April 12, 2024 by Sarah Netley, Francesca Loreto
Episode 13 – Navigating Transfer Pricing Strategies
Are you a business owner navigating cross‑border transactions and wondering about transfer pricing risks and documentation?
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Blog
March 26, 2024 by Melinda Fleming
Navigating the tax audit process
When most people learn they’re being audited, their immediate reaction is to feel scared and unsettled. As someone who worked as an auditor at the Canada Revenue Agency (CRA) for six years, I have a good sense of what clients are facing in the audit process, why they end up there and how they can steer this process in the best possible direction.
March 15, 2024 by Sarah Netley, Francesca Loreto
Episode 12 – Protecting Your Estate from Litigation
While no one wants their will to be contested, estate litigation plays a crucial role in resolving disputes and ensuring the fair distribution of a deceased person's assets. So, how can you avoid it?
February 9, 2024 by Sarah Netley, Francesca Loreto
Episode 11: The Fundamentals of Wills and Estate Planning
Creating a will is a topic most of us would rather ignore, but this is one of the most important steps you will ever take. With that in mind, we’re sharing some essential perspective.
January 26, 2024 by Ryan Kitchen
Crop corporation: A solution for excess inventory
The work of grain producers is very cyclical. You could have a good year, followed by a not‑so‑good year, followed by a really great year, followed by a disaster year. Over time, this might even out, but what happens when you have a number of good years in a row?
January 23, 2024 by Riccardo Zerbino
Filing changes for inactive trusts
Until recently, trusts had to file a tax return within 90 days of the trust’s year end, but there were some exceptions. If you didn’t earn income, dispose of capital property or make distributions of income or capital in a year, you were generally not required to file an annual return.
January 12, 2024 by Sarah Netley, Francesca Loreto
Episode 10 – Leaving a Legacy Through Charitable Giving Part 2
In the new episode of From the Source, Frankie and Sarah continue exploring the tax implications of charitable giving, comparing gifts made during your lifetime with those outlined in your will.
December 21, 2023 by Shannon McIntosh, Manager
Set the stage for success in 2024
Welcome back to The Bright Side for the last blog post of 2023. Is it just me or did this year fly by? For this edition, we’re going to look back at the year and all the challenges that were overcame and provide some strategies to plan for 2024.
December 18, 2023 by Bud Arnold
Pick the right structure for your farmhouse
When purchasing a farm, sometimes the property includes a house for the farm family to use as their primary residence. Families in this position often overlook the tax complications of buying a farmhouse that is part of their farm property, but how they decide to hold that farmhouse could significantly impact their tax obligations. This article outlines several farm business structures and the farmhouse tax obligations in each case.
December 15, 2023 by Sarah Netley, Francesca Loreto
Episode 9 – Leaving a Legacy Through Charitable Giving Part 1
It’s the holiday season, a time of giving, so we’re jumping back into our conversation about estate planning with today’s focus on charitable giving.
December 6, 2023 by Luther VanGilst
The end of immediate expensing
When the immediate expensing rules were introduced in 2021, they allowed incorporated businesses to start fully expensing purchases, claiming up to $1.5 million in tax depreciation on eligible property acquired annually. This applies to a broad range of purchases, including tractors, combines, planters, cultivators and processing equipment – almost everything in a farm context except buildings, paving and quota – but corporations will no longer be able to access this opportunity in 2024.
November 30, 2023 by Shannon McIntosh, Manager
Balancing career and family on the road to success
In this edition of The Bright Side, we focus on a particularly important topic for small business owners – how to best compensate yourself for the work you do.
November 29, 2023 by Thomas Blonde
Saving for retirement on the farm
Given the all-consuming complexity of any farm business, it’s not uncommon for farmers to overlook the importance of retirement planning. The constant need to reinvest in these businesses means there’s rarely a good time to think about saving for the future.
November 15, 2023 by Brenda Scott
Let’s get fit: how to ignite your company’s digital journey
Technology is evolving so fast. Some might say that’s exhilarating, while others might see it as exhausting. With Artificial Intelligence (AI) being integrated into businesses at an unprecedented rate, it’s easy for a company to feel out of shape as it tries to keep up with technology trends, in order to remain current and competitive.
November 14, 2023 by Craig Hoover
Agri-food incentives you can’t afford to ignore
If you’re an agri‑food processor or manufacturer, there are a number of valuable government incentives available to your business. However, to access these programs, you will need to navigate a complex web of requirements.
November 9, 2023 by Sarah Netley, Francesca Loreto
Episode 8 - Creditor-Proofing Your Business
As a business owner, it’s important to have a strategy in place to protect your assets from potential creditors. Several instances can arise that put your business assets at risk – the most common being a lawsuit.
October 26, 2023 by Shannon McIntosh, Manager
Salary vs. dividend: The best way to pay yourself
In this edition of The Bright Side, we focus on a particularly important topic for small business owners – how to best compensate yourself for the work you do.
September 25, 2023 by Shannon McIntosh, Manager
The sweet taste of success
Welcome to the new edition of The Bright Side with Shannon McIntosh. This month, I interviewed two Baker Tilly Catalyst clients, sisters Jodi Willoughby and Carolyne McIntyre-Jackson, who turned their dream of a bakery into the successful business Crave Cookies and Cupcakes. Let’s dive into how it all started, the hurdles they’ve overcome and more.
September 18, 2023 by Sarah Netley, Francesca Loreto
Episodes 6 & 7 – Estate Taxes and Probate Planning
While thinking about what happens when you pass away can be an emotional and challenging exercise, putting a plan in place can give you peace of mind by knowing that your estate plan will meet the goals that are important to you and your loved ones. This two‑part podcast will help you better understand why planning ahead is important and how to get started.
September 1, 2023 by Shannon McIntosh, Manager
The evolving state of cloud accounting
Welcome back to The Bright Side! This month’s blog post explores the evolving state of cloud accounting and all the positive ways businesses that migrate to the cloud can benefit from this shift, including new access to efficiencies and savings. All the time and money you devote to data entry could be eliminated almost overnight with a shift toward automation, and significant new possibilities are emerging with each passing month. Cloud accounting ultimately frees business owners to focus more on what they do best. If you’re not sure cloud accounting is right for you, allow me to explore The Bright Side.