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Insights

Some Ins and Outs of RRSPs & RRIFs transfers on death

Generally, the RRSP or RRIF of a deceased can be transferred by specific bequest under the terms of the deceased's will to a qualifying survivor tax-free.

Steven Frye Mar 24, 2021

Publications-All about estates

Audit and accounting Private enterprise Indirect tax Tax advisory

Pay now… or maybe not?

Where a person receives an assessment for income tax purposes and files an objection, the Income Tax Act prevents the CRA from taking collection measures in most cases until the objection is settled. However, the CRA is not subject to the same restraint where a person is assessed for GST/HST purposes.

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Business advisory services Audit and accounting Private enterprise Tax advisory

Farmers and the alternative minimum tax

In recent years, farmland prices have increased significantly across many parts of Canada. At the same time, the average age of the Canadian farmer has risen as well, leading to many farms being transferred to next generations or sold to third parties.

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

Business advisory services Audit and accounting Private enterprise Tax advisory

The revised T1134 form

The revised T1134 Information Return Relating to Controlled and Non-Controlled Foreign Affiliates was officially released in February 2021. It includes additional questions and more detailed disclosure with a goal of clarifying and enhancing compliance requirements.

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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?

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.

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)

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