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Succession planning? Here’s why you want to gift the farm
There can be a significant amount of wealth tied-up in farm businesses—including partnerships and corporations—and there are opportunities in the succession process to distribute that wealth on a tax-free or tax-deferred basis. Much of this wealth is eligible for capital gains exemptions, allowing it to pass on to the next generation, so that they can continue farming without a heavy debt burden. If you’re in the process of planning the succession of your farming business, it’s important to consider taking advantage of gifting, as it allows you to apply tax benefits to farming assets.
Sep 14, 2016
Will you soon be paying more tax on your quota sale?
<strong>Changes to eligible capital property rules</strong> The Canadian government is planning to change the way it calculates tax on quota sales beginning January 1, 2017. Many farmers are worried about how this will impact their operations, particularly if they are incorporated. This article seeks to clarify the coming changes and provide some suggestions to help farmers prepare.
Thomas Blonde Sep 14, 2016
Succession and estate planning
Infographic: Succession in the 21st century
As Baby Boomers begin to hit retirement age, a major shift is occurring in succession planning. Trillions of dollars worth of businesses will change hands in the next decade. If this shift is not well managed, the economic impact will be significant. Ineffective transitions could result in decades of experience and knowledge being lost. 
Sep 14, 2016
Tax advisory
Non-residents and the sale of Canadian real estate property
So the time has come for you, a non-resident of Canada, after many years of personal enjoyment or rental revenues, to sell your Canadian real estate. Unfortunately, this requires one last trip down the rabbit hole of the Canadian tax system.
Sep 13, 2016
Tax
Growing beyond borders? A guide to new tax terrains
Expanding your company’s operations into a different province or even country can be a significant step in your growth trajectory, but the process itself can be overwhelming. 
Sep 13, 2016
Farmers, consider selling your quota to avoid Alternative Minimum Tax
Whether selling milk, eggs or other produce, farmers working in supply management use a quota system to take their product to market. Dairy farmers, for instance buy a quota, which then makes them eligible to produce a specified amount of milk.
Sep 12, 2016
Audit and accounting Tax advisory
Income splitting strategies for Canadians
The term “income splitting” refers to the transfer of taxable income from a higher-income family member to a lower-income family member to reduce the family’s overall income tax payable. The advantages of income splitting are clear: lower-income earners pay tax at a rate of 20 to 26 per cent, whereas higher-income earners may pay 47 to 54 per cent, depending on the province or territory of residence.
Aug 23, 2016
Tax
How to work outside Canada and pay taxes (or not!)
If you are a Canadian planning to work abroad, you need to find out whether your residency will change, because if it does, it may affect your Canadian tax burden.
Aug 16, 2016
Indirect tax Tax advisory
New simplified rules for home builders reporting sales of grandparented housing
In Budget 2016, the Department of Finance announced changes to simplify the special reporting requirements for home builders, with taxable sales of new or substantially renovated housing that are “grandparented” under the transitional Harmonized Sales Tax (HST) rules (i.e. when a province joins the HST or increases the provincial component of the HST).
Jul 28, 2016
Cross border and international Tax advisory
Canadian farmers selling products in the U.S.
With an increasingly global farm commodity market and a lower Canadian dollar, Canadian farmers are finding it much easier to sell their products in the United States. However, it is important that producers are aware of potential U.S. tax issues and filing requirements, particularly if this is common practice on their farm operation.
Jul 27, 2016
Technical Bulletin: July 2016 part 1
This technical bulletin covers the various developments from April to June 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.
Jul 22, 2016
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