Celebrate Success Award
On October 3rd, 2018, our Yorkton office was recognized as the Education & Training award winner at the Yorkton Chamber of Commerce Celebrate Success Awards.
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Baker Tilly’s David Kemp repeats as a world leader in transfer pricing
Toronto, ON – Baker Tilly partner David Kemp has once again been recognized as one of the world’s leading transfer pricing advisors by International Tax Review World Transfer Pricing.
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The impact of the new carbon pricing model
In the fall of 2018, the federal government implemented their strategy for reducing carbon emissions by 50 to 60 million tonnes by 2022. In doing so, they enacted upon a charge of $20 per tonne in 2019, with an annual increase of $10 per tonne until it reaches $50 per tonne by 2022. This carbon pricing model will have an effect on both individuals and corporations in Saskatchewan.
The Latest at Baker Tilly Yorkton
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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.
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.
The CRA statement regarding oral interviews and the Cameco decision
The Canada Revenue Agency (CRA) released a statement on May 31, 2019 following the Federal Court of Appeal (FCA) decision in National Revenue v. Cameco Corporation (2019 FCA 67). At the heart of this case is the breadth of the CRA’s audit powers and its ability to compel employees to participate in oral interviews during a general audit. Both the Federal Court and the FCA sided with the taxpayer, preventing the CRA from conducting the requested employee oral interviews.
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Baker Tilly Trillium launches innovative affiliation with local legal practices
Leamington, ON – Baker Tilly Trillium LLP, a leading southwestern Ontario accounting firm, is proud to announce it has launched a formal affiliation with Pearsall, Marshall, Halliwill & Seaton LLP (PMHS Law) and Ingenuity Counsel, two independent legal firms.
Open letter to CRA regarding Disability Tax Credit Promoters Restrictions Act
On behalf of Baker Tilly Canada, please find our representations concerning the proposed Regulations under the Disability Tax Credit Promoters Restrictions Act (DTCPRA).
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.
Successful farm succession planning
For family farm operations to prosper into the future, it is important to have successful transfers from one generation to the next. Many tax and non-tax issues must be considered to implement a successful farm succession plan.
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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.
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).
A Day of Giving in memory of Kelly Patchell
Ottawa, ON – Baker Tilly Ottawa will host a day of giving in memory of Kelly Patchell on Thursday, June 6. A valued member of the firm who was greatly loved by her work family, Kelly was known for generously supporting causes in the community. Whenever an opportunity arose to contribute, she enthusiastically shared her time and talent.
The talent acquisition time bomb
At Baker Tilly, we believe there are people solutions that can help your business thrive. Canadians are facing the daunting realities outlined below, but we know that knowledge is power. By taking proactive measures, we can provide valuable support to our clients in their pursuit of excellence. Here are some of the major issues we are facing, along with recommendations that will assist in your continued success.
