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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.
Jan 16, 2014
Technical bulletin
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.
Jan 14, 2014
Publications-Key tax deadlines for 2014
Tax advisory
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.
Dec 18, 2013
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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.”
Dec 5, 2013
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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
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Tax advisory
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
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Tax advisory
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.
Nov 29, 2013
Publications-2014 Year-End Tax Planner: Looking Back to 2014 and Forward to 2015
Do you have workers on your farm?
Workers include all full and part-time employees, casual or seasonal labour, family members and anyone else you pay for working on your farm. If you have employees, there are certain things to keep in mind. You must register with the Canada Revenue Agency and calculate and withhold monthly source deductions from your employees’ gross wages. Remitting the source deductions must be done on a timely basis or you could face late filing penalties and interest. T4s must be issued to your employees each year and also filed along with the T4 Summary to the CRA by the last day of February.
Nov 26, 2013
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Tax advisory
Ontario Increases Non-Eligible Dividend Tax Rate
On November 7, 2013, Ontario’s Finance Minister announced proposed measures which if enacted will ultimately increase the tax on non-eligible dividends. This will be achieved by maintaining the non-eligible dividend tax credit rate of 4.5% and then calculating the Ontario surtax on higher income earners before the application of dividend tax credits (currently, the surtax is applied after deducting certain non-refundable credits including dividend tax credits).
Nov 15, 2013
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Restructuring and recovery services
Preventing Corporate Insolvency
Too much success may be bad for your company's health. Is it possible for a company to have too much success? Can it have too much new business, sales figures that are too high, and a bottom line that is too good for the health of the company?
Oct 31, 2013
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Restructuring and recovery services
How to secure the investment in your business
For many entrepreneurs who want to set up their own business, getting started includes digging deep into personal bank accounts and possibly taking on a second mortgage for start-up financing.
Oct 31, 2013
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