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Cross border and international Tax advisory
New T1135 – Foreign Income Verification Statement
On June 25, 2013, Parliamentary Secretary Cathy McLeod announced the launch of a new T1135 – Foreign Income Verification Statement as part of the Government’s measures to crack down on international tax evasion and aggressive tax avoidance. The updated form will require additional details to be reported which may be time consuming and onerous.
Jul 8, 2013
Indirect tax Tax advisory
Best Practices: Indirect Sales Tax Overpayment and Exposure Analysis
At Collins Barrow, we strive to bring extra value to our clients. To that end, we can provide an indirect sales tax overpayment and exposure analysis. This is a specialty tax service above and beyond the thorough general audit process typically provided.
Jul 5, 2013
Indirect tax Tax advisory
Get the Credit You Deserve: Document Your Credit and Debit Notes
In light of the many recent changes and proposed changes to provincial and federal sales taxes, it is worth reviewing how your credit and debit note processes function. At Collins Barrow, we have encountered two situations that demonstrate how “incorrectly” processed credit notes can have a substantial effect on your bottom line.
Jul 5, 2013
Tax advisory
Tax Flash: CRA extends filing deadline in Alberta due to flooding
The CRA has extended the deadline for tax returns filed in Alberta with due dates during the flooding to August 2, 2013, as disclosed on the CRA website.
Jun 26, 2013
Tax advisory
The Concept of Residence in Canadian Tax Law
As is the case in much of the world, Canadian taxation is for the most part based on the concept of residence. But the issue of determining residence can be problematic, particularly where individuals leave or think they have entered or left Canada.
Jun 17, 2013
Cross border and international Tax advisory Transfer pricing
Financing a U.S. Subsidiary: Debt vs. Equity
Canadian corporations seeking to expand their operations often look southward to grow their business. By expanding into the United States, Canadian corporations can potentially gain access to a much larger market than is available in Canada. For a variety of valid reasons, Canadian corporations often choose a U.S. corporation as a vehicle for expansion into the U.S. But once this structural decision is made, the question becomes, how to finance the U.S. operations?
May 31, 2013
Cross border and international Tax advisory Transfer pricing
Our American Customers: the Watchdogs of the U.S. Tax System
With today’s technology, it is becoming increasingly easy to sell products to individuals and companies all around the world. Many Canadian companies have developed great business relationships with U.S. customers, selling a wide variety of goods.
May 31, 2013
Tax advisory
Voluntary Disclosures
There has been much discussion in recent months of tax avoidance and evasion. The March 2013 Federal Budget proposes to introduce the Stop International Tax Evasion Program, which would reward individuals (up to 15% of federal tax collected) who provide tips on significant international tax non-compliance leading to collection of outstanding federal taxes in excess of $100,000.
Kathy Byvelds May 15, 2013
Tax advisory
2013 Ontario Budget Commentary - May 2, 2013
Finance Minister Charles Sousa delivered Ontario’s 2013 Budget, his first as Finance Minister, on May 2, 2013. The Budget is projecting a deficit of $9.8 billion for 2012-13, $5 billion lower than projected a year ago, and increasing to $11.7 billion for 2013-14. The 2010 Budget put forward a plan to cut the deficit in half within five years and to eliminate it in eight years.
May 2, 2013
Tax advisory
Discretionary Shares: Are they under attack?
Discretionary shares are a popular income-splitting tool for professional corporations and owner-managed corporations. They have gained popularity since the Neuman decision from the Supreme Court of Canada in 1998 (Melville Neuman v. Her Majesty the Queen). Not surprisingly, the Canada Revenue Agency (CRA) is still looking for ways to attack the use of discretionary shares.
Apr 15, 2013
Tax advisory
Canada Revenue Agency GST/HST audit activities
For small businesses (generally businesses with annual sales of less than $4 million), the CRA has implemented a new audit approach whereby, instead of combined income tax and GST/HST audits, the agency will conduct separate audits. In our experience, the CRA’s increased focus has prompted auditors to focus on GST/HST issues previously overlooked during the combined tax audits era.
Mar 28, 2013
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