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Tax advisory
Personal Service Business – Tax Increase Receives Royal Assent
On June 26, 2013, the changes to the tax treatment of a “personal service business” (“PSB”) received Royal Assent. Effective for taxation years that begin after October 31, 2011, PSB income will be subject to federal corporate tax at the full unreduced rate of 28% (assuming the availability of the 10% provincial abatement).
Jul 19, 2013
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Technical Bulletin - July 2013
This technical bulletin covers the various developments from April to June 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.
Jul 12, 2013
Technical bulletin
Technical Bulletin - July 2013 - Part II
PART II: This technical bulletin covers the various developments from April to June 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.
Jul 12, 2013
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Growing Forward 2 (GF2) - Cost Sharing Opportunities for Farmers
The successor of Growing Forward 1 (GF1), GF2 is the federal-provincial-territorial initiative endorsed in June 2013 designed to encourage innovation, competitiveness and market development. Similar to GF1, it features many cost sharing opportunities for farm businesses.
Jul 12, 2013
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International Tax advisory
New T1135 – Foreign Income Verification Statement
On June 25, 2013, Parliamentary Secretary Cathy McLeod announced the launch of a new T1135 – Foreign Income Verification Statement as part of the Government’s measures to crack down on international tax evasion and aggressive tax avoidance. The updated form will require additional details to be reported which may be time consuming and onerous.
Jul 8, 2013
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Indirect tax Tax advisory
Best Practices: Indirect Sales Tax Overpayment and Exposure Analysis
At Collins Barrow, we strive to bring extra value to our clients. To that end, we can provide an indirect sales tax overpayment and exposure analysis. This is a specialty tax service above and beyond the thorough general audit process typically provided.
Jul 5, 2013
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Indirect tax Tax advisory
Get the Credit You Deserve: Document Your Credit and Debit Notes
In light of the many recent changes and proposed changes to provincial and federal sales taxes, it is worth reviewing how your credit and debit note processes function. At Collins Barrow, we have encountered two situations that demonstrate how “incorrectly” processed credit notes can have a substantial effect on your bottom line.
Jul 5, 2013
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Leasing Farm Assets
In the last number of years the use of leases in farming operations has become more and more prevalent. Statistics from Farm Credit Corporation indicate that the annual percentage increase in the volume of leases from 2010 to 2012 was 34%, 66% and 14% respectively with an average increase of 38% in the last three years.
Jun 27, 2013
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Tax advisory
Tax Flash: CRA extends filing deadline in Alberta due to flooding
The CRA has extended the deadline for tax returns filed in Alberta with due dates during the flooding to August 2, 2013, as disclosed on the CRA website.
Jun 26, 2013
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Tax advisory
The Concept of Residence in Canadian Tax Law
As is the case in much of the world, Canadian taxation is for the most part based on the concept of residence. But the issue of determining residence can be problematic, particularly where individuals leave or think they have entered or left Canada.
Jun 17, 2013
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International Tax advisory Transfer pricing
Financing a U.S. Subsidiary: Debt vs. Equity
Canadian corporations seeking to expand their operations often look southward to grow their business. By expanding into the United States, Canadian corporations can potentially gain access to a much larger market than is available in Canada. For a variety of valid reasons, Canadian corporations often choose a U.S. corporation as a vehicle for expansion into the U.S. But once this structural decision is made, the question becomes, how to finance the U.S. operations?
May 31, 2013
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