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The Latest at Baker Tilly Ottawa

  • Baker Tilly

    Purifying your farm corporation

    Purified farm corporations have access to some major tax advantages, including the lifetime capital gains exemption and the ability to transfer assets to the next generation at cost. In order to qualify for these opportunities, 90 per cent of your farm corporation’s assets need to be active farming assets. If non-farming assets exceed 10 per cent, you will no longer qualify unless you remove some of these assets. This article will take a closer look at the tax opportunities available to purified farming corporations and the steps you can take to ensure you have access to them.

    Corporate Finance

    Your go-to resource for investment banking, transaction structuring, M&A and capital advice — whether you’re a buyer, seller, lender, private equity investor or focused on growing or restructuring your business — our Corporate Finance professionals are masters of the art of the deal.

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    Penalties and the Tax-Free Savings Account

    Are you the recipient of a Tax-Free Savings Account (TFSA) from a deceased spouse or common-law partner? You should be aware that there may be forms to complete and timelines to be aware of. The Canada Revenue Agency (CRA) has been assessing penalties on over-contributions and exempt contributions made by survivors of deceased TFSA holders.

    Baker Tilly

    Eight tips to retain employees

    Retaining employees is the most important challenge facing companies today. For one, the birth rate is declining in North America. On average, Canadian families are having 1.2 children per couple versus 4.6 back in the ’60s.

    Baker Tilly

    Investment Funds

    The investment funds industry has experienced significant growth in the last 20 years directly contributing to the wellbeing of the Canadian economy. As the leading advisors to the mid-market investment funds sector, we are the right partners to bring greater financial clarity and guidance.

  • Baker Tilly

    Workplace parties: worth the risk?

    At Baker Tilly, we know our people are integral to our business excellence. Our people solutions strategies support this success by providing healthy workplace cultures for our employees and leaders who treat them as people, not simply human capital.

    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.