Baker Tilly Canada | Insights

Insights

Audit and accounting Grants and incentives Tax advisory

New HASCAP guidelines

In the Fall Economic Statement, the federal government announced it would work with financial institutions to develop a financing program to help Canadian-based businesses that have been highly affected by the pandemic.

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Business advisory services Audit and accounting Private enterprise Tax advisory

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

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

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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 Private enterprise Tax advisory

New T4 2020 reporting requirements

Effective for the 2020 T4 reporting of employee income, the Canada Revenue Agency (CRA) now requires additional reporting that applies to all employers, regardless of whether a business has applied for any of the COVID-19 related federal government relief/recovery programs.

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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.

Four steps farm businesses can take to minimize the impact of COVID-19

Over the course of the COVID-19 pandemic, farmers have faced a number of significant challenges. With most restaurants operating at diminished capacity or closed outright, the demand for many farm products has decreased. This leaves producers with excess inventory, some of which they have been forced to destroy.

Farm Series ( use going forward)

Business advisory services Audit and accounting Private enterprise Tax advisory

Canada Revenue Agency to simplify home office deductions

The Minister of National Revenue provided additional details today on how the Canada Revenue Agency (CRA) will make the home office more accessible for Canadians for the 2020 taxation year.

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Audit and accounting Indirect tax Tax advisory

Medical practitioners and GST/HST registration: an update

In Canada, governments at all levels and of all political stripes struggle to deal with the rising costs associated with delivering quality health care to Canadians. They strive to pay for the services patients need and demand when they visit their doctors, dentists, psychologists, orthodontists and other members considered under the Excise Tax Act (ETA) as “practitioners” and “medical practitioners.”

Sameer Noormohamed Mark Bloch Dec 11, 2020

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Business advisory services Private enterprise Public markets International

Infographic: Shining a light on indirect tax

Indirect taxes are highly complex and often overlooked. Since they can be imposed by major tax jurisdictions at practically any stage of production and distribution, they must be managed and monitored vigilantly. If ignored or dismissed, they can result in exposure and exact a heavy toll on your company’s overall operations, cash flow and profitability.

Sameer Noormohamed Dec 10, 2020

Publications-Infographic: Shining a light on indirect tax

Business advisory services Audit and accounting Private enterprise Indirect tax

Fall 2020 Economic Statement – sales tax update

With their most recent economic update, the federal government announced several new sales tax measures aimed at levelling the playing field between Canadian-owned and operated businesses and non-resident businesses that operate outside of Canada. Principally, these announced changes focus on foreign digital content services and supplies of intangibles in Canada.

Sameer Noormohamed Mark Bloch Dec 9, 2020

A bright white iceberg, half submerged in turquoise waters.

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