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Blueprint for Savings: Registered Disability Savings Program (RDSP)
A government-sponsored program, the Registered Disability Savings Plan (RDSP) assists eligible Canadians in building long-term savings. Contributions to an RDSP qualify for matching government grants and bonds. With an RDSP, beneficiaries can realize a return on investment of up to 300 per cent.
Aug 26, 2014
Tax advisory
Income Tax Considerations in Structuring Real Estate Transactions with Life Interest
A life interest in real estate provides an exclusive right to use a property during the lifetime of the holder of the interest. Often, an individual will incorporate a life interest on a transfer of a property by way of gift to a relative in order to ensure that the individual has use of the property during their lifetime, to know for certain who will own the property when they die, and to avoid probate fees upon death.
Aug 11, 2014
Indirect tax
Application of GST/HST to Condominium Fees
Provinces have legislation that allows for the creation of not-for-profit entities to collect fees from owners of certain real property to pay expenses for the upkeep and maintenance of the property. These entities are often known as condominium corporations. The issue then arises as to whether or not GST/HST applies to the fees being charged.
Aug 7, 2014
Planning Considerations When Selling the Farm
There comes a time eventually when every farm will need be sold. Often, farms are sold by the owner’s choice, upon retirement or to transfer to the next generation. In other cases the sale is forced, as in the case of death, disability or financial difficulty. Whether the sale is made to the neighbour down the road or to the farmer’s children, perhaps at less than fair market value, planning is necessary to ensure the sale takes place in a tax-efficient manner. A farm owner has several options.
Thomas Blonde Aug 6, 2014
Tax advisory
Safe Income Strips
Safe income accumulates to particular shareholders on a per-share basis, with consideration given to the holding period of the share. This can result in differing amounts of safe income for different shareholders, particularly where reorganizations have occurred in the past or where shares have changed hands. As a result, an understanding of the share ownership history is required.
Darlene Shaw Greg Leslie Jul 23, 2014
Tax advisory
The Registered Disability Savings Plan and the Accident Victim
The Registered Disability Savings Plan (RDSP) is a government initiative intended to assist eligible Canadians with disabilities and their families in saving for their long-term financial security. It is effective for 2008 and later taxation years. Individuals who are disabled or have become disabled as a result of an accident may be in a position to take advantage of the RDSP.
Jul 11, 2014
Tax advisory
Coming to Canada Across the Canada-U.S. Border? Big Brother is Watching!
On June 30, 2014, officials with the Canada Border Services Agency and the U.S. Department of Homeland Security commenced a cross-border information exchange initiative, whereby certain information on individuals crossing the border will now be shared between the countries’ border officials. Included in this shared information will be biographical data and the number of days spent in each country, which may be used by each country’s governmental departments to ensure compliance with, among other things, income tax, immigration and health care regulations.
Jul 11, 2014
Audit and accounting
Technical Bulletin - Part 1 - July 2014
This technical bulletin covers the various developments from April to June 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.
Jun 30, 2014
Audit and accounting
Technical Bulletin - Part 2 - July 2014
This technical bulletin covers the various developments from April to June 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.
Jun 30, 2014
Chart a course for audit quality
To advance audit quality, new tools to assist audit committees with the oversight and evaluation of external auditors are now available. Collins Barrow encourages use of these tools in all types of entities.<br /><br /><br />
Jun 20, 2014
Tax advisory
U.S. Federal tax rules applicable to loans from a Canadian parent to a U.S. subsidiary
<strong>Financing a U.S. subsidiary</strong> When a Canadian company creates a U.S.-based subsidiary, one of the first issues to be addressed is how to fund those operations. Generally, funds may be advanced in the form of equity, debt or a combination of both.
May 29, 2014
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