Baker Tilly Canada
Close
Insights
Service
Industry
City
Category
Reset
Farmers and the Principal Residence Exemption
When a farm is sold as a going concern, it is fairly common for the family home to be situated on the same parcel of land and also form part of the sale transaction.  An important consideration in these circumstances involves the allocation of proceeds between the farming assets and principal residence of the taxpayer.  Absent this determination, the gain ultimately attributed to the residence may be subject to income tax or at the least utilize a portion of any available capital gains exemption (capped at $800,000 / individual) should the property be “qualified farm property.”
Jan 21, 2015
Default image for insights
Are You a “Small Business”?
Canadian-controlled private corporations earning business income can enjoy significant tax advantages. <strong>Small business deduction</strong> The small business deduction is the most significant advantage. The federal tax rate on the first $500,000 of business net income is reduced to 11 per cent from a general rate of 15 per cent. In addition, all provinces assess a general business tax rate ranging from 10 to 16 per cent, depending on the province. Each province also provides a significant rate reduction on the first $500,000 of business income (with the exception of Manitoba and Nova Scotia, which have lower thresholds).
Jan 21, 2015
Default image for insights
New Funding Available for Small Businesses in Ontario
Effective December 1, 2014, FedDev Ontario will re-open the SMART program, a grant benefitting small businesses in the manufacturing sector. The SMART program will fund up to 35 per cent of eligible costs to a maximum contribution of $100,000 for advancements focused on improving productivity through the adaption or adoption of new or upgraded advanced technologies, materials or processes.
Jan 21, 2015
Default image for insights
Get our newsletter
Stay informed on what matters most to your success.
Investments outside of Canada? CRA's offshore compliance division issues letter to select taxpayers
In December 2014, the Canada Revenue Agency (CRA) issued a letter to a sample of taxpayers to remind them of the criteria for filing a T1135-Foreign Income Verification Statement and to review their income tax filings to ensure they have been properly reporting the relevant assets and income.
Jan 20, 2015
Default image for insights
Audit and accounting
Technical Bulletin - January 2015 Part 1
<span class="post-content">This technical bulletin covers the various developments from October to December 2014. 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><br /> <strong></strong>
Jan 14, 2015
Technical bulletin
Audit and accounting
Technical Bulletin - January 2015 Part 2
PART TWO: <span class="post-content">This technical bulletin covers the various developments from October to December 2014. 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>
Jan 14, 2015
Technical bulletin
How Obamacare affects Canadians
While the majority of Canadians will not notice any impact as a result of the Affordable Health Care Act, commonly known as Obamacare, a select few may need to comply with its rules. Read on to determine if and how Obamacare affects you.
Jan 12, 2015
Obamacare-How Obamacare affects Canadians
Tax advisory
Ontario Interactive Digital Media Tax Credit: Changes and Considerations
The Ontario government announced this fall that the Ontario Interactive Digital Media Tax Credit (OIDMTC) program is under review as the program has seen a rapid increase in the number of claims in recent years, with a 40 percent annual growth rate in support claims processed.
Dec 22, 2014
Default image for insights
Crowd pleasers
The federal government recently introduced several tax measures designed to help Canadian families. Collins Barrow’s latest infographic provides an overview.
Dec 3, 2014
Publications-Crowd pleasers Infographic
Tax advisory
2014 Year-End Tax Planner: Looking Back to 2014 and Forward to 2015
It’s the most wonderful time of the year! That’s right, time to start your year-end tax planning so any strategies that need to be implemented before key dates in order to be effective can be successfully launched.
Dec 1, 2014
Publications-2014 Year-End Tax Planner: Looking Back to 2014 and Forward to 2015
Tax advisory
Form W-8
On July 1, 2014, a Canada/U.S. intergovernmental agreement (IA) came into effect requiring financial institutions in Canada to begin identifying “U.S. person” account holders (for example, U.S. citizens and U.S. residents) for the purposes of disclosing specific information to the U.S. Internal Revenue Service.
Nov 27, 2014
Default image for insights
Solutions within reach
Wherever you need us.
Connect now