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Private enterprise Succession and estate planning
Important issues in family succession of farm operations
When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives of key stakeholders align with your goals, how you will be spending your time in retirement, ensuring you have adequate financial resources in retirement and how to divide assets among your children, some of whom may not wish to be involved in the farm operation. There are many issues, and they will vary depending on your particular circumstances.
Peter Hobb Jun 15, 2018
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Business advisory services Audit and accounting Private enterprise Tax advisory
Expand your structuring options: consider a limited partnership
While partnerships have existed for as long as people have been in business, their use in Canada has been relegated largely to certain industries and tax situations.
Feb 26, 2018
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Audit and accounting Data solution services Tax advisory
The tech-savvy era of cloud accounting – Risks and benefits
In today’s increasingly digital world, having tools and programs that are as advanced as those of the competition plays a critical role in the success of any business. Cloud computing allows businesses to access their data anytime and anywhere via an internet connection, while reducing the headache of managing accounting records and transactions.
Dec 15, 2017
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Audit and accounting Private enterprise
Understanding the filing requirements for PFICs and CFCs
U.S. persons (U.S. citizens or green card holders) living in Canada or abroad who have investments outside the U.S. should be aware of the potentially onerous tax filing requirements imposed by the IRS, and how those rules will apply to their investments. IRS rules can be particularly complex when investments in foreign companies or funds earning passive income are involved.
Jonathan Gehrts Sep 27, 2017
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Audit and accounting Private enterprise Tax advisory
Selling your farmland - GST / HST implications
With farmland values on the rise in Canada, many farmers are contemplating selling some or all of the land used in their farming businesses. Farmland sales may have GST/HST implications depending on such factors as the nature of the purchaser and the intended use of the land subsequent to sale. 
Sep 20, 2017
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Audit and accounting Tax advisory
A little free advice: encourage your auditor to speak freely
Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.
Mar 29, 2017
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Audit and accounting Tax advisory
Cash basis accounting – tips & traps
Farmers are included among a select few taxpayers who are allowed to utilize the “cash method” of accounting for tax purposes. The vast majority of taxpayers are required to use the “accrual method.”
Nov 9, 2016
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Audit and accounting Tax advisory
Income splitting strategies for Canadians
The term “income splitting” refers to the transfer of taxable income from a higher-income family member to a lower-income family member to reduce the family’s overall income tax payable. The advantages of income splitting are clear: lower-income earners pay tax at a rate of 20 to 26 per cent, whereas higher-income earners may pay 47 to 54 per cent, depending on the province or territory of residence.
Aug 23, 2016
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Valuations Private enterprise
No small matter: minority shareholder disputes, taxes and ‘minority discounts’
Are you a minority shareholder in a private firm? Owning and selling shares can be slightly more complex than you realize. From buying or selling shares and handling disputes with majority shareholders, to understanding the true financial value of your shares (hint: it may not be what you think), as well as the tax implications, here is what you need to know.  
Jun 10, 2016
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Audit and accounting
It’s a matter of trust – Part II
<p class="p1">This discussion is a continuation of our earlier <a href="/en/cbn/publications/its-a-matter-of-trust-part-i" target="_blank"><span class="s1">Tax Alert </span></a>and will focus on selected traps that taxpayers should be aware of when undertaking tax planning involving trusts. Although there are many different types of trusts, the focus of this discussion will be on discretionary family business trusts with Canadian resident trustee(s) and beneficiaries.
Dec 22, 2015
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Private enterprise Tax advisory
Sales and Transfers of Farm Land: Be Careful with the Details
When a farmer decides it is time either to sell farm land or to transfer it to a child, the <em>Income Tax Act</em> can be a powerful ally. Sheltering a sale of farm land by using the capital gains exemption or the inter-generational rollover of farm land to a child can help the taxpayer move the land on a tax-deferred or tax-free basis. It is important, however, to be aware of all the rules associated with these strategies, as small details within the <em>Income Tax Act</em> can cause undesired consequences.
Oct 15, 2015
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