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Audit and accounting Private enterprise Indirect tax Tax advisory
Is the sale of vacant land by an individual subject to GST/HST?
The sale of vacant land can be taxable or exempt for purposes of GST/HST under the Excise Tax Act. Generally, vacant land sold by individuals is exempt, subject to certain exceptions.
Oct 22, 2021
Blog Farming and agriculture
Changing CCA rates for farm businesses
The April 19, 2021 federal budget announced that CCPC farm businesses could immediately expense capital purchases for tax purposes.
Ryan Kitchen Oct 19, 2021
Business advisory services Tax advisory
Insurance Tracking Shares
If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied...
Steven Frye Sep 23, 2021
Corporate finance Valuations Audit and accounting Tax advisory
The profits and pitfalls of maintaining QSBC share status
Bill C-208's Royal Assent highlights the importance of maintaining QSBC share status for tax planning opportunities.
Sep 21, 2021
Blog Farming and agriculture
The rules of family farm transitions are changing
Selling a farm corporation to a stranger offers tax advantages over selling within the family, due to higher taxes.
Bud Arnold Aug 23, 2021
Tax advisory
Amending tax elections after the fact
The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer "eligible property" to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation.
Steven Frye Aug 11, 2021
Audit and accounting Private enterprise Indirect tax Succession and estate planning
Intergenerational transfers with less strings attached (a limited time offer)
Many family-owned businesses have faced higher tax burdens when transitioning their business within their family.
Jul 20, 2021
Blog Farming and agriculture
Four reasons to consider renting farmland
The advantages of buying property are well known to most farmers. However, there are also several reasons it might be preferable to rent farmland.
Jul 14, 2021
Tax advisory
2021 Federal and provincial budget highlights
Baker Tilly Canada is pleased to continue our tradition of providing valuable commentary and analysis of federal and provincial budgets. Click on any flag below to see corresponding 2021 budget highlights – from changes to personal and corporate tax measures to indirect tax updates and more. Speak to your Baker Tilly Canada advisor to understand how these policies could affect your business.
Jul 9, 2021
Blog Farming and agriculture
New tax savings for farmers buying capital assets
Farmers who are thinking of buying a major capital asset like machinery or equipment may soon see significant tax savings. In the 2021 federal budget, important changes were proposed to the capital cost allowance rules.
Jun 28, 2021
Business advisory services Restructuring and recovery services Private enterprise
Easing the transition
The Canada Emergency Wage Subsidy (CEWS) has been an important program for businesses struggling with the economic fallout of the pandemic. This program (which began on March 15, 2020) was designed to keep employees on the payroll during a time when businesses were experiencing unprecedented disruption in revenue. The federal government is phasing out this program by reducing the subsidy rate over the remaining four periods, from June 6 to Sept. 25, 2021.
Jun 23, 2021
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