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Succession and estate planning
Pitfalls to consider in family business succession
We have been hearing it for decades: 30 per cent of family firms survive to the second generation and only 10 per cent survive to the third generation. This statistic is generally cited without context, implying that family firms are the business organizations that are most likely to fail, but that assumption is incorrect.
Peter Savoni Oct 31, 2017
48 AR
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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International Tax advisory
Medical professionals and the interplay of the tuition credit and the foreign tax credit
It is not uncommon for recently graduated medical professionals to take up employment in the United States immediately upon completion of their education and practical experience requirements.
Mar 6, 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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Tax advisory
An entrepreneur’s checklist: Prepare now for a smooth tax season
If you’re an entrepreneur, you have a dream – and many priorities to manage along the way. Tax time is never top of mind, but likely always a worry.
Oct 24, 2016
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Tax advisory
Non-residents and the sale of Canadian real estate property
So the time has come for you, a non-resident of Canada, after many years of personal enjoyment or rental revenues, to sell your Canadian real estate. Unfortunately, this requires one last trip down the rabbit hole of the Canadian tax system.
Sep 13, 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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Tax
How to work outside Canada and pay taxes (or not!)
If you are a Canadian planning to work abroad, you need to find out whether your residency will change, because if it does, it may affect your Canadian tax burden.
Aug 16, 2016
Tax Series
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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