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Business advisory services Private enterprise Indirect tax Tax advisory
2021 Alberta provincial budget tax highlights
On February 25, 2021, the Alberta government released their 2021 budget. The following are highlights of the key tax measures.
Mar 12, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
Farmers and the alternative minimum tax
In recent years, farmland prices have increased significantly across many parts of Canada. At the same time, the average age of the Canadian farmer has risen as well, leading to many farms being transferred to next generations or sold to third parties.
Feb 24, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
The revised T1134 form
The revised T1134 <em>Information Return Relating to Controlled and Non-Controlled Foreign Affiliates</em> was officially released in February 2021. It includes additional questions and more detailed disclosure with a goal of clarifying and enhancing compliance requirements.
Feb 19, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
Farmers and cash-basis accounting: be wary of the word “deemed”
The <em>Income Tax Act (ITA)</em> permits farmers to elect to compute their income from a farming business for a taxation year on a cash basis.
Feb 5, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
To compile or not to compile?
Many of you are quite happy with the compilation standards in place today. The existing standard on compilation engagements was issued in 1987. While it might have been a revolutionary standard in its day, time has come to make this area of practice more relevant to the needs of users in the current day and age.
Feb 4, 2021
Audit and accounting Private enterprise Tax advisory
New T4 2020 reporting requirements
Effective for the 2020 T4 reporting of employee income, the Canada Revenue Agency (CRA) now requires additional reporting that applies to all employers, regardless of whether a business has applied for any of the COVID-19 related federal government relief/recovery programs.
Jan 11, 2021
Business advisory services Audit and accounting Private enterprise Tax advisory
Canada Revenue Agency to simplify home office deductions
The Minister of National Revenue provided additional details today on how the Canada Revenue Agency (CRA) will make the home office more accessible for Canadians for the 2020 taxation year.
Dec 16, 2020
Business advisory services Private enterprise Public markets Cross border and international
Infographic: Shining a light on indirect tax
Indirect taxes are highly complex and often overlooked. Since they can be imposed by major tax jurisdictions at practically any stage of production and distribution, they must be managed and monitored vigilantly. If ignored or dismissed, they can result in exposure and exact a heavy toll on your company’s overall operations, cash flow and profitability.
Sameer Noormohamed Dec 10, 2020
Business advisory services Audit and accounting Private enterprise Indirect tax
Fall 2020 Economic Statement – sales tax update
With their most recent economic update, the federal government announced several new sales tax measures aimed at levelling the playing field between Canadian-owned and operated businesses and non-resident businesses that operate outside of Canada. Principally, these announced changes focus on foreign digital content services and supplies of intangibles in Canada.
Sameer Noormohamed Mark Bloch Dec 9, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
Tax consequences of the U.S. election for Canadian residents
Canadian residents may be wondering whether Joe Biden’s democratic tax policies will affect them once he becomes President. In many instances they will.
Shelley Smith Dec 9, 2020
Business advisory services Private enterprise
Recruitment during economic contraction
The old adage “the only constant is change” is widely apparent in 2020. As Canadian businesses consistently pivot, adjust and innovate in response to numerous new economic challenges (in some cases, with the help of <a href="https://www.bakertilly.ca/en/btc/covid-19-business-guidance" target="_blank">government programs</a>), a key area of focus is managing workforce costs. Likely responses to less predictable revenue include scaling back the workforce with furloughs and hiring freezes. While cash flow and the high costs of employee wages are legitimate concerns, businesses can also consider the benefits of seizing opportunities in a hot recruitment market.
Nov 30, 2020
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