Business
Is It More Affordable to Build or Buy a Commercial Building?
As a business or investor, you may be looking to purchase new commercial property. There is an alternative, however.
There are many factors when considering building your structure from the ground up. Which is the smarter and more affordable option?
- Survey The Property
Regardless of what you’re looking to buy, you’ll want to have it professionally surveyed. This allows you to see if there are any repairs, maintenance, or renovations that need to be made.
Having quality groundwork, for instance, is something only a surveyor can assess. They are able to provide options such as ground improvement stone columns to offer stability, improve load-bearing capacity, and reduce any further settlement.
- Consider Downpayments and Renovations
Buildings that are already constructed will require some type of downpayment if you’re not intending to pay cash in full. This money will need to be saved ahead of time and provided by the investor upon requesting a loan.
There’s also a high probability that the location you decide upon won’t meet the exact specifications for your business’s needs. You’ll have to consider any renovations or building additions needed to suit your investment goals.
New builds allow you to create exactly what you want from the very beginning. The stipulation is that you’ll need to hire contractors and architecture firms, plus buy the land you intend to build on.
- Look Into Tax Breaks
Investing in commercial real estate could offer some substantial tax breaks you may not be aware of. This applies more specifically if you’re bringing new jobs into the city. They think of it as an investment in your investment.
Properties that are considered historic buildings can be eligible for grants or low-interest loans to restore the building while preserving the integrity of the architecture.
Purchasing a building that already exists can also lead to tax deductions on the interest you’re paying. However, your building also depreciates the minute you purchase it.
While building new construction doesn’t lead to as many tax benefits, there are still certainly a few you could benefit from, such as the 179D Commercial Buildings Energy-Efficient Tax Deduction.
- Think About How Soon You Need Your Property
One crucial element that a lot of investors don’t take into consideration is time. With new construction, it can take anywhere from two to six months, if not more, to complete the build. Plus, you’ll have to make sure it meets all laws and regulations according to the state and city guidelines.
A benefit of buying a property that’s already been built means you’ll only have to consider the timeframe for repairs, renovations, and decorating. You could be saving money simply because the longer your building is out of commission, the longer you won’t be making any income.
- Potential To Recoup Costs Through Sub-Leasing
Buying or building a larger commercial property gives you the opportunity for sub-leasing. If you’re buying a building outright, it may not accommodate another business leasing out an office space.
If you decide to build out a new property, you can make it larger than you anticipate your needs being and sub-lease. It’s a larger investment from the beginning, but if you work out the numbers, you could easily recoup costs and make an even more significant stream of revenue.
Eventually, if your business needs to expand, you can utilize the extra space previously leased by other tenants for yourself.
Summary
There is no clear-cut answer as to which is the more affordable option, to buy or to build, when it comes to commercial real estate. There are several factors to take into consideration, with the most important being your budget.
Work with a professional accountant to look into your personal investments, outside investors, and any potential help you could get from applying for a loan. Understand clearly what your end goal is so they can help decipher whether new construction or buying pre-built is a better option for you.
Business
Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It
Byline: Shem Albert
Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.
Provincial Rules Add Complexity
Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.
Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.
Unified Records Improve Accuracy
Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.
Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.
Automation Keeps Provinces in Step
Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.
Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.
Reporting Strengthens Compliance
Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.
Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.
Scalable Payroll for Expanding Businesses
Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.
Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.
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