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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
Valuations Private enterprise
No small matter: minority shareholder disputes, taxes and ‘minority discounts’
Are you a minority shareholder in a private firm? Owning and selling shares can be slightly more complex than you realize. From buying or selling shares and handling disputes with majority shareholders, to understanding the true financial value of your shares (hint: it may not be what you think), as well as the tax implications, here is what you need to know.  
Jun 10, 2016
Audit and accounting Cross border and international Transfer pricing
“Smaller” multinational enterprises & transfer pricing
<h3>How saving $20K nearly cost this taxpayer $2.7 million!</h3> It seems that every day now there is an article of some sort addressing aggressive tax structures, often utilizing offshore entities, and the ramifications of (implied) inappropriate, underlying transfer pricing policies. Recently, this has clearly been due to the news of the “Panama Papers” disclosure or, more generally over the past couple of years, the result of the recently finalized <a href="/en/cbn/publications/beps-the-final-reports-1" target="_blank">Base Erosion and Profit Shifting Project reforms published by the Organisation for Economic Co-operation and Development</a>.
Jun 8, 2016
Transaction services Audit and accounting
Revenue Recognition for Technology Companies for Multiple-Element Arrangements under IFRS 15
The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 sets out requirements for recognizing revenue that apply to all contracts with customers and replaces the myriad of current revenue standards. This new standard is effective for annual reporting periods beginning on or after January 1, 2018. 
May 25, 2016
Audit and accounting Private enterprise Tax advisory
Infographic: Clamping down on small business deductions
Members of partnerships or shareholders (in certain corporate structures) – take note! The 2016 Federal Budget proposes to extend partnership income rules to certain partnership and corporate structures , which may: <ul> <li>limit your small business deduction on active business income (ABI) earned from the partnership or corporate structure, and</li> <li>increase your corporate tax liability </li> </ul>
May 17, 2016
Audit and accounting Private enterprise Tax advisory
Elimination of small business tax deferral
On March 22, 2016, the Minister of Finance, Honourable Bill Morneau, tabled Budget 2016. Budget 2016 contains numerous business income tax measures. However, for taxpayers who are members of partnerships or shareholders in certain corporate structures, the proposals to small business taxation are of particular interest.
Tom Hunt Mar 28, 2016
Audit and accounting
Tools for Audit Committees – Assessing the External Auditor
In recent years, an increased emphasis has been placed on the quality, accuracy and transparency of the financial information an entity provides to equity holders, lenders, regulators, analysts and other users of this information. This has also put increased pressure on audit committees to ensure that this goal is met.
Mar 23, 2016
Transaction services Audit and accounting Tax advisory
Is $150M really enough for Bautista?
The recent news of Jose Bautista’s non-negotiable offer to the Toronto Blue Jays has gained a lot of attention, as the rumoured five year deal valued at $150,000,000 USD is not something that goes unnoticed. As financial professionals we can’t help but think, what does a deal that size really mean for Jose? 
Mar 7, 2016
Audit and accounting Cross border and international
Navigating the potential pitfalls of U.S. property ownership
With the decline in the real estate market in the United States following the 2008 financial crisis, many Canadian residents have taken advantage of investing in U.S. real estate for income generation and/or personal vacation homes. This was especially advantageous for Canadians between 2010 and 2013, when the Canadian dollar was close in value to the U.S. dollar. 
Laura Gibbs Feb 16, 2016
Corporate finance Audit and accounting Cross border and international
New IRS regulations for corporate inversions
Companies have long used corporate inversions to reduce their U.S. taxes. Prior to 2004, the IRS was concerned that U.S. corporations that carried out inversion transactions could remove non-U.S. operations from the U.S. tax system and strip earnings by becoming subsidiaries of foreign companies (typically organized in low-tax jurisdictions). In 2004, the IRS implemented legislation, known as the “anti-inversion rules,” to prevent these perceived abuses. With more regulations having come into effect on November 19, 2015, there are new areas to be mindful of when planning for corporate restructuring.
Feb 16, 2016
Audit and accounting
IFRS 15: Revenue from Contracts with Customers
<strong>IFRS 15 </strong>was issued by the International Accounting Standards Board (the IASB) to provide a single global standard prescribing how a reporting entity would recognize revenue from a contract with a customer.
Jan 27, 2016
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