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  • Baker Tilly

    Baker Tilly Montreal promotes Constantina Gomatos to principal

    Montreal, QC – Baker Tilly Montreal is pleased to announce that Constantina Gomatos has been promoted to principal. Practicing tax since 2004, Gomatos has dealt with a diverse clientele, which includes owner-managed businesses, their shareholders, their corporations and foreign entities operating in Canada. She also works with Canadian entities operating in foreign jurisdictions in a variety of industry sectors, including manufacturing, distribution, real estate and retail. 

  • Baker Tilly

    The new rules surrounding capital cost allowance

    In your farming business, you are likely to acquire depreciable property such as buildings or equipment. Since this property wears out or becomes obsolete over time, you can deduct the cost of each item over a period of several years in an annual deduction known as the capital cost allowance (CCA). For example, before recent changes to the rules, you would receive half of the 30 per cent CCA in the first year after purchasing a Class 10 asset (e.g., a self-propelled vehicle). If you bought a tractor that cost $100,000, you would receive a $15,000 write-off in the first year. In subsequent years, that 15 per cent would increase to 30 per cent of the remaining balance.

The Latest at Baker Tilly Montréal

  • Baker Tilly

    Baker Tilly Montréal S.E.N.C.R.L./LLP

    As a leading mid-market firm, we have been serving the Montréal business community for more than 70 years. From real estate to manufacturing, import/export and high-tech to retail and the service industry, we have experience in virtually every sector of the Canadian economy. Committed to professionalism and excellence in personalized service, we adapt to the changing needs of every client. Quite simply, we put our clients first.

    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

    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

    Farm succession: sharing the land in partnership

    A growing number of farm clients come to my office to discuss succession planning. In many cases, there is a single farming child that has stayed behind to help run the operation, and this child will be the successor. Often, there are other children in the family who have left the farm and have blazed their own paths in life.

  • Baker Tilly

    Capitalizing on the AgriStability deadline extension

    Traditionally, farmers had to sign up in order to participate in the AgriStability program by April 30 (just prior to seeding). The program is designed in such a way that you have to sign up and pay your fees before your production season begins to be declared eligible for the upcoming year. However, the government recently announced a one-time extension of the deadline from April 30 to July 2, 2019.