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Infographic: 4 paths to savings for home buyers
A surprisingly high percentage of home owners, home buyers and real estate professionals (including agents, accountants, bankers and lawyers) are unaware of the tax credits and incentives available on the purchase and renovation of homes in Canada. With that in mind, here are four of the most widely available opportunities.
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Time is running out to get caught up with the IRS
The IRS warned recently that the Streamlined Filing Compliance Procedures may end. The message is clear: don’t wait any longer.
The Latest at Baker Tilly Dartmouth
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Collins Barrow Nova Scotia welcomes new partner
Dartmouth, NS – Collins Barrow Nova Scotia Inc. is pleased to announce the firm’s newest partner, Dwayne MacKay, a veteran tax expert bringing more than a decade of experience with global accounting firms.
Infographic: U.S. taxes for American citizens living abroad
In December 2017, U.S. lawmakers passed the Tax Cuts and Jobs Act, the most comprehensive U.S. tax reform in more than 30 years. This infographic offers a basic guide to recent changes that may be applicable to U.S. citizens living abroad.
Avoiding and Getting Off of The TOSI Highway
On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations. The original proposals were subsequently withdrawn in October, re-released in December and after further changes the proposed legislation was included in Bill C-74 in March 2018. Bill C-74 received Royal Assent on June 21, 2018 and the new tax on split income (TOSI) rules are now in effect as of the beginning of 2018.
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2018 fall economic update
The single tax measure introduced in the 2018 fall economic update was accelerated capital cost allowance for eligible property.
Breaking down changes to the small business deduction
In Canada, corporations may claim a small business deduction (SBD) on their corporate tax returns, effectively reducing the corporate tax rate on the first $500,000 of taxable income from active business income (ABI). ABI does not include aggregate investment income.
Proposals address tax recovery on excess payments
Department of Finance introduced draft legislation on January 15, 2019 in response to errors made by the Phoenix payroll System regarding overpayments to public service employees. Although this legislative response was to deal with the aftermath of the Phoenix System, the proposal applies to both the public and private sector.
Data Analytics Blog
Data Is My Parachute Two of my passions in life are data and skydiving. One is work related and the other is my hobby but both share common characteristics. Both require a tool for me to be successful. In skydiving it is my parachute and at work it is data.... -
Family trusts: the aftermath
The last 24 months have seen a deluge of tax announcements from Ottawa with adverse impacts on private family businesses and corresponding family members. Announcements were implemented, modified and shelved, so taxpayers and advisors are still coping with the changes. Many taxpayers are understandably confused about which planning strategies remain available.
Don’t dive into the shallow end of the TOSI income pool
In recent Tax Alerts we discussed the tax on split income (TOSI), which limits income-splitting techniques involving private corporations by taxing amounts received at the highest marginal tax rate. The rules are complex and, to date, the Canada Revenue Agency (CRA) has provided only limited guidance on their application.
Re-examine your assumptions with timely advice
As the latest Lawyers Alert makes clear, the legal profession navigates a wide range of issues – including cybersecurity, compensation plans, marketing and demographics – that don’t always come to mind when we think of this complex industry.
Welcome John Oakey, our new National Director of Tax Services
Toronto, ON – Collins Barrow National is pleased to announce John Oakey, Senior Tax Partner from the Nova Scotia firm, will be leading the network’s tax committee, taking on the role of National Director of Tax Services.
