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Corporate finance Audit and accounting Private enterprise Tax advisory Succession and estate planning
Proposed changes: Finance takes hard stance on passive income of private corporations
On October 18, 2017, the Department of Finance (“<strong>Finance</strong>”) provided more details on its proposals (see CBT’s summary <a href="https://www.collinsbarrow.com/en/toronto-ontario/publications/finance-targets-tax-planning-for-private-corporations" target="_blank">here</a>) to target the deferral of tax benefits of passive investments within a private corporation.   .
Oct 18, 2017
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Corporate finance Audit and accounting Private enterprise Tax advisory
What is a Retirement Compensation Arrangement (“RCA”)?
An RCA is a plan that is funded by contributions from employers and employees to a custodian who manages the funds. RCAs are used to fund the retirement of an employee, their loss of employment or a substantial change in the services that they provide. 
Jesse Genereaux Jul 26, 2017
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Corporate finance Audit and accounting Private enterprise
Finance targets tax planning for private corporations
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”  The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget. 
Jul 20, 2017
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Transaction services Audit and accounting Tax advisory Succession and estate planning
2017 Ontario Budget Commentary
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
Apr 28, 2017
ON Budget commentary-Collins Barrow
Dispute, mediation and conflict resolution Tax advisory
Employee stock options: do we have an agreement?
In the fall of 2015, the Liberal government threatened to end the preferential tax treatment for certain employee stock options. But after much opposition, Finance Minister Morneau eventually backed off. In 2016, the Canada Revenue Agency issued comments on those rules, following up on the Tax Court’s decision in <em>Transalta v. The Queen </em>(2012 TCC 86).     
Apr 21, 2017
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Transaction services Tax advisory Succession and estate planning
Tax...shelter: the principal residence exemption
<strong><em>*Updated Jan. 18 2017</em></strong><br /> <br /> With the real estate market booming (or contracting, as the case may be) in your home town, you have decided to cash in on the one income tax break that has remained relatively unchanged for individuals since its inception in 1972: the principal residence exemption (PRE). The concept seems simple enough. Generally, any gain on the sale of a home that has been ordinarily inhabited as a place of residence by you, your spouse, your common-law partner or your child will be exempt from income tax. However, the details of the rules do not reflect this simplicity.
Brian Mitchell Jan 18, 2017
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Corporate finance Transaction services Private enterprise
Implementation of IFRS 9 Financial Instruments for credit unions
IFRS 9 <em>Financial Instruments</em> (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.
Dec 8, 2016
On The Mark-Original
Corporate finance International Tax advisory
Year-end Tax Planner: Looking back at 2016 and forward to 2017
<strong>Topics include: </strong> <ul> <li>Federal and Provincial Highlights;</li> <li>Entrepreneurs;</li> <li>Personal and U.S. tax matters;</li> <li>International matters;</li> <li>Key tax dates</li> </ul> <br /> <em>*Updated on January 4, 2017</em>
Nov 29, 2016
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Transaction services Audit and accounting
CPA Canada’s new review engagement standard on historical financial statements
CPA Canada has issued Canadian Standard on Review Engagements (CSRE) 2400 Engagements to Review Historical Financial Statements. This new standard replaces existing standards for review engagements, including Section 8100 (General Review Standards), Section 8200 (Public Accountant’s Review of Financial Statements), Section 8500 (Reviews of Financial Information Other Than Financial Statements), as well as Assurance and Related Services Guidelines 20 and 47. This will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early application of CSRE 2400 is not permitted. This publication will address the key changes to review engagements that will impact users of the financial statements, including shareholders, investors, those charged with governance, management and other stakeholders.
Nov 23, 2016
On The Mark-Original
Corporate finance Tax advisory
Ownership structures for life insurance policy-funded buy/sell agreements
In our July 2016 Tax Alert we noted that new income tax legislation will impact the taxation of life insurance policies. Most notably, it will be advantageous, for estate planning purposes, to purchase life insurance before the end of 2016 to maximize the tax benefits associated with current life insurance rules.   
Oct 12, 2016
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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 advisors. Contributing to this dilemma is that rising land values is creating significant amounts of wealth and making life difficult for the farmers to equalize their estates when there are active and non-active children involved in the farming business. Succession has become much more difficult, and a traditional solution of life insurance and non-farm assets may not be enough to equalize the estate.
John Bujold Jun 20, 2016
Green farm land with varying grass lengths creating an interesting organic pattern.
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