The Latest at Baker Tilly Calgary

  • Baker Tilly

    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.

    Baker Tilly

    2024 Federal Budget Commentary

    The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today tabled her fourth budget ⁠–⁠ “Fairness for Every Generation.”

    The following is a brief overview of the key tax measures.

  • Baker Tilly

    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. 

    Baker Tilly

    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. 

    Baker Tilly

    2024 tax rates

    If you want an overview of Canadian tax rates for 2024, you’ve come to the right place. Select from the resources below for personal and corporate tax rates for each province and territory.

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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.  

    Baker Tilly

    Fair Market Value on CRA appraisals are inclusive of GST/HST for builder‑landlords

    A recently obtained Canada Revenue Agency (CRA) internal communiqué ⁠–⁠ dated May 17, 2023states “effective the date of this communiqué, CRA appraisers will report Fair Market Value (FMV) as inclusive of GST/HST.” This is good news for builders, reducing appeals and objections resulting from disputes with the CRA on FMV as it relates to self‑supply of residential complexes.

    Baker Tilly

    The CRA acknowledges impact of bare trust filings on Canadians

    On March 28, 2024, the Canada Revenue Agency (CRA) announced it would no longer require bare trusts to file a T3 Income Tax and Information Return (T3 return) ⁠–⁠ including Schedule 15 (Beneficial Ownership Information of a Trust) ⁠–⁠ for the 2023 tax year unless the CRA makes a direct request for these filings. This announcement recognizes the new reporting requirements for bare trusts have had an unintended impact on Canadians.