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Insights

The Foreign Account Tax Compliance Act (FATCA): What you need to know

The Foreign Account Tax Compliance Act, or FATCA, comes into effect in July 2014. Collins Barrow's Status Updates from Lady Liberty infographic shares some insights on this legislation and other important U.S. tax reforms.

What you need to know about U.S. taxation

Spending the winter down south? Collins Barrow’s U.S. taxation infographic shares some key information that you need to know.

Community Food Program Donation Tax Credit

On November 6, 2013, the Ontario government passed Bill 36, otherwise known as the Local Food Act, 2013. Among other initiatives, this bill includes an amendment to provide a tax credit to Ontario farmers who donate certain agricultural products.

Audit and accounting

Technical Bulletin - January 2014 - Part 2

PART 2: This technical bulletin covers the various developments from October to December 2013. 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.

Audit and accounting

Technical Bulletin - January 2014

This technical bulletin covers the various developments from October to December 2013. 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.

Key tax deadlines for 2014

Tax season is fast approaching. Collins Barrow's Key Tax Deadlines for 2014 infographic will help you keep an eye out for important tax deadlines in 2014.

Tax Savings Opportunity: Prescribed Interest Rates Decrease Back to 1%

On December 13, 2013 the Canada Revenue Agency announced that the prescribed annual interest rate will be reduced back to 1% for the period from January 1, 2014 to March 31, 2014.

Cross border and international Tax advisory

Mandatory FBAR E-filing

The U.S. Foreign Bank and Financial Accounts form (FBAR) has garnered much attention in recent years due to the enormous potential penalties associated with filing the form late. The FBAR has also been a target of the IRS. In 2009, then Commissioner of the IRS, Douglas Shulman, stated, “If you are a U.S. individual holding overseas assets, you must report and pay your taxes or we will be increasingly focused on finding you.”

Cross border and international Tax advisory

Snowbirds and the Closer Connection Exception

Fall is the time of year when Canadian snowbirds pack up and head south for the warmer winter in the U.S. Some limit their stay to a maximum of 182 days, under the mistaken belief that this will avoid being considered a resident of the U.S. for income tax purposes (and conveniently brings them home just in time for spring). Many do not realize that the U.S. residency rules for income tax purposes involve a much shorter time period.

Shelley Smith Dec 5, 2013

Changes to the Taxation of Restrictive Covenants

Recent legislative changes contained in Bill C-48, which received Royal Assent on June 26, 2013, provide that any amount received or receivable by a taxpayer in respect of a restrictive covenant will be treated as ordinary income for income tax purposes unless specific exceptions apply. These legislative changes are retroactive to October 7, 2003.

Aaron Wright Dec 5, 2013

2013 Year-End Tax Planner: Looking Back to 2013 and Forward to 2014

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.

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