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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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International Tax advisory
Canadian farmers selling products in the U.S.
With an increasingly global farm commodity market and a lower Canadian dollar, Canadian farmers are finding it much easier to sell their products in the United States. However, it is important that producers are aware of potential U.S. tax issues and filing requirements, particularly if this is common practice on their farm operation.
Jul 27, 2016
Green farm land with varying grass lengths creating an interesting organic pattern.
Transaction services Valuations Tax advisory Succession and estate planning
Farm succession planning: Insights into gifting to children
A common question that we often get as farm tax advisors is whether or not farm property can be transferred to the next generation by way of a gift. This topic is becoming more and more important as nearly half of all farmers in Canada are 55 years of age or older and are preparing themselves for succession. Succession planning is the most discussed topic between farmers and their tax advisor.
John Bujold Jun 20, 2016
Green farm land with varying grass lengths creating an interesting organic pattern.
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International Tax advisory
Planning for U.S. expatriation – The ins and outs of IRC 877A
The past several years have been a wild ride for many U.S. taxpayers (and tax practitioners), in particular for those residing outside of the country. While there are a surprising number of U.S. persons still grappling with becoming compliant, in general, the progression to considering expatriation has been somewhat predictable, as follows.
Todd King Jun 10, 2016
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Tax advisory
When measuring success, it pays to keep your distance
Your business has stayed the course amidst untold degrees of uncertainty and persevered through the ups and downs. You have made significant sacrifices throughout this endeavour, bringing you to the very moment you are living today. But how well is your business really doing? Can you determine whether your business is successful or not?
Apr 27, 2016
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Tax advisory Succession and estate planning
When family farm corporations don’t live happily ever after
Previous issues of Farm Alert have discussed the benefits of incorporating a farming business, factors to consider before and after incorporating, and the importance of maintaining a pure farm corporation in order to take advantage of the lifetime capital gains exemption on a potential sale or transfer of family farm corporation shares. 
Feb 23, 2016
Green farm land with varying grass lengths creating an interesting organic pattern.
Tax advisory
Temporary Assignment of an Employee from Canada to the United States
This article is the third in a series of four examining the Canadian and U.S. income tax implications of the temporary assignment of an employee from Canada to the U.S. Specifically, these articles address the situation of an employee remaining employed by a Canadian entity, but temporarily assigned to work in the U.S. Our previous two articles (Winter 2015 <em>U.S. Tax Alert</em> and Spring 2015 <em>U.S. Tax Alert</em>) examined the importance of the determination of “residency” for personal income tax purposes, and the Canadian and U.S. personal tax liabilities based on different residency scenarios.
Mike Hayward Oct 19, 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
Green farm land with varying grass lengths creating an interesting organic pattern.
Tax advisory
Automobile Use by Employees
Businesses often require employees to use automobiles to perform their employment duties. Most often, a business will provide an automobile to the employee or will pay the employee for use of the employee’s own vehicle. These options present different income tax consequences for the employer and the employee.
Jul 27, 2015
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Tax advisory
Smooth Transition: Keeping Your Cottage in the Family
Family cottages can play an integral role in strengthening family bonds. Over time, traditions are established, festivities are enjoyed and emotional ties are formed, creating a desire to keep these properties in the family for generations. However, a variety of financial and legal concerns can make this more difficult than it sounds. 
Jul 15, 2015
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Tax advisory
Crowdfunding: The Tax Implications of a Popular Fundraising Vehicle
<p class="p1">Crowdfunding is defined by Wikipedia as “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”<br /> <br />  
Jun 12, 2015
Dark stormy waters with a big whitecap.
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