Subordinated Debt (aka “sub-debt” or mezzanine financing)

WHAT IT IS according to Wikipedia:   In finance, subordinated debt (also known as subordinated loan, subordinated bond, subordinated debenture or junior debt) is debt which ranks after other debts should a company fall in to liquidation or bankruptcy.   Such debt is referred to as ‘subordinate’, because the debt providers (the lenders) have subordinate status in relationship to the normal debt. A typical example for […]

Creating Customer Value

What is Value Anyway? (Why Creating Customer Value is at the Heart of Building a Business) The following is Part II of a multi-part series on value, segmentation and pricing by guest contributor Steven Forth, Partner at Rocket Builders and eFund Member. Read Part I here. The founder of modern management, Peter Drucker, famously said […]

Are Tech CEOs too Focused on the Exit?

A 2014 survey by PwC indicates that most Canadian tech CEOs are focused on an early exit by way of acquisition. While PwC concludes that more companies should plan to grow their companies, for my part I am pleased to see that CEOs are becoming more realistic. The fact that only 7% believe that an […]

The SR&ED Audit – Q&A

WHEN SHOULD CLAIMANTS CREATE TECHNICAL DOCUMENTATION? (and when should they assemble it?) Preparing for an “SR&ED” (Scientific Research and Experimental Development) tax audit should really begin well before your company receives notification that your claim is under review. In fact your company should begin assembling supporting documentation at the same time that you decide to […]

Towards a National Securities Regulator

The status quo for securities regulation in Canada is really a disaster. Globally we are a tiny market with a population of only about 35 million. In spite of this we have 13 separate securities administrators. Compare this to the US with a single national securities regulator and a population of 314 million. On July […]


JENTEL MANUFACTURING CASE RAISES THE BAR A case decided in May of 2011 has had an enormous impact on the current assessing practice of CRA with respect to determining eligibility of SR&ED projects. While about 95% of claims involve ‘experimental development’ (“ED”) – as opposed to scientific research (“SR”) – the judgment brings into question […]

CRA Doubles Size of Vancouver SR&ED Audit Team

The Vancouver contingent of SR&ED auditors has doubled from 2012 levels. At the same time, the amount of incentives being assessed is declining. With more staff, auditors are becoming more demanding so claims that are poorly documented are very likely to be reduced. For startups and first-time claimants this can be difficult. Even experienced claimants […]