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Income tax and HST implications of ceasing farm operations
Although changes in income tax legislation make tax planning for taxpayers increasingly challenging, tax legislation specific to farmers remains relatively unchanged and can be quite favourable. There are many cases where farmland has been transferred through generations and has not been farmed for many years.
Mar 21, 2014
International
Tax advisory
Reaching across borders
Introduced as part of the Patient Protection and Affordable Care Act in the U.S., the Net Investment Income Tax (NIIT) presents new challenges for all U.S. citizens living beyond America's borders.
Mar 21, 2014
Tax advisory
Ready to put it in Inc.?
For small businesses and professional practices such as dentist offices, incorporation often leads to substantial tax savings. Collins Barrow's latest infographic provides an overview.
Mar 7, 2014
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Indirect tax
Tax advisory
Oh! Taxman, what big teeth you have!
Today, no one seems to doubt the existence of tax havens. But tax hell... does it exist? Based on the testimony of taxpayers and tax practitioners, one might wonder. Reports of abuse and misconduct by the tax authorities seem increasingly common.
Mar 5, 2014
International
Tax advisory
RESP and TFSA Accounts for U.S. Citizens
Recently, Canada and the U.S. reached an agreement providing that Canada will assist with the collection and reporting of information to the U.S. Internal Revenue Service (IRS) on U.S. persons living here in Canada in order to comply with the U.S. Foreign Account Tax Compliance Act (FATCA). See our February U.S. Tax Flash for details on the agreement.
Feb 25, 2014
Tax advisory
U.S. Citizens in Canada: Are you sure you don’t owe U.S. income tax?
The U.S. income tax filing requirements of U.S. citizens living in Canada has seen more than its fair share of press coverage in recent times. That said, despite the onerous personal income tax filing obligations and related foreign bank and financial account disclosure requirements imposed on U.S. citizens living outside of the U.S., few of these taxpayers end up owing U.S. income tax.
Mike Hayward
Feb 25, 2014
Tax advisory
Keep it all in the family
Collins Barrow's All in the Family infographic offers a few tax saving tips for families in 2014.
Feb 21, 2014
Tax advisory
Tax tips for employees
Collins Barrow's Working knowledge infographic provides several tips to help employees maximize their tax savings this season.
Feb 14, 2014
Tax advisory
Federal budget 2014 infographic
The federal government recently tabled Budget 2014. Collins Barrow's Federal budget 2014 infographic provides an overview.
Feb 13, 2014
International
Indirect tax
Tax advisory
2014 Federal Budget Commentary: "The Road to Balance: Creating Jobs and Opportunities"
The Honourable Jim Flaherty, Minister of Finance, today tabled Canada’s Economic Action Plan 2014, a budget which confirms that the Government is on track to return to balanced budgets in 2015, with new measures that will create jobs and opportunities in an uncertain global economy and no new taxes on Canadian families or businesses.
Feb 11, 2014
International
Tax advisory
Canada and the U.S. Reach Agreement on Foreign Account Tax Compliance Act (FATCA)
The Canadian Department of Finance has announced that Canada and the United States have signed an intergovernmental agreement (the Agreement) regarding the U.S. Foreign Account Tax Compliance Act (FATCA).
Feb 10, 2014
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