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  • Baker Tilly

    Welcome to Baker Tilly Rockies LLP

    We at Baker Tilly Rockies LLP (formerly Collins Barrow Bow Valley LLP) have been providing the Bow Valley, including Kananaskis Country to Lake Louise and beyond, services since 1987.

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    People of Baker Tilly Banff

    The mountains and valley we live amidst are expansive yet we are still a small community which means we are all out and about interacting with so many on a day to day basis.

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    Two Alberta firms join the Baker Tilly Canada network

    Waterloo, ON – Baker Tilly Canada, one of the country’s largest networks of independent accounting firms, is excited to expand its presence in Western Canada by welcoming two new Alberta firms: Baker Tilly WCR and Baker Tilly Catalyst. While BT WCR is located in Rocky Mountain House, BT Catalyst will serve clients from three offices – in Calgary, Nanton and Sundre.

The Latest at Baker Tilly Banff

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    2021 tax deadline calendar

    When it comes to Canadian and U.S. tax deadlines, even the most diligent client needs an occasional reminder. Consult our 2021 tax deadline calendar for a month-by-month overview of key dates that could apply to you. You might even notice a few obligations that slipped your mind.

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    David Downie joins Baker Tilly as principal

    Toronto, ON – Baker Tilly in Toronto is pleased to announce the arrival of David Downie in the role of principal. With more than two decades of tax experience, he brings his expertise in tax planning (both international and domestic) and reorganization, with a focus on Canadian multinationals and their global operations.

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    2021 Federal and provincial budget highlights

    Baker Tilly Canada is pleased to continue our tradition of providing valuable commentary and analysis of federal and provincial budgets. Click on any flag below to see corresponding 2021 budget highlights – from changes to personal and corporate tax measures to indirect tax updates and more. Speak to your Baker Tilly Canada advisor to understand how these policies could affect your business.

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    The rules of family farm transitions are changing

    When selling a farm corporation, there are tax advantages to selling to a stranger than to someone in your own family. It has always been difficult to transition corporate-owned farms to the next generation, because the sale of a corporation within a family is taxed at a punitive rate – one that would be lower if the buyer was an unrelated person.

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    Intergenerational transfers with less strings attached (a limited time offer)

    Many family-owned businesses have faced higher tax burdens when transitioning their business within their family. This effect has been due, in part, to two anti-avoidance provisions in the Income Tax Act (ITA) that are designed to prevent unapproved transactions deemed abusive by the Department of Finance. Section 55 prevents unapproved, tax-deferred capital gains stripping; section 84.1 prevents unapproved, tax-free surplus stripping. In a nutshell—an oversimplified nutshell—these two complex anti-avoidance provisions recharacterize what should be tax-free transactions into taxable ones.

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    Tax changes to the Canadian digital economy

    In recent months, the tax treatment of non-resident and resident suppliers (i.e., Wayfair) engaged in e-commerce sales has undergone significant changes. While many of these suppliers were not required to register to collect provincial or Canadian federal sales tax in the past, those obligations have changed.

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    What’s driving today’s M&A surge?

    The ups and downs of the pandemic’s impact on business has opened the door to increased activity and more complex deals in mergers and acquisitions. In this episode of the Connected & Ready podcast, Baker Tilly Canada Corporate Finance CEO and managing director Mike McIsaac joins host Gemma Milne for a discussion of the long and short-term trends that got us to this point.

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    Four reasons to consider renting farmland

    The advantages of buying property are well known to most farmers. It is a great way to build equity in your business and it usually grows in value over time. In addition, owning farmland offers more tax planning options down the road, allows you to avoid rent increases, gives you more freedom in the way you use the land and protects you from losing access to the land, in the event your landlord decides to sell the land or rent to someone else. However, in spite of all these advantages, there are also several reasons it might be preferable to rent farmland.

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    New tax savings for farmers buying capital assets

    Farmers who are thinking of buying a major capital asset like machinery or equipment may soon see significant tax savings. In the 2021 federal budget, important changes were proposed to the capital cost allowance rules. Before these changes were introduced, capital assets were depreciated according to their class. For example, if a farmer purchased a Class 10 tractor or combine, the capital cost allowance on that asset in the year of purchase was 45 per cent. However, the new rules no longer organize assets by class, instead allowing farmers to fully expense capital assets up to $1.5 million in the year of purchase.