November 23, 2021 by Thomas Blonde
Most farmers understand that there are many tax advantages to owning farmland. However, more complicated structures are sometimes needed for those advantages to be realized. One such structure involves owning farmland in a holding company.
In its role as a financial advisor, Baker Tilly Canada Corporate Finance (BTCCF) helps small- to mid-size companies execute sell-side, buy-side and valuation engagements.
November 19, 2021 by Shaun Andresen
In December 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA made significant amendments to the Internal Revenue Code (IRC). Among them was the introduction of a transition tax under IRC section 965—a tax on accumulated earnings of certain foreign corporations in the hands of U.S. shareholders. This new tax marked a transition to taxing the active income of foreign corporations.
November 1, 2021 by Rosa Maria Iuliano
The new Ontario Business Registry was launched on Oct. 19, 2021 for businesses and not-for-profit corporations of all sizes. The new registry permits registered entities to access more than 90 services online including registering a new business, dissolving an existing one and filing an annual return. The registry is available 24 hours a day, 365 days a year.
October 22, 2021 by John Oakey
On October 21, 2021, two days before most of the Federal government’s COVID-19 recovery programs were set to expire on October 23rd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the expansion of these programs under a more targeted approach. This announcement was subsequently supported by information published by the Department of Finance on their website.
October 22, 2021 by Julie Thacker
The sale of vacant land can be taxable or exempt for purposes of GST/HST under the Excise Tax Act. Generally, vacant land sold by individuals is exempt, subject to certain exceptions.
September 23, 2021 by Steven Frye
If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied...
September 21, 2021 by Rock Lapalme
With the recent Royal Assent of Bill C-208, owners of incorporated small and medium-sized businesses, and their tax advisors, were reminded that proactively monitoring and maintaining qualifying small business corporation (QSBC) share status is essential to make many tax-planning strategies possible. There are many traps that may cause the unintended loss of QSBC share status, and when the time comes to take advantage of available tax planning, it can be too late to correct the problem.
When it comes to Canadian and U.S. tax deadlines, even the most diligent client needs an occasional reminder. Consult our 2021 tax deadline calendar for a month-by-month overview of key dates that could apply to you. You might even notice a few obligations that slipped your mind.
August 11, 2021 by Steven Frye
The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer "eligible property" to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation.
July 20, 2021 by John Oakey
Many family-owned businesses have faced higher tax burdens when transitioning their business within their family. This effect has been due, in part, to two anti-avoidance provisions in the Income Tax Act (ITA) that are designed to prevent unapproved transactions deemed abusive by the Department of Finance. Section 55 prevents unapproved, tax-deferred capital gains stripping; section 84.1 prevents unapproved, tax-free surplus stripping. In a nutshell—an oversimplified nutshell—these two complex anti-avoidance provisions recharacterize what should be tax-free transactions into taxable ones.
July 9, 2021 by John Oakey
Baker Tilly Canada is pleased to continue our tradition of providing valuable commentary and analysis of federal and provincial budgets. Click on any flag below to see corresponding 2021 budget highlights – from changes to personal and corporate tax measures to indirect tax updates and more. Speak to your Baker Tilly Canada advisor to understand how these policies could affect your business.
In recent months, the tax treatment of non-resident and resident suppliers (i.e., Wayfair) engaged in e-commerce sales has undergone significant changes. While many of these suppliers were not required to register to collect provincial or Canadian federal sales tax in the past, those obligations have changed.
June 23, 2021 by John Oakey
The Canada Emergency Wage Subsidy (CEWS) has been an important program for businesses struggling with the economic fallout of the pandemic. This program (which began on March 15, 2020) was designed to keep employees on the payroll during a time when businesses were experiencing unprecedented disruption in revenue. The federal government is phasing out this program by reducing the subsidy rate over the remaining four periods, from June 6 to Sept. 25, 2021.
June 22, 2021 by Leigh-Anne Finch
As society advances through the pandemic, 2021 could see the highest number of people (re)entering the workforce and changing jobs in recorded history.
June 7, 2021 by Eric Gagnon
Most Canadians know that selling their home normally will not result in income tax thanks to the principal residence exemption (PRE). Unfortunately, people tend to extend this "knowledge" into a feeling that they need never worry about tax when dealing with their principal residence.
June 4, 2021 by John Oakey
On May 31, 2021, the NL government released its 2021 budget. The following are highlights of the key tax measures.
May 28, 2021 by Todd King, Martha MacRae, Connor MacKenzie
The Biden administration’s “Made in America Tax Plan” and what it could mean for U.S. citizens residing in Canada
May 13, 2021 by John Oakey
Updated May 13, 2021 (see below)
The Canada Revenue Agency (CRA) and Service Ontario announced they are severing ties as of May 15, 2021 regarding the agreement to submit Ontario corporate annual information returns through the CRA’s tax filing system.
May 12, 2021 by Tim Chan, Carmela Serrano
If a production company is planning to apply for the Production Services Tax Credit in B.C., here is some essential information about the recent changes from Creative BC.