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Audit and accounting Cross border and international Tax advisory
Personal U.S. tax changes
<em>*Updated January 9 2017</em> On November 2, 2017, the Ways and Means Committee of the U.S. House of Representatives released a tax reform bill entitled The Tax Cuts and Jobs Act. Since then, the House and Senate Tax Cuts and Jobs Act Conference Committee released its final version of the legislation that is expected to become law in the coming days. It is the most comprehensive U.S. tax reform in more than 30 years.
Dec 21, 2017
Audit and accounting Cross border and international Tax advisory
How government pensions work for cross-border employees
If you have worked in both Canada and the United States or are contemplating a move to the U.S. after years of working in Canada (or vice versa), you may wonder about paying into both the Canada Pension Plan (CPP) system and the U.S. Social Security system. Will you be able to collect pensions from both countries? 
Shelley Smith Dec 19, 2017
Corporate finance Audit and accounting Private enterprise Indirect tax Tax advisory Succession and estate planning
Just a spoonful of TOSI may help the medicine go down
The Department of Finance released its long-awaited proposed amendments to the tax on split income (TOSI) rules on December 13. The release completes a tumultuous year for small business owners, tax professionals, Department of Finance officials, Members of Parliament and the Minister of Finance. The initial July 18 proposals and the short consultation period precipitated a groundswell of consternation and frustration. 
Dec 19, 2017
Audit and accounting Data solution services Tax advisory
The tech-savvy era of cloud accounting – Risks and benefits
In today’s increasingly digital world, having tools and programs that are as advanced as those of the competition plays a critical role in the success of any business. Cloud computing allows businesses to access their data anytime and anywhere via an internet connection, while reducing the headache of managing accounting records and transactions.
Dec 15, 2017
Corporate finance Audit and accounting Private enterprise Indirect tax Tax advisory
Amendments to the Income Tax Act and status of proposed measures
On December 13, 2017, Amendments to the Income Tax Act and Regulations and Explanatory Notes to simplify measures to restrict income sprinkling were released by Finance Canada. Today’s Tax Flash will focus on the changes to the July 18 proposals, exclusions, reasonableness test and a brief update on the status of the proposed measures related to passive investments.
Dec 14, 2017
Transaction services Valuations Audit and accounting Tax advisory
Infographic: Tax changes for farm quota
Effective January 1, 2017, the income tax treatment of farm quota and other eligible capital property (ECP) underwent a complete overhaul.
Dec 11, 2017
Corporate finance Cross border and international Tax advisory
Year-end tax planner: looking back at 2017 and forward to 2018
<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>
Nov 23, 2017
Audit and accounting Private enterprise Tax advisory
Changes proposed to taxation of private corporations and their shareholders
On July 18, 2017, the federal government of Canada introduced proposals (“announcements”) curtailing the use of private corporations to gain tax advantages over other individuals in Canada who do not utilize such corporations. The proposals were positioned by the government as measures to ensure that the wealthy pay their fair share and the Canadian tax system is applied in a manner that is fair for all Canadians. If enacted as introduced, these proposals represent arguably the most significant changes to the taxation of private corporations in over 40 years. 
Bill Crowther Nov 22, 2017
Audit and accounting Private enterprise Tax advisory
Post-mortem planning: reprieve for the pipeline?
When individuals die, they are deemed to have disposed of all of their assets at fair market value at the time of death. This deemed disposition applies to capital property such as vacation properties, rental properties and shares of public and private corporations. An exception to this rule applies where there is a surviving spouse, in which case the assets may be transferred to the surviving spouse with no tax consequences. If there is no surviving spouse, any income resulting from the deemed dispositions is included in a final tax return filed on behalf of the deceased. 
Oct 31, 2017
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. We know that family businesses facing succession are successful to begin with. Otherwise, they would not have been in business for so long, waiting for the next generation to take over.
Peter Savoni Oct 31, 2017
Corporate finance Transaction services Audit and accounting Private enterprise Tax advisory
Venture Capital concerns are heard
On October 20, 2017, the Department of Finance (“<strong>Finance</strong>”) responded to several concerns raised by the venture capital and angel investor sectors in respect of the proposed taxation of private corporation measures (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>). 
Oct 20, 2017
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