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Issues facing Canadians selling U.S. real estate
Canadians selling U.S. real estate face a number of challenges, most notably the difficulty in finding someone with special training on this topic. Given the high U.S. dollar, many Canadians are now looking to dispose of their U.S. property, but not many advisors have carefully researched this topic and developed the expertise necessary to help with these sales. As a result, the escrow agent, the real estate agent and the accountant you deal with may offer conflicting advice. In order to make sense of their perspectives and cope with the limited expertise available, be sure to keep the following issues in mind when selling U.S. real estate.
Aug 29, 2017
Tax advisory
Increasing the cost of intergenerational business transfers
The Canadian Federal Government introduced draft legislation on July 18, 2017 that will profoundly change the taxation of private corporations and their shareholders. The Government claims the changes are necessary to instil fairness into the tax system as it believes the current rules are being used for personal benefit and do not contribute to the economy as a whole. 
Aug 23, 2017
Technical Bulletin: August 2017
This <em>Technical Bulletin</em> covers the various developments from May 2017 to July 2017. <p style="margin-left:1pt;">Acknowledgement: The content of the <em>Technical Bulletin</em> has been summarized or reproduced from the CPA Canada, IASB and IFRIC, IAASB, AcSB, PSAB, AASB press releases, updates, publications, meeting summaries and other publications referenced within the <em>Bulletin</em>.
Aug 18, 2017
Using replacement property to defer capital gains on farmland
With replacement property rules, you can purchase farmland to replace a previous piece of farmland sold – as long as it’s used in the same (or a similar) business – and elect to defer any capital gain that might be incurred. Replacement might occur for the following reasons: (a) farmers swap land with neighbours due to proximity to their farm business<br /> (b) land is expropriated by government bodies and farmers find replacement land to continue their operations<br /> (c) succession planning
Jul 31, 2017
Corporate finance Audit and accounting Private enterprise Tax advisory
What is a Retirement Compensation Arrangement (“RCA”)?
An RCA is a plan that is funded by contributions from employers and employees to a custodian who manages the funds. RCAs are used to fund the retirement of an employee, their loss of employment or a substantial change in the services that they provide. 
Jesse Genereaux Jul 26, 2017
HST challenges physicians face
Many doctors work their entire career without needing to collect HST for their services, but there can be many exceptions to this rule. For a medical service to be exempt from HST, (a) it must be rendered to a particular individual, (b) the doctor must be licensed under the laws of the province to practise the profession of medicine (or dentistry), (c) it must be a consultative, diagnostic or other health care service that is a qualifying health care supply and (d) it must not be a cosmetic service supply, nor a supply in respect of a cosmetic service supply not meant for medical or reconstructive purposes. Doctors doing work outside these paramaters should keep the following HST rules in mind.
Jul 24, 2017
Corporate finance Audit and accounting Private enterprise
Finance targets tax planning for private corporations
On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”  The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget. 
Jul 20, 2017
9 ways to attract buyers for your business
Most entrepreneurs who plan to sell when exiting their business don’t think about it seriously until they are ready to sell. If you want to get the most out of your sale, you should start preparing long before you make a deal. 
Jul 17, 2017
Small businesses, you need these financial controls
Most small business owners aren’t aware there are financial controls they should be putting in place, but if they operate a business without them, they may be vulnerable to a number of risks, including fraud and lost profits. To ensure that no problems are overlooked, small business owners need to learn to think from an auditor’s POV. They need to rely on the kinds of tests an auditor would implement and have their business manager perform those tests. Here are some of the key risk areas to keep in mind.
Jul 10, 2017
Audit and accounting Tax advisory
CRA proposes substantial changes to Voluntary Disclosure Program
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes) and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
Audit and accounting Tax advisory
CRA issues proposed guidelines for GST/HST voluntary disclosures
On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes), and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking <a href="https://www.canada.ca/en/revenue-agency/campaigns/consulting-canadians-voluntary-disclosures-program.html?utm_medium=Carousel" target="_blank">here</a>.
Jul 6, 2017
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