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  • Baker Tilly

    Welcome to Baker Tilly SNT

    Northern Ontario-based, our four offices and 90-plus staff members provide tax, accounting and business advisory services to more than 2,000 small and midsized owner-managed businesses, municipalities, hospitals, caisses populaires, credit unions, publicly funded educational and financial institutions, not-for-profits and private-sector clients in manufacturing, logging and forest products, construction, retail, professional services and recreation.

  • Baker Tilly

    Canadian taxation of employee stock options: the winds of change

    As promised in the 2019 Federal Budget, draft legislation restricting the preferential treatment afforded to employee stock option plans was released on June 17, 2019. Currently, the preferential treatment, which is provided to all corporations, is a 50 per cent reduction in the taxable benefit to the stock option holder, provided specific criteria are met. 

  • 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.

The Latest at Baker Tilly Sudbury

  • Baker Tilly

    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

    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

    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

    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

    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

    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.

    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.