Baker Tilly Canada | Insights

Insights

How to maximize tax benefits for farm vehicles

While many of the vehicles purchased by farm businesses – such as tractors and other farm machinery – are used exclusively for business purposes, some road-going vehicles (i.e., pick-up trucks, vans) can also be used outside the farm business, which causes complications from a tax perspective.

Farm Series ( use going forward)

Business advisory services Audit and accounting Private enterprise Tax advisory

Farmers and cash-basis accounting: be wary of the word “deemed”

The Income Tax Act (ITA) permits farmers to elect to compute their income from a farming business for a taxation year on a cash basis.

Green farm land with varying grass lengths creating an interesting organic pattern.

Business advisory services Audit and accounting Private enterprise Tax advisory

To compile or not to compile?

Many of you are quite happy with the compilation standards in place today. The existing standard on compilation engagements was issued in 1987. While it might have been a revolutionary standard in its day, time has come to make this area of practice more relevant to the needs of users in the current day and age.

Publications-To compile or not to compile?

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Tax advisory Succession and estate planning

Family trusts and distributions of capital gains

Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction.

Steven Frye Jan 19, 2021

Publications-All about estates

Audit and accounting Tax advisory

Use of trusts by seniors in estate planning

There seems to be a growing interest among seniors to consider options that improve the administration and security of their assets during their lifetime, providing a greater degree of certainty that their estate’s assets will be distributed in accordance with their wishes. One option to consider is certain trusts available to individuals who are at least 65 years of age.

Bill Crowther Dec 18, 2020

Green farm land with varying grass lengths creating an interesting organic pattern.

Post-mortem planning: Again more good news

In the past few years, many associated with this blog have written about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets.

Steven Frye Dec 1, 2020

Publications-All about estates

Business advisory services Audit and accounting Private enterprise

Considerations when donating goods and services from a business to charity

Registered charities may only issue official donation receipts for gifts of cash or other property. Contributions of services, even if professional or business in nature, are not property and do not qualify for a donation receipt.

Tax alert (Use going forward)

What you need to know about home office tax deductions

Due to the COVID-19 pandemic, many businesses have closed their offices and employees are working from home. Many employees have incurred work-space-in-the-home expenses and are asking whether these expenses may be deductible from their employment income for the 2020 tax year.

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Business advisory services Audit and accounting Private enterprise Tax advisory

GST/HST matters for farmers

Although the GST/HST has been with us since 1990, questions still seem to arise regarding what farming-related items are taxable or zero-rated. As a general rule, farmers typically do not charge GST/HST on their sales but do pay GST/HST on their regular purchases. However, there are several exceptions to this rule.

Green farm land with varying grass lengths creating an interesting organic pattern.

Business advisory services Audit and accounting Private enterprise Tax advisory

Seller beware: tax issues for Canadian residents selling U.S. real estate

For a few years following the 2008 financial crisis, we saw many investors and snowbirds purchasing U.S. properties to take advantage of real estate bargains and a weak U.S. dollar.

Kevin Tippett Oct 6, 2020

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Business advisory services Audit and accounting International Tax advisory

“Show me your papers, please”: zero-rated supplies of exported goods

The Excise Tax Act provides that generally, the supply of goods made in Canada is taxable for GST/HST purposes, and it is the responsibility of the supplier to collect the applicable GST/HST on taxable supplies.

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