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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
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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
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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
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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
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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
Technical bulletin
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
Technical bulletin
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
Publications-Chart a course for audit quality
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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Tax advisory
U.S. citizens and Canadian trusts
Trusts are important tools in Canadian tax and estate planning. Discretionary family trusts, in particular, have become common and are continually evolving. Some of the most powerful benefits of these tools include: <ul> <li><strong>Flexibility</strong> – the ability to maintain control of assets while directing income and value as the trustees see fit.</li> <li><strong>Income splitting</strong> – directing income of the trust to lower-income beneficiaries (usually family members) to minimize the overall family tax burden.</li> <li><strong>Capital splitting</strong> – allocating capital gains to beneficiaries, enabling the use of multiple capital gains exemptions.</li> </ul>
Todd King May 29, 2014
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Tax advisory
Mitigating U.S. Tax exposure through the Closer Connection Statement
Canadian persons that spend significant time in the United States can become subject to U.S. taxation and reporting requirements unexpectedly, even if they are not earning income from U.S. sources.  Starting June 30th, 2014 a new initiative will begin that is designed to track a Canadian person’s movement across the Canada/U.S. border.  Prior to this new initiative, many Canadian persons felt, perhaps justifiably, that U.S. authorities had no way of actually knowing how many days they were present within their border.
May 29, 2014
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Tax advisory
Holding Companies Demystified
As tax professionals, we are often asked by clients to explain the concept and appropriate uses of holding companies. The answer generally is not straightforward; a variety of tax and commercial factors are relevant in any particular case. Though it is beyond the scope of this article to provide a complete list of potential benefits and drawbacks, an introduction to several key issues will be examined.
May 28, 2014
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