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Indirect tax
Restricted Input Tax Credits
The Harmonized Sales Tax (HST) was introduced in Ontario on July 1, 2010, bringing about changes for many businesses. Most notably, it introduced a requirement that “large businesses” be required to repay or “recapture” the portion of any available input tax credits (ITCs) attributable to the provincial portion of the HST that becomes payable, or is paid without having become payable, in respect of a specified property or service that is acquired.
Rosa Maria Iuliano Oct 23, 2014
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Indirect tax
GST/HST Documentary Requirements and Common Audit Issues
We continue to see Canada Revenue Agency (CRA) auditors aggressively challenge GST/HST registrants with the documentary requirements under subsection 169(4) of the <em>Excise Tax Act</em> (ETA).
Cathie Brogan Oct 23, 2014
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Technical Bulletin - October 2014 - Part 1
<span class="post-content">This technical bulletin covers the various developments from July to September 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>
Oct 8, 2014
Technical bulletin
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Technical Bulletin - October 2014 - Part 2
PART 2: This technical bulletin covers the various developments from July to September 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.
Oct 8, 2014
Technical bulletin
Tax Complications upon the Death of a Farmer
Even though Canada does not have an inheritance tax, a significant and unexpected tax liability can be left behind by a farmer at death without proper planning and preparation.
Ryan Kitchen Oct 1, 2014
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Income Tax Considerations When Moving to the United States
From time to time, many Canadians find themselves considering a permanent move to the United States. Whether it is a business executive seizing an extraordinary career opportunity or a retired entrepreneur simply in search of warmer climates, it is important to understand the tax implications that may result.
Sep 16, 2014
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Tax advisory
Streamlined and OVDP Update
U.S. persons looking to catch up on required U.S. income tax filings may now be able to take advantage of an updated set of “taxpayer friendly” rules introduced in June 2014: the Streamlined Filing Compliance Procedures (Streamlined Program), and the Offshore Voluntary Disclosure Program (OVDP). These programs are integral parts of the ongoing Internal Revenue Service initiative to encourage U.S. taxpayers, particularly those located outside the U.S., to become compliant.
Sep 9, 2014
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Tax advisory
The Testamentary Trust Amendments: No Fairness for Most Disabled Canadians
Despite the objections of The Canadian Bar Association (CBA), the Chartered Professional Accountants of Canada (CPAC) and the Society of Trust and Estate Practitioners (STEP), the 2014 Federal Budget introduced legislation to eliminate the graduated rate of taxation for testamentary trusts.
Sep 5, 2014
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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
Publications-Blueprint for Savings: Registered Disability Savings Program (RDSP)
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
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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
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