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The Latest at Baker Tilly Dartmouth

  • Baker Tilly

    Grinding through the small business limit

    In 2018, amendments to the Income Tax Act were enacted to limit the $500,000 federal small business limit where a Canadian Controlled Private Corporation (CCPC) earns investment income. For every $1 of Adjusted Aggregate Investment Income (AAII) that a CCPC earns in excess of $50,000, its small business limit will be reduced by $5. The full small business limit, where the CCPC earns $150,000 or more of AAII, will be eliminated. AAII effectively includes any investment income that is not incidental or does not pertain to an active asset. Note that in Saskatchewan, the grind will reduce the provincial small business limit by $6 for every $1 of AAII because of the province’s higher provincial small business limit ($600,000).

    Baker Tilly

    The impact of the new carbon pricing model

    In the fall of 2018, the federal government implemented their strategy for reducing carbon emissions by 50 to 60 million tonnes by 2022. In doing so, they enacted upon a charge of $20 per tonne in 2019, with an annual increase of $10 per tonne until it reaches $50 per tonne by 2022. This carbon pricing model will have an effect on both individuals and corporations in Saskatchewan.

  • Baker Tilly

    New IRS security measures could cause problems for U.S. citizens in Canada

    The IRS announced on June 4, 2019, that it will end its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July. The announcement indicated that transcripts have become increasingly vulnerable as criminals impersonate taxpayers or authorized third parties to file fraudulent returns for refunds.

    Baker Tilly

    Commentary

    The Honourable Bill Morneau, Minister of Finance, today tabled his fourth federal budget titled “Investing in the Middle Class”.  With this budget, the government addressed four key areas:

    • Investing in the Middle Class
    • Building a Better Canada
    • Advancing Reconciliation
    • Delivering Real Change
  • Baker Tilly

    The talent acquisition time bomb

    At Baker Tilly, we believe there are people solutions that can help your business thrive. Canadians are facing the daunting realities outlined below, but we know that knowledge is power. By taking proactive measures, we can provide valuable support to our clients in their pursuit of excellence. Here are some of the major issues we are facing, along with recommendations that will assist in your continued success. 

    Baker Tilly

    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.

    Baker Tilly

    3 items you almost missed in Budget 2019

    Baker Tilly Canada’s National Director of Tax Services John Oakey considers three items in the federal budget that almost flew under the radar: cryptocurrency non-compliance, beneficial ownership transparency and the future of surplus stripping.