Welcome to Gregory, Harriman & Associates LLP - Strathmore, Alberta
Gregory, Harriman & Associates LLP (GH&A) is a locally owned public accounting firm located in Strathmore, Alberta. The firm is comprised of three professional practitioners assisted by a number of qualified professionals, staff accountants, accounting technicians and clerical staff who are committed to providing excellent client service.
We offer a wide range of Accounting, Assurance, Tax Services and other customized services to various businesses and government bodies. Our client base consists of owner-managed enterprises, not-for-profit agencies, government entities and agricultural operations.
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When looking to upgrade equipment or acquire new buildings or grain storage, leasing is often presented as an option to traditional purchase financing.
Under a standard purchase, the purchaser takes ownership of the asset immediately. The vendor is paid in full, and if necessary, the purchaser can obtain financing from a lender who will likely only finance a portion (down payment or trade-in will be needed). The terms of this loan (payments, interest rate, amortization period) are negotiated between the lender and the purchaser.
Under a lease contract, the leasing company purchases and takes ownership of the asset. The vendor is paid by the leasing company. The lessee then agrees to use that asset for a set time period, for set lease payments paid to the leasing company over that time period. At the end of the lease term, the lessee usually has an option to purchase the asset from the leasing company for a pre-determined residual value.
When making a decision on how to finance new equipment purchases for your business, it is important to understand both the cash flow and tax implications of each option.
The federal government has recently taken steps to make applying for the Disability Tax Credit (DTC) easier, as well as expand eligibility for the DTC to provide access to more taxpayers with certain severe and prolonged impairments.