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The Latest at Baker Tilly Calgary

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    Is it Time to Start my Succession Plan?

    Is it time to create a succession plan? A recent survey by the Canadian Federation of Independent Business (“CFIB”) reported that 42% of small business owners now expect to retire later than planned because of COVID-19.  This has significant implications for Canada’s economy, aging entrepreneurs and their families.  

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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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    Does Buying a Business Make Sense?

    With a reported 60% of small and medium-sized Canadian business owners being 50 or older, it is expected that the supply of businesses-for-sale will increase in the coming years.  Buying an existing business can have many benefits over starting from scratch, but overlooking the faults of an existing business can lead to losses and headaches. 

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    Immediate expensing: buyer beware

    As part of the federal government’s economic recovery plan, Budget 2021 proposes new measures that provide Canadian-controlled private corporations (CCPCs) the ability to immediately expense certain capital purchases acquired on or after April 19, 2021.

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    Managing banking relationships in agricultural organizations

    For many agricultural organizations, their chosen financial institution is a significant partner in the success of the operation. With increasing consolidation of farm corporations, credit facility agreements are becoming larger and more complex. Reporting frequency has increased, covenants have been added, and many institutions are seeking forward-looking projections. 

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    Pembroke firm merges with BT REO

    Waterloo, ON – Baker Tilly REO is pleased to welcome the partners and staff of Dean Sinclair Chartered Professional Accountants to their firm. Operating from the City of Pembroke, the new team brings 30 years of experience and a wealth of accounting, tax and business advisory expertise to BT REO.

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    Importance of Employee Benefits Plans

    With the economy opening back up and the world slowly transitioning back to normal, business owners are looking at the future of their companies. One of the critical challenges for this post COVID world is a company’s ability to attract and retain top talent. Employee Benefits can set you apart from other companies and attract the applicants you are looking for.