Five in five: Rock Lapalme
“As a profession, accounting and how accountants work will benefit profoundly from the trend toward greater automation and artificial intelligence applications.”
Blog
Blog
December 9, 2022 by Chris Alexander
Self-assessment of GST/HST collected on the sale of real property
The Excise Tax Act (ETA) outlines specific rules regarding the reporting of GST/HST collected on sales of real property used in commercial activity. The ETA requires self‑assessment of GST/HST payable on a transaction by the purchaser, rather than collection and remittance by the vendor. Instead of immediately remitting the GST/HST to the vendor, the buyer is required to declare GST/HST collected and GST/HST paid (if the expense is eligible for an input tax credit) on their own return.
October 7, 2022 by Terri Holowath
Five in five: Terri Holowath
“I find it ironic how our profession often has a reputation for attracting those who are averse to change, when in reality we deal with it every day and in so many ways.”
September 22, 2022 by Tammy Carlin
Five in five: Tammy Carlin
“The best advice I ever received did not come through words. It came by observing my longtime mentor in action. Following his lead, [SA1] I prioritize respect, trust, care and empathy in serving clients and mentoring staff.”
September 19, 2022 by Ryan Kitchen
Don’t overlook the fuel charges tax credit
The federal government introduced the Return of Fuel Charge Proceeds to Farmers Tax Credit in December 2021 to help farmers offset the high cost of the carbon tax.
August 24, 2022 by Candice McKay
Why farm businesses should move into the cloud
Over the past 10 years, we have seen a great deal of consolidation among agribusinesses. As these businesses grow and accumulate debt, doing the bookkeeping and accounting at the kitchen table is no longer viable. By introducing cloud-based accounting, these businesses are better positioned to address complex reporting requirements.
July 21, 2022 by Bud Arnold
Five in five: Bud Arnold
“Ultimately, focusing our efforts on what we do best enables us to help businesses and people grow.”
June 23, 2022 by Kevin Shaw
Five in five: Kevin Shaw
“I feel privileged to be able to share my knowledge and the collective expertise of our team to help our clients realize their aspirations and objectives. That’s what really gets me out of bed each morning.”
June 17, 2022 by Bud Arnold
Structuring a farm business to involve the next generation
If you’re thinking about farm succession planning, there are many areas to consider. One key consideration is determining how to include the next generation in the structure of a farm business while the parents are still involved. If you plan to include more than one generation at the same time, there are several ways you can include a child or successor as a partial owner.
May 26, 2022 by Jarred Cohen
Five in five: Jarred Cohen
“I enjoy learning about clients’ and colleagues’ paths and how they achieved their success – discussing business trends, challenges they’ve encountered and where they see themselves in the future.”
April 28, 2022 by Luther VanGilst
Navigating the new Canadian carbon tax credit
There are currently four Canadian provinces that do not have a provincial carbon tax: Alberta, Manitoba, Ontario and Saskatchewan. As a result, their carbon use is taxed on a federal level. In these provinces, farmers generally do not pay carbon tax on diesel and gas used for farm equipment or farm vehicles, but they do pay carbon tax on the propane and natural gas they use.
Five in five: Greg Sylvestre
“I’m inspired by clients who see opportunities and are willing to pursue them, with a clear sense of what can be achieved.”
March 21, 2022 by John F. Oakey
Are capital gains rates set for a hike?
It’s time to get out the Magic 8-ball, shake it feverishly, stare into the depths of the swirling black mist and ask the question:
“Will the capital gains inclusion rate increase in the 2022 federal budget?”
Before the Magic 8-ball provides us with its mystical answer, let’s review what information we do have to see if we can predict the outcome on our own.
February 24, 2022 by Luc Joye
Cut your tax bill by selling farmland strategically
Many farms are owned personally, often as a sole proprietorship or a partnership between two or more individuals. When a farm is transferred to the next generation or sold to a third party, the seller is taxed on the capital gain.
February 23, 2022 by Curtis van Son
Five in five: Curtis van Son
“The benefit of the public practice world is that your career will take you wherever you are suited to be, which tends to be where your passions and interests lie.”
January 26, 2022 by Scott Dupuis
Five in five: Scott Dupuis
“I enjoy seeing other members of our team grow… it’s a kind of mutual satisfaction, seeing our firm grow and our people grow.”
October 19, 2021 by Ryan Kitchen
Changing CCA rates for farm businesses
When the most recent federal budget was released on April 19, 2021, it was announced that CCA rates will change for farm businesses that are Canadian-controlled private corporations (CCPC). Under this announcement, CCPCs would be entitled to immediately expense their capital purchases when they calculate their income for tax purposes.
September 3, 2021 by Denise Jones
Five in five: Denise Jones
“The pandemic has only highlighted what we can do with technology and collaboration.”
August 23, 2021 by Bud Arnold
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.
July 14, 2021 by Thomas Blonde
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.