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Audit and accounting Tax advisory
A little free advice: encourage your auditor to speak freely
Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.
Mar 29, 2017
On The Mark-A little free advice: encourage your auditor to speak freely
Splitting up a farm corporation
The time may come for operators of a farm corporation to split up as a corporate entity. Family members who have farmed together may desire independence, or they may want to segregate aspects of their operations into multiple separate corporations. Siblings who have farmed together for years may decide to go their separate ways as either part of succession planning for their children or simply a desire to farm on a stand-alone basis. A portion of the operations may also be spun out of the corporation in order to maintain the corporation’s status as a “<a href="/en/cbn/publications/maintaining-a-pure-farm-corporation" target="_blank">family farm corporation</a>.” While operations such as a grain elevator or a custom spraying machine may be related to farming, if these assets are not used principally in a farming business they could put the farm offside of the definition of a share of the capital stock of a family farm corporation. 
Luther VanGilst Mar 27, 2017
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Tax advisory
Budget 2017: What did (and didn’t) emerge
Another federal budget has come and gone. If you blinked you might’ve missed it! Compared to last year’s changes to the small business deduction eligibility, among others, there weren’t many significant changes from a tax perspective in Budget 2017.
Mar 23, 2017
Federal budget 2017-post budget analysis
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Tax advisory
2017 Federal Budget Infographic
No news is good news, as far as tax rates go, in the just-released Federal Budget. Other tax deductions and credits weren’t so lucky. Get the scoop on all the major Budget 2017 tax changes! View infographic.
Mar 22, 2017
Federal budget 2017-infographic
Tax advisory
2017 Federal Budget Commentary
The Honourable Bill Morneau, Minister of Finance, today tabled his second budget – “Building a Strong Middle Class” with a projected deficit of $28.5 billion.
Mar 22, 2017
Federal budget 2017-budget 2017 commentary
Getting Ready for Tax Season!
The time has come to begin thinking about the preparation and timely filing of your 2016 personal income tax returns!
Mar 10, 2017
A close-up of evergreen pine needles.
Audit and accounting Private enterprise Tax advisory
Budget 2017: 4 areas to watch
The Minister of Finance, Bill Morneau, announced that the government’s federal budget will be tabled on March 22, 2017. Last year’s Canadian federal budget came in with a whopping <a href="/en/cbn/publications/infographic-2016-federal-budget-infographic" target="_blank">$29.4-billion deficit</a> and notable tax changes in the area of the <a href="/en/cbn/publications/clamping-down-on-small-business-deductions" target="_blank">small business deduction eligibility</a>, among others. There were a number of items promised by the Liberal government during its campaign that were not announced in last year’s budget.  Will the Liberal government hold true on those promises in the 2017 budget? How will those potential tax changes impact business owners and individuals? Some areas to watch are outlined below.
Mar 9, 2017
Federal budget 2017-Prebudget commentary
International Tax advisory
CRA may propose radical changes to the Voluntary Disclosure Program
In April 2016, the Minister of National Revenue established the Offshore Compliance Advisory Committee (“OCAC”) for the purpose of advising the Minister and the Canada Revenue Agency (“CRA”) on administrative strategies to deal with offshore compliance. In the fall of 2016, OCAC issued a report on CRA’s Voluntary Disclosure Program, which was endorsed by the Minister of National Revenue on December 8, 2016. On February 22, 2017, the CRA released its formal response, in which it indicated that the review of the recommendations prepared by OCAC will be completed by March 31, 2017.
Mar 9, 2017
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Incorporating a proprietorship business
When an individual operates a business without having a corporation it’s referred to as a proprietorship business. But when is the right time to incorporate?
Mar 6, 2017
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International Tax advisory
Foreign corporations operating in the United States
<strong><em>*Updated March 10, 2017</em></strong> With increasing frequency, Canadian corporations are venturing across the border into the United States to perform services or sell their products. Consequently, we often field questions about the U.S. corporate income tax filing requirements for Canadian corporations generating revenue from our trading partner to the south. This article summarizes some of those requirements.
Mar 6, 2017
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International Tax advisory
Medical professionals and the interplay of the tuition credit and the foreign tax credit
It is not uncommon for recently graduated medical professionals to take up employment in the United States immediately upon completion of their education and practical experience requirements. Those who maintained Canadian residence for tax purposes during the pursuit of their education have likely accumulated a significant tuition credit, given the time and financial commitment involved. The corresponding Canadian tuition/education tax credit is largely calculated by multiplying total tuition fees paid by the lowest federal (15%) and provincial marginal tax rates (5.05% in Ontario). The result of this calculation is used to reduce annual personal income taxes on a dollar-for-dollar basis.
Mar 6, 2017
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