April 26, 2022 by Greg Sylvestre
Five in five: Greg Sylvestre

“I’m inspired by clients who see opportunities and are willing to pursue them, with a clear sense of what can be achieved.”
April 26, 2022 by Greg Sylvestre
“I’m inspired by clients who see opportunities and are willing to pursue them, with a clear sense of what can be achieved.”
March 21, 2022 by John F. Oakey
It’s time to get out the Magic 8-ball, shake it feverishly, stare into the depths of the swirling black mist and ask the question:
“Will the capital gains inclusion rate increase in the 2022 federal budget?”
Before the Magic 8-ball provides us with its mystical answer, let’s review what information we do have to see if we can predict the outcome on our own.
February 24, 2022 by Luc Joye
Many farms are owned personally, often as a sole proprietorship or a partnership between two or more individuals. When a farm is transferred to the next generation or sold to a third party, the seller is taxed on the capital gain.
February 23, 2022 by Curtis van Son
“The benefit of the public practice world is that your career will take you wherever you are suited to be, which tends to be where your passions and interests lie.”
January 26, 2022 by Scott Dupuis
“I enjoy seeing other members of our team grow… it’s a kind of mutual satisfaction, seeing our firm grow and our people grow.”
October 19, 2021 by Ryan Kitchen
When the most recent federal budget was released on April 19, 2021, it was announced that CCA rates will change for farm businesses that are Canadian-controlled private corporations (CCPC). Under this announcement, CCPCs would be entitled to immediately expense their capital purchases when they calculate their income for tax purposes.
September 3, 2021 by Denise Jones
“The pandemic has only highlighted what we can do with technology and collaboration.”
August 23, 2021 by Bud Arnold
When selling a farm corporation, there are tax advantages to selling to a stranger than to someone in your own family. It has always been difficult to transition corporate-owned farms to the next generation, because the sale of a corporation within a family is taxed at a punitive rate – one that would be lower if the buyer was an unrelated person.
July 14, 2021 by Thomas Blonde
The advantages of buying property are well known to most farmers. It is a great way to build equity in your business and it usually grows in value over time. In addition, owning farmland offers more tax planning options down the road, allows you to avoid rent increases, gives you more freedom in the way you use the land and protects you from losing access to the land, in the event your landlord decides to sell the land or rent to someone else. However, in spite of all these advantages, there are also several reasons it might be preferable to rent farmland.
June 28, 2021 by Luther VanGilst
Farmers who are thinking of buying a major capital asset like machinery or equipment may soon see significant tax savings. In the 2021 federal budget, important changes were proposed to the capital cost allowance rules. Before these changes were introduced, capital assets were depreciated according to their class. For example, if a farmer purchased a Class 10 tractor or combine, the capital cost allowance on that asset in the year of purchase was 45 per cent. However, the new rules no longer organize assets by class, instead allowing farmers to fully expense capital assets up to $1.5 million in the year of purchase.
June 17, 2021 by Luc Joye
Most businesses must pay taxes on all income, including accounts receivable and inventory in the year they are created. However, farm businesses are one of the few exceptions, as they are permitted to pay taxes on a cash basis. As a result, they have the unique ability to deduct prepaid expenses and push income into future years. Rather than pay tax on inventory, they can wait until this inventory has been sold. While most farmers prefer to take advantage of this deferral opportunity, this is not always the best option.
June 15, 2021 by Mike McIsaac
“We believe in continual education and improvement of our processes. This ensures we are prepared to deliver the best results for our clients every time.”
May 26, 2021 by Deepak Upadhyaya
“In all my work, I apply cross-functional knowledge from a technology, business and risk point of view.”
May 26, 2021 by Janet Currie
“Accountants are human and we will make mistakes. It’s how we handle the mistakes that counts.”
April 21, 2021 by Thomas Blonde
“Every firm in the network has complete autonomy. This includes decisions related to choosing clients, hiring employees and the size of each practice.”
April 21, 2021 by Chris Button
“With hundreds of partners and thousands of team members, Baker Tilly Canada has all the experience a client could ask for.”
April 21, 2021 by John F. Oakey
“It is impossible to keep up to date on everything. That is why it’s extremely important to develop… a solid network of skilled, knowledgeable tax professionals.”
March 23, 2021 by Rosa Maria Iuliano
“I am very much a people person. I like helping people… and I like the technical aspect of what we do.”
March 23, 2021 by Kenton Strachan
“My role allows me to participate in and influence every facet of the organization, which is an amazing opportunity.”
February 18, 2021 by Thomas Blonde
While many of the vehicles purchased by farm businesses – such as tractors and other farm machinery – are used exclusively for business purposes, some road-going vehicles (i.e., pick-up trucks, vans) can also be used outside the farm business, which causes complications from a tax perspective.