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Information worth sharing


Important issues in family succession of farm operations
By Peter Hobb

When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives of key stakeholders align with your goals, how you will be spending your time in retirement, ensuring you have adequate financial resources in retirement and how to divide assets among your children, some of whom may not wish to be involved in the farm operation. There are many issues, and they will vary depending on your particular circumstances.

To read more click here


Are entrepreneurs ready to exit their company?
By BDC

Almost 60% of Canadian small and mid-sized business owners are ages 50 or older. How should entrepreneurs navigate this reality as they near retirement? To find out, BDC asked over 2,500 Canadian business owners about their succession plans.

To get the free report follow this link


Peter Hobb is retired.. sort of!

It is with admiration and appreciation that Baker Tilly Durham announces the retirement of one of its founding partners, Peter Hobb from the accounting practice, effective December 31st, 2017. Peter will continue with his involvement in the consulting practice providing succession planning and implementation services. 

A leader at the firm since 1983, Peter focused on service excellence. In addition to being a partner, he headed Baker Tilly Durham Consultants Inc. and worked closely with clients to help them identify opportunities and develop business strategies to grow their businesses profitability. Peter has been published in CA Magazine and local newspapers and has appeared on local television reviewing topics ranging from building a successful business to income tax planning.

“Peter’s continuous commitment to excellence is unwavering, as is his remarkable dedication to the community in which he lives,” said Baker Tilly Durham partner, Laura Wilson. “His work here has been outstanding and we look forward to working with him in his new role.”


Baker Tilly Durham wins Whitby Chamber of Commerce Award

"Our firm is dedicated to delivering quality, value-added financial services and innovative solutions to our clients," said Peter Hobb, partner at Baker Tilly Durham. "Driven by professional excellence and integrity, our team's commitment to this vision has been recognized through this prestigious honour, and we're grateful to the Whitby Chamber of Commerce for celebrating our achievements."

To read more click here


Improving the financial literacy of board members
By Denise Jones

For board members, understanding the organization’s financial position is a necessity for effective oversight, as well as a fiduciary duty. But when it comes to the financial discussions, we see many board members “zone out.” Without an appropriate level of understanding, the right questions may never be asked, potentially putting the organization at financial risk. Management and board leadership need to collaborate to ensure all board members have at least a basic understanding of how the numbers work, the relevant metrics, and the reasons they are important for the organization.

To read more click here


A quick guide to platform acquisitions
By John Clausen and Michael Rose

When growing through mergers and acquisitions, there are generally two distinct types of acquisitions: (1) the platform acquisition and (2) subsequent one-off acquisitions. When a company expands into a new market, the expansion often comes in the form of a platform acquisition, the initial acquisition that a private equity group makes to enter an industry with the intent to roll up (or acquire) other companies in an industry. The term “platform acquisition” originates from the private equity sector, where platform investments are very common.

To read more click here


Terry Fox Run: Support our team and help cure cancer!

Local Terry Fox Run: Sunday September  17th, 2017
Run Day Details: Ceremonies start at 9:30 am, official run start 10:00 am
Location: Memorial Park - Liberty Street South - Bowmanville, ON


Canadian Private Corporations and Family Trusts

You may have seen the news recently that the Federal Government (via the Department of Finance) has now issued proposals to restrict or eliminate certain previously legitimate tax planning opportunities currently available to Canadian Private Corporations and Family Trusts. The changes are currently proposed to come into effect for the 2018 taxation year, and are subject to a technical consultation process now underway. These proposals will not affect everyone, but those that are affected (private companies and family trusts) may be significantly impacted. 

If you have questions please contact Tom or Jesse.

To read more click here 


What is a Retirement Compensation Arrangement (“RCA”)?
By Jesse Genereaux

An RCA is a plan that is funded by contributions from employers and employees to a custodian who manages the funds. RCAs are used to fund the retirement of an employee, their loss of employment or a substantial change in the services that they provide. 

To read more click here


Expert Series: 9 Ways to attract buyers for your business 
By Michael Rose

Most entrepreneurs who plan to sell when exiting their business don’t think about it seriously until they are ready to sell. If you want to get the most out of your sale, you should start preparing long before you make a deal. 

To read more click here


The Partners of Baker Tilly Durham give back to the community with donation to UOIT


Expert Series: Negotiation strategies for selling your business 
By John Clausen

Negotiating the sale of your business isn’t easy. The ability to negotiate is vital when entering into a merger and acquisition (M&A) transaction. However, it’s difficult to stay objective when parting with a company you’ve dedicated years of your life to. For many people, this is an emotional process. It’s important to enter M&A negotiations with an understanding of your priorities for your future and the future of your company. Keep the following strategies in mind and you are far more likely to get the deal you’re hoping for. 

To read more click here


One of our managers, Andrew Villeneuve has been interviewed for an article!

In the February 2017 edition of Ontario Dealer Andrew discusses what dealereship owners should keep in mind when planning for 2017. Bank agreements, current tax credits, and an owner's salary structure were key points covered. 

To read more click here. 


Be Aware of CRA Scams

It has come to our attention that a number of people have received threatening and aggressive phone calls from individuals claiming to be calling from the CRA. Often times these individuals are threatening to take legal action if tax debts are not paid. The purpose of these calls is to access personal information such as Social Insurance Numbers, bank account numbers, and credit card numbers.

Please visit the link below to find out more about the various CRA scams and how to protect yourself.

http://www.cra-arc.gc.ca/scrty/frdprvntn/menu-eng.html