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Your U.S. Individual Taxpayer Identification Number may expire soon!
U.S. Individual Taxpayer Identification Numbers (ITINs) are required by the IRS if you have U.S. tax reporting obligations and you are not eligible for a U.S. Social Security Number (SSN). This requirement normally applies to Canadians who have some source of U.S. income that must be reported to the IRS. Unfortunately, these ITIN numbers are not permanent and will expire as early as January 1, 2017. In fact, individuals having ITINs with 78 or 79 as the fourth and fifth digits (e.g. 9XX-78-XXXX or 9XX-79-XXXX) can expect to receive notice from the IRS this fall advising that their ITIN will expire on January 1, 2017. (To distinguish ITINs from SSNs, note that ITINs begin with the number 9.)
Shelley Smith Nov 8, 2016
Tax advisory
Input tax credit allocation: In defence of ‘fair and reasonable’
Recent decisions of the Tax Court of Canada (TCC) in <em>University of Calgary v. R. </em>and <em>University of Alberta v. R., </em>(the university cases) have provided some clarity for determining input tax credit (ITC) entitlements in respect of land and buildings, or improvements to such property, that are acquired for use partly to make taxable supplies and partly to make exempt supplies. 
Oct 27, 2016
Hug your banker - but don’t squeeze them
Negotiating with your banker is not a zero-sum game – meaning that your banker doesn't have to lose for you to win. Here's why that statement is both important and true.
Oct 26, 2016
Make the most of millennial employees
As millennials have become a large part of the workforce, those of us in leadership positions are discovering new management strategies. For both succession planning and to create a work culture that keeps younger talent engaged, here are four key ways to ensure your millennial employees are ready for the future.
Oct 24, 2016
Tax advisory
An entrepreneur’s checklist: Prepare now for a smooth tax season
If you’re an entrepreneur, you have a dream – and many priorities to manage along the way. Tax time is never top of mind, but likely always a worry.
Oct 24, 2016
Tax advisory
Infographic: Farm quota taxes set to change
The Canadian government is going to change the way it calculates tax on farm quota sales beginning January 1, 2017 – and it’s not for the better. The changes will impact not only how much farmers are able to “write-off” but also how much tax they’ll pay on the sale of a quota. 
Thomas Blonde Oct 17, 2016
Technical Bulletin: October 2016
This technical bulletin covers the various developments from July to September 2016. Collins Barrow regularly publishes Technical Bulletin for the general interest of its clients and friends to highlight the continually changing accounting and assurance standards, and the interpretations thereof, in Canada.
Oct 13, 2016
Corporate finance Tax advisory
Ownership structures for life insurance policy-funded buy/sell agreements
In our July 2016 Tax Alert we noted that new income tax legislation will impact the taxation of life insurance policies. Most notably, it will be advantageous, for estate planning purposes, to purchase life insurance before the end of 2016 to maximize the tax benefits associated with current life insurance rules.   
Oct 12, 2016
Fraud protection: what’s the F word costing you?
Fraud – it’s everyone’s business. That dreaded F word is a prevalent crime we can’t afford to ignore. With one in every five businesses victimized in the past year, fraud has become a big threat and a serious ongoing challenge for Canada’s economy.
Oct 11, 2016
Got a travel business? 7 TICO questions you can’t afford to ignore
TICO (Travel Industry Council of Ontario) is a governing body of the travel industry in Ontario. It’s a government organization that oversees Ontario travel agents and travel-related businesses.
Oct 11, 2016
Principal residence exemption – significant changes
On October 3, 2016, among a series of other measures, the Department of Finance (“Finance”) introduced significant changes to the principal residence exemption rules under the <em>Income Tax Act</em> (Canada). The mandate of these changes was specifically to “improve tax fairness by closing loopholes surrounding the capital gains exemption on the sale of a principal residence.” The proposed changes to the principal residence exemption rules effectively limit the ability of certain taxpayers to reduce or eliminate the capital gain on the sale of their home.
Oct 7, 2016
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