What kind of entrepreneur is Brian Mulroney? Not a very good one. Anyone who fails to deduct business expenses probably can't even call themselves an entrepreneur.
Toronto consultant Adil Sayeed of Smartgreen Financial Planning has written a little essay about the former prime minister's difficulties with some cash he accepted from German lobbyist Karlheinz Schreiber. It's a nice piece of satire that has some useful pointers about the need to keep proper business records.
If you've ever thought of starting your own business, you can learn a lot by studying Brian Mulroney's misadventures.
Brian Mulroney the businessman should have paid closer attention to the Goods and Services Tax (GST) that Prime Minister Brian Mulroney introduced.
... Mulroney should have registered with the tax authorities as soon as he started his consulting business. He would have received an introduction to business tax package stressing the importance of keeping good records.
If Mulroney had given Schreiber receipts for each payment and invoices for expenses incurred and work completed, the former Prime Minister would have the information on hand to put some questions to rest."
Adil's conclusion: "The new entrepreneur who acts as his own tax adviser has a fool for client."
Click here for his story at straightgoods.ca.