October 17, 2016 by Thomas Blonde
The Canadian government is going to change the way it calculates tax on farm quota sales beginning January 1, 2017 – and it’s not for the better. The changes will impact not only how much farmers are able to “write-off” but also how much tax they’ll pay on the sale of a quota.
As Baby Boomers begin to hit retirement age, a major shift is occurring in succession planning. Trillions of dollars worth of businesses will change hands in the next decade. If this shift is not well managed, the economic impact will be significant. Ineffective transitions could result in decades of experience and knowledge being lost.
Members of partnerships or shareholders (in certain corporate structures) – take note! The 2016 Federal Budget proposes to extend partnership income rules to certain partnership and corporate structures , which may:
March 30, 2016 by Ranjan Thiruchelvam
Farm groups regularly raise awareness about the importance of succession planning, but many farmers have been slow to commit. According to studies, many believe it is simply “too early” in the life cycle of their business to devise a succession plan. But, those who put in the work to build a succession plan benefit enormously from a host of benefits and rewards.
This series of infographics highlights some of the most important points from the 2016 Federal Budget. Get all the latest updates on income splitting, small business deductions, the Canada child benefit and much more.
January 15, 2016 by Kevin Tippett
Canadians filing U.S. tax returns for the first time may be targets for scammers due to their inexperience with the IRS. Here’s what you need to know to protect yourself.
If you find yourself behind the wheel of a car for work purposes, there’s a good chance your employer (a) provides the automobile or (b) pays you to use your own vehicle. Both options are viable, but they also present different income tax consequences — for employer and employee alike.
October 2, 2015 by Shelley Smith
Are you a U.S. citizen living outside of the United States? If you haven’t been filing your U.S. personal income tax and financial reporting forms, it’s time to take action. Doing nothing is not an option, as it puts you at risk of some very serious consequences.
August 25, 2015 by Mike Hayward
Are you a Canadian resident who has relocated to the United States for work? This is complicated for many reasons, but the tax implications can be especially daunting. Let's take a closer look at several residency scenarios and clarify your tax obligations - in Canada AND the U.S.
August 7, 2015 by Cheryl Grusnick
Are you one of the many Canadians who have inadvertently overcontributed to their Registered Retirement Savings Plans? If so, you should be aware that excess RRSP contributions are subject to a penalty tax of one per cent per month of the excess contribution.
July 20, 2015 by John F. Oakey
Crowdfunding is an increasingly popular way to raise funds for projects. But what does this mean for taxpayers when they report their income to Canada Revenue Agency (CRA)? Our experts break down the tax implications of raising funds publically online.
June 8, 2015 by Sylvain Campeau
Planning for retirement? Take control of your financial future. Most Canadians over 65 are eligible to receive an Old Age Security (OAS) pension. But there’s a catch. The OAS recovery tax may “clawback” some or all of that pension. Check out our expert tips for keeping more money in your pocket.
March 31, 2015 by Doug Greenhow, Tim Geoffrey
Canadian-controlled private corporations (CCPCs) earning business income can enjoy significant tax advantages. The federal and provincial governments have incentives for small business owners to reinvest profits for expansion, job creation and investment. Read on to discover the tax advantages benefitting small businesses to minimize your tax burden.
March 30, 2015 by Sarah Netley
Planning your estate? The federal government has passed new legislation that could have a dramatic impact on how your estate is taxed. Effective January 2016, amendments to the testamentary trust legislation will tax beneficiaries at the top marginal rate, eliminating the ability to use the graduated rates to help reduce the overall tax burden. Read on to discover if or how these changes will affect you.
U.S. persons with a financial interest in or signature authority over financial accounts maintained outside of the U.S. must fill out a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), or face penalties from the IRS. Read on to learn more about the FBAR filing requirements.
When it comes to administering a deceased’s estate, it’s common and sometimes necessary for a friend or relative to be appointed the executor, but not many are aware of the proper steps to take for tax filing obligations. Read on to learn the essential requirements that need to be met.
While the majority of Canadians will not notice any impact as a result of the Affordable Health Care Act, commonly known as Obamacare, a select few may need to comply with its rules. Read on to determine if and how Obamacare affects you.
The federal government recently introduced several tax measures designed to help Canadian families. Collins Barrow’s latest infographic provides an overview.
Many farmers can leave behind a significant tax liability once they pass on. Explore these tax strategies and estate planning tips for farmers.
A government-sponsored program, the Registered Disability Savings Plan (RDSP) assists eligible Canadians in building long-term savings. Contributions to an RDSP qualify for matching government grants and bonds. With an RDSP, beneficiaries can realize a return on investment of up to 300 per cent.