Baker Tilly Canada | Insights

Insights

New Income Stabilization Program for farmers

In the 2007 budget passed June 22, 2007, the government announced a $1 billion dollar commitment to farmers to improve national farm income programs. Plus, up to another $100 million annually that would be paid into producer savings accounts to address increasing production costs.

Advance Payment Program (APP) update

Effective April 1st, 2007 and with the incorporation of the SCAP and ESCAP (Enhanced Spring Credit Advance Program), the benefits of the APP have increased.

Increase to the lifetime capital gains exemption

The 2007 budget proposes increasing the existing lifetime capital gains exemption for qualified small business corporation shares, qualified farm property and qualified fishing property from $500,000 to $750,000, effective for dispositions on or after March 19, 2007.

Succession planning

With the continuing increase in farmers' ages and farmers 35 years and younger comprising less then 10% of the population, more and more farmers are starting to have to consider retirement and what they will do with their family business. Should they sell it or can they pass it on to future generations? This is an important decision and one that affects the whole family.

Funding post-secondary education costs

In a few short weeks, summer will draw to a close and thousands of college and university students will return to school.

Employing minor children

One of the ways business owners or professionals can reduce their overall tax burden is through income splitting, including paying salaries to other family members who are in lower tax brackets. Knowing the extent to which you can include family members in the income stream will help minimize the tax burden for your family.

Cross border and international Tax advisory Transfer pricing

The battle to repeal U.S. estate taxes

The U.S. estate tax was created to redistribute what former U.S. President Theodore Roosevelt described as "the swollen fortunes which it is certainly of no benefit to this country to perpetuate."

Tax planning for legal professionals

As a professional, you encounter many wealth management issues on a regular basis. One such issue that is frequently overlooked, however, is tax planning. For most professionals, a strategic tax plan can translate into many opportunities to minimize taxes and maximize wealth.

The management imperative

A leader can be forgiven for doing the wrong thing on occasion. But what about failing to manage at all?

Charitable contributions: Get some bang for your buck

Some firms make charitable contributions solely because they believe in giving back to the community. If this is the case with your firm, take charitable contributions out of the business development budget.

Tech central: Managing the email monster

Are you overwhelmed by the volume of messages in your e-mail inbox? Are you spending more time managing your e-mail than actually working? You're not alone. With many lawyers and professionals receiving 100 or more work-related messages per day, it can be easy to drown in that electronic sea. But there are ways to help manage the e-mail monster.

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