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Business advisory services Audit and accounting Private enterprise Tax advisory
Penalties and the Tax-Free Savings Account
Are you the recipient of a Tax-Free Savings Account (TFSA) from a deceased spouse or common-law partner? You should be aware that there may be forms to complete and timelines to be aware of. The Canada Revenue Agency (CRA) has been assessing penalties on over-contributions and exempt contributions made by survivors of deceased TFSA holders.
Jul 31, 2019
Dark stormy waters with a big whitecap.
Business advisory services Private enterprise
Workplace parties: worth the risk?
At Baker Tilly, we know our people are integral to our business excellence. Our people solutions strategies support this success by providing healthy workplace cultures for our employees and leaders who treat them as people, not simply human capital.
Jul 25, 2019
People Solutions Alert
Valuations Tax advisory
Shareholders agreements, exit provisions and the impact of control
Control is an important concept for applying certain income tax rules and valuation issues (amongst others) when dealing with corporations...
Steven Frye Jul 23, 2019
Publications-All about estates
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Business advisory services Tax advisory
The life of pipeline transactions: The beat goes on
The use of a pipeline is often justified as avoiding "double-tax" in the sense that there has been tax imposed as a capital gain on the death of a shareholder followed by further tax in the form of a dividend realized when the assets are distributed.
Steven Frye Jul 10, 2019
Publications-All about estates
Eight tips to retain employees
Retaining employees is the most important challenge facing companies today. For one, the birth rate is declining in North America. On average, Canadian families are having 1.2 children per couple versus 4.6 back in the ’60s.
Jul 9, 2019
16 PEOPLE
The new rules surrounding capital cost allowance
In your farming business, you are likely to acquire depreciable property such as buildings or equipment. Since this property wears out or becomes obsolete over time, you can deduct the cost of each item over a period of several years in an annual deduction known as the capital cost allowance (CCA). For example, before recent changes to the rules, you would receive half of the 30 per cent CCA in the first year after purchasing a Class 10 asset (e.g., a self-propelled vehicle). If you bought a tractor that cost $100,000, you would receive a $15,000 write-off in the first year. In subsequent years, that 15 per cent would increase to 30 per cent of the remaining balance.
Jul 8, 2019
Farm Series ( use going forward)
Audit and accounting Private enterprise International Tax advisory
New IRS security measures could cause problems for U.S. citizens in Canada
The IRS announced on June 4, 2019, that it will end its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July. The announcement indicated that transcripts have become increasingly vulnerable as criminals impersonate taxpayers or authorized third parties to file fraudulent returns for refunds.
Jul 4, 2019
Turquoise waters washing up on a yellow sand beach with two people walking the coastline.
Business advisory services Audit and accounting Private enterprise Tax advisory
Grinding through the small business limit
In 2018, amendments to the Income Tax Act were enacted to limit the $500,000 federal small business limit where a Canadian Controlled Private Corporation (CCPC) earns investment income.
Sarah Netley Jun 27, 2019
Dark stormy waters with a big whitecap.
Business advisory services Dispute, mediation and conflict resolution Audit and accounting Private enterprise Tax advisory Succession and estate planning
Farm succession: sharing the land in partnership
A growing number of farm clients come to my office to discuss succession planning. In many cases, there is a single farming child that has stayed behind to help run the operation, and this child will be the successor. Often, there are other children in the family who have left the farm and have blazed their own paths in life.
Jun 26, 2019
Green farm land with varying grass lengths creating an interesting organic pattern.
Tax advisory
Income received after death
Recently, the Canada Revenue Agency released a technical interpretation to clarify the commentary in the T4001 Employer’s Guide – Payroll deductions and Remittances, and the T4011 guide, Preparing Returns for Deceased Persons, in respect of income payable at death...
Steven Frye Jun 18, 2019
Publications-All about estates
Capitalizing on the AgriStability deadline extension
Traditionally, farmers had to sign up in order to participate in the AgriStability program by April 30 (just prior to seeding). The program is designed in such a way that you have to sign up and pay your fees before your production season begins to be declared eligible for the upcoming year. However, the government recently announced a one-time extension of the deadline from April 30 to July 2, 2019.
Jun 11, 2019
Farm Series ( use going forward)
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