Baker Tilly Canada | Insights

Insights

International Tax advisory Transfer pricing

Amendments to the Canada-US tax treaty

The fifth Protocol to the Canada-US Income Tax Convention was signed on September 21, 2007, and is anticipated to come into force in early 2008. With certain exceptions, the amendments will take effect for taxable years commencing after the calendar year in which the Protocol comes into force.

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RRSP excess contributions

Are you one of a number of Canadians who has inadvertently overcontributed to your RRSP? If so, you should be aware that the Canada Revenue Agency (CRA) is carrying out a project through which they have contacted taxpayers who 'may' have overcontributed to their RRSPs. Excess RRSP contributions are subject to a penalty tax of 1% per month of the excess contribution.

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International Tax advisory Transfer pricing

Canadians owning U.S. real estate

A growing number of Canadians own rental property or personal real estate in the United States. Such owners should ensure they are aware of the applicable US income tax requirements. Taking steps to understand and comply with these US tax rules could result in significant US income tax savings and avoidance of penalties and interest.

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Old MacDonald Had A Farm... Corporation?

When it comes to farming, one of the most frequent questions we get has to do with whether it makes sense to incorporate a farming proprietorship or partnership. While every case is unique, in many cases the advantages of incorporation far outweigh the disadvantages.

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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.

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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.

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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.

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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.

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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.

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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.

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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."

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