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Insights

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.

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.

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.

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.

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.

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.

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).

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.

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.

Cross border and international

Grow through export opportunities

In 2015, Ontario exported $197 billion dollars of goods, an increase of 34% over 2010. To ensure that you receive your share of this growing market opportunity, attend the Durham Exports Conference. Tailored for companies in Durham Region and beyond, this conference connects businesses with the knowledge they need to grow safely and profitably.

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