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Tax advisory
Defer Old Age Security to Avoid Clawback
If you are still earning substantial income and are either approaching 65 or have been collecting Old Age Security (OAS) for fewer than six months, a change in the law may be of interest to you.
Sep 11, 2013
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International Tax advisory
U.S. Transfer Certificates: Unexpected Delays in Distributing Canadian Estates
Though much has been written in connection with the U.S. estate and gift tax regime and the varying effects on Canadians, the requirement to obtain transfer certificates from the Internal Revenue Service (IRS) is often overlooked or unanticipated.
Aug 23, 2013
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International Tax advisory
U.S. Real Estate Issues
The U.S. real estate recovery is underway and approximately 40% of recent existing home sales have occurred in the southern United States.[1] Many Canadians have played a role in this recovery by purchasing U.S. property, either for personal use, rental use, or both. For these Canadians, there are several U.S. tax matters to consider, including obtaining an Individual Taxpayer Identification Number (ITIN), properly filing required U.S. tax returns, and applying for a withholding certificate.
Aug 23, 2013
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Tax advisory
Income Tax Filings: On Time or In Time
Canadian taxpayers will face negative consequences if their income tax returns are not filed on time by the due date. In addition, they face other, different negative consequences when returns are filed after the due date but not in time to obtain a refund. This article discusses those consequences.
Aug 23, 2013
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Tax advisory
Reduce Your Family Taxes with a Prescribed Rate Loan
Are you in a higher tax bracket than your spouse? Do you earn investment income from a non-registered account? If so, a prescribed rate loan can provide you with a method of income splitting that will reduce your taxes.
Jul 26, 2013
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Maintaining a pure farm corporation
One area that many incorporated farm operations commonly overlook is the eligibility of their corporation’s share capital for the $750,000 (now proposed to be $800,000) individual Lifetime Capital Gains Exemption and other certain tax deferrals. The agricultural industry can be plagued by potential hazards, and, unfortunately, a sudden severe injury or death sometimes forces a succession plan earlier than expected.
Jul 24, 2013
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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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