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Tax advisory
2015 Ontario Budget - April 23, 2015
On April 23, 2015 Finance Minister Charles Sousa tabled his third Budget. The deficit for the 2015-16 fiscal year is projected to be $8.5 billion, which is less than had been forecasted in the 2014 Budget. The deficit is projected to drop to $4.8 billion for 2016-17 and to be eliminated by 2017-18. Unlike the 2014 Budget, the 2015 Budget does not comment on achieving a surplus.
Apr 23, 2015
2015 Federal Budget
Our financial experts have combed through the new federal budget, so you don’t have to. From in-depth analysis to fact-filled infographics, this is your definitive guide to the policies that will impact you.
Apr 20, 2015
Taking Back Your Old Age Security
Many Canadian taxpayers spend most of their lives working hard to accumulate sufficient savings to permit them to live a comfortable lifestyle during their retirement years. At age 65, when they can start benefitting from Canada’s social programs, they often find themselves with an effective marginal tax rate of 50% on their taxable income. When combined with the Old Age Security (OAS) recovery tax, rates can reach 55%.
Sylvain Campeau Apr 15, 2015
Tax advisory
Technical Bulletin - April 2015 Part 1
Part One: <span class="post-content">This technical bulletin covers the various developments from January to March 2015. 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.</span>
Apr 10, 2015
Tax advisory
Technical Bulletin - April 2015 Part 2
<span class="post-content">PART TWO: <span class="post-content">This technical bulletin covers the various developments from January to March 2015. 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.</span></span>
Apr 10, 2015
Tax advisory
Keeping advantages afloat: A tax break guide for small business owners
Canadian-controlled private corporations (CCPCs) earning business income can enjoy significant tax advantages. The federal and provincial governments have incentives for small business owners to reinvest profits for expansion, job creation and investment. Read on to discover the tax advantages benefitting small businesses to minimize your tax burden. 
Mar 31, 2015
Time's up! A guide to changes in the testamentary trust legislation
Planning your estate? The federal government has passed new legislation that could have a dramatic impact on how your estate is taxed. Effective January 2016, amendments to the testamentary trust legislation will tax beneficiaries at the top marginal rate, eliminating the ability to use the graduated rates to help reduce the overall tax burden. Read on to discover if or how these changes will affect you.
Sarah Netley Mar 30, 2015
Border patrol: A tax guide to reporting your foreign financial accounts
<div> U.S. persons with a financial interest in or signature authority over financial accounts maintained outside of the U.S. must fill out a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), or face penalties from the IRS.  Read on to learn more about the FBAR filing requirements. </div>
Mar 25, 2015
Tax advisory
The Testamentary Trust Amendments
Despite many concerns and questions raised by the tax community, the revisions to the testamentary trust legislation received royal assent on December 16, 2014. As indicated in the November 25, 2014, <em>Tax Alert</em> “Tax Changes for Testamentary Trusts,” testamentary trusts are now subject to top marginal tax rates unless they qualify as either a graduated rate estate (GRE) or a qualified disability trust (QDT).
Sarah Netley Mar 17, 2015
Case Study: Temporary Assignment of an Employee from Canada to the United States
This article is the first in a series of four parts that will examine the Canadian and U.S. income tax implications when an employee employed by a Canadian entity is assigned temporarily to work in the U.S. This first article focuses on the importance of the determination of “residency” for personal income tax purposes.
Mike Hayward Mar 5, 2015
The Five “W’s” of the Report of Foreign Bank and Financial Accounts (FBAR)
The U.S. <em>Bank Secrecy Act</em> (BSA), passed by Congress in 1970, gave the Department of Treasury the authority to collect information from U.S. persons having a financial interest in or signature authority over financial accounts maintained with financial institutions located outside of the U.S. This provision of the BSA requires that a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) be filed if the aggregate maximum values of the foreign financial accounts exceed $10,000
Mar 5, 2015
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