our client was able to choose the right buyer for their business.
The Client’s Goal
Our client, a Mississauga-based insurance broker wanted to determine a fair selling price for his business.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Conducting a thorough valuation process
- Projecting average income that our client could expect to generate over the next several years
The Client’s Win
Our client was able to better evaluate competing purchase offers and ultimately the best overall offer.
Adapting and Remaining Profitable
Our client has prospered through several strategic changes in ownership in a highly competitive industry.
The Client’s Goal
Our client, an Ajax-based industrial equipment and installation company wanted to minimize the risks, (e.g. losing business value, key staff and business focus) that result when undergoing changes in ownership.
The Bennett Gold Action Plan
Working closely with our client, we:
- Assisted in negotiations with our client owners and new buyers
- Interpreted complex legal documents for new shareholders
- Providing long-range business guidance and forward looking financials
The Client’s Win
For over 50 years, the company has continued to prosper through several changes of ownership. They have achieved seven-digit revenue growth by increasing their market share and securing distribution through a major retailer.
Increasing Online Operations and Revenues
Our client, a 15-year old mail-order business wanted to implement procedures and technologies that cost-effectively linked order taking with accounts payable and receivable.
The Client’s Goal
Our client, an Ajax-based industrial equipment and installation company wanted to minimize the risks, (e.g. losing business value, key staff and business focus) that result when undergoing changes in ownership.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Examining our client's operations and short- and long-term goals.
- Introducing our client to qualified ecommerce developers
- Creating plans that integrated accounting, inventory and fulfillment systems
The Client’s Win
Within 18 months our client expanded 40% of its sales to its online operations and saw revenue increase by five times.
Expanding Into New Markets
Our client secured North American wide retail distribution for its suite of software products.
The Client’s Goal
Our client, a Toronto-based technology company operating for 15 years, sought to expand into new markets.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Developing a financial plan, budgets and cash-flow of development costs
- Providing guidance for recruiting and evaluating members of its senior technology team
- Introducing our client to experts in software production and software marketing
The Client’s Win
Within a year, our client grew revenues by 150% and secured North American wide retail distribution for its newly developed software products.
Association Grows to Canada
Our U.S. -based not-for-profit client established a new Canadian Chapter and quickly began growing its membership and revenues.
The Client’s Goal
Referred to us by a well-respected law firm, our client -- a not-for-profit organization with over 6000 members and representing 400 U.S. companies -- needed to build its operations and ownership structure in Ontario so that it could begin serving Canadian retailers. However, they were unfamiliar with the complexity involved in Federal and Provincial rules for collecting and reporting on revenues and expenses.
The Bennett Gold Action Plan
Working closely with our client, we oversaw all of the following:
- Facilitated meetings with the Canadian Revenue Agency (CRA)
- Reviewed revenue/expense collecting and reporting processes
- Created a roadmap of how our client's processes needed to change to comply with CRA
- Developed a practical fast-track plan to help our client build new reporting processes and modify existing processes
The Client’s Win
Within a few short months, our client was able to establish CRA-compliant processes so that it could begin operating in Ontario and be well on its way to expand to other provinces.
Reduced Taxes; Reduced Stress
Our client, a home-based entrepreneur, achieved immediate and significant savings while protecting her business from future risks.
The Client’s Goal
Our start-up entrepreneur needed to establish an ownership structure that allowed her to realize significant short-term and long-term tax savings. At the same time, because the relationship with her spouse was in jeopardy, she wanted to safeguard the ownership of the business.
The Bennett Gold Action Plan
Working closely with our client, we oversaw all of the following:
- Introduced our client to a lawyer skilled with addressing business and family issues
- Created and documented an iron-clad ownership structure
- Identified opportunities to reduce and defer taxes
The Client’s Win
Our client was able to achieve an immediate reduction in taxes and deferred tax savings. She was also able to carry on business without the fear of losing control over her business.
Growing Law Firm Improves Processes and Profitability
A small, but well-established, growth-focused Toronto law firm was able to do what they do best -- i.e. providing legal advice -- rather than spending considerable time on dealing with administration and accounting issues.
The Client’s Goal
With six different practices, our client, referred to us by a PC Law consultant, needed to rapidly reduce the time and related expense involved in tracking cash flow and business expenses. At the same time, they wanted to establish ownership and payment structures that would be fair for all the firm's Partners and Associates --- while protecting them from HST exposures.
The Bennett Gold Action Plan
Working closely with our client, we oversaw all of the following:
- Developed a fast-track plan for how the firm could better track cash flow and revenue distribution
- Established a new ownership structure that dramatically reduced the risk of incurring tax-related penalties
- Conducted and installed efficient tax preparation and filing processes
The Client’s Win
Our client was able to eliminate inefficient and inconsistent cash flow capturing and reporting processes. The result was a much happier team of lawyers who could focus on serving their clients rather than on battling administrative challenges.
Building A Stronger Business
Our client increased her practice's profitability and cash position.
The Client’s Goal
Our client, a Naturopathic Doctor whose Ottawa-based clinic had been running for four years wanted to better manage her business' finances.
The Bennett Gold Action Plan
Working closely with our client, we:
- Implemented the Bennett Gold Professional Tax and Accounting Service Package - designed exclusively for Naturopathic Doctors
- Reviewed the financial reports being generated by Quickbooks and recommended more informative reporting
- Conducted regular telephone meetings to interpret financial results and provide solutions to clinic management issues
- Created tax planning strategies that optimized clinic tax deductions and improved cash flow
- Reviewed expenditures to ensure they were aligned with our client's immediate and long-term goals
The Client’s Win
Our client has a thorough understanding of her clinic's reporting and financial information. As a result, she has been able to make timely investment and tax decisions. She has also been able to improve her clinic's cash flow and increase its profitably.
Establishing a Strong Medical Practice
Our client successfully adopted an ownership structure that allowed her to achieve short-term and long-term goals.
The Client’s Goal
Our client, a successful orthopaedic surgeon working at a major Toronto hospital, wanted to establish the most appropriate business ownership structure.
The Bennett Gold Action Plan
Working closely with our client, we did the following:
- Ensured income and expenses are accurately and consistently logged
- Created an income plan that effectively allocated her professional income among qualified family members
- Recommended cost-effective record keeping plans, processes and technologies
- Coordinated with our client's legal advisor
The Client’s Win
Our client incorporated her practice in a way that allowed her to reduce her taxes, consistently attend to legal matters with the College of Physicians and Surgeons, and gain control over bookkeeping and record keeping processes.
Addressing CRA Requirements
Our client successfully addressed Canada Revenue Agency's (CRA) request for expense-related documents spanning a two year period.
The Client’s Goal
Our client, a real estate agent serving the Greater Toronto Area, wanted to avoid the stress of dealing with CRA and minimize any additional income taxes.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Dealing directly with, and drafted all communication to, CRA
- Gathering and organizing all required documents, receipts, and vouchers supporting business expenses
- Analyzing expenses not supported by documents
- Making convincing arguments to explain missing documents
The Client’s Win
The CRA concluded that our client owed no further taxes, interest or penalties. At the same time, our client was spared the stress and time dealing directly with CRA. Finally, the CRA agreed there would be no need for follow-up audits.
Addressing CRA Requirements
Our client successfully avoided the disruption and expense associated with Canada Revenue Agency's (CRA) audits.
The Client’s Goal
Our client, a mid-market research company employing 20 staff in their downtown Toronto office wanted to pass an in-depth CRA tax audit and avoid the need for future long-term audits.
The Bennett Gold Action Plan
The Bennett Gold team focused on the following activities:
- Dealing directly with, and drafted all communication to, CRA
- Gathering CRA-requested books, records, and supporting documents
- Taking control of the audit by having CRA-requested client documents managed by Bennett Gold
- Hosting the CRA field audit staff at the Bennett Gold offices
The Client’s Win
Our client successfully avoided a multi-year CRA income tax audit and the business disruption, stress, and expenses associated with such audits. At the same time, the CRA agreed that our client would not need to endure follow-up audits.