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    Collins Barrow Calgary LLP

    A founding member of the Collins Barrow network, we have been providing audit and assurance, tax and business advisory services to a diverse client base for over 87 years. With more than 100 team members, we offer resources and personalized, responsive service to local owner-managed businesses, private enterprises, public companies and not-for-profit organizations.

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    Get ahead of the curve on GST/HST obligation issues

    The CRA announced in the December issue of the “Businesses – Tax information newsletter” the kickoff of a new campaign to send GST/HST compliance letters to GST/HST registrants. Through this campaign, the CRA hopes to assist taxpayers in gaining a better understanding of their GST/HST compliance requirements. Accordingly, the targets of this campaign are expected to be individuals and small businesses.  

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    To deduct or not to deduct; that is the question

    Owning property for the purpose of earning rental income creates benefits and challenges. Property owners incur a variety of expenditures in order to earn rental income and maintain property value. Since not all expenditures are treated equally for tax purposes, it is important to be aware of the tax implications when incurring such expenditures in a rental property business.

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    Infographic: Haven’t fulfilled your U.S. tax obligations?

    In recent months, there have been rumblings that the streamlined program — a “friendly” system that helps U.S. taxpayers living abroad get caught up on their filing obligations — is coming to an end. If you are an American citizen or Green Card holder who hasn’t been filing American taxes, now is the ideal time to get caught up, as you may be running out of time to avoid harsh penalties.

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    Methods of drawing funds from a corporation

    Shareholders and family members of incorporated farming operations have a number of options for receiving compensation from their corporation. These options can range from compensation for services rendered, to a return of equity invested in the corporation or merely income derived from owning shares. 

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    Strategies for Dealing with the New SBD Rules

    Some taxpayers utilize corporate groups, which have been structured to multiply their access to the small business deduction (SBD). The SBD allows a company to pay a lower tax rate on the first $500,000 of income each year. Access to the SBD is sometimes limited as it must be shared by associated corporations and corporate partners. To avoid having to share the SBD, some businesses that naturally work in groups, have structured their affairs in a way that allows more than one $500,000 small business deduction. In reaction to this multiplication strategy, the government introduced legislation in the 2016 federal budget to end the effectiveness of such structures and, in effect, increase tax rates for companies in such groups.

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    Technical Bulletin: February 2017

    This Technical Bulletin covers the various developments from October 2016 to January 2017. 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.

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    Taxable benefits and the GST/HST

    It’s that time of year again – as an employer, what should you know about taxable benefits and the GST/HST? Did you know the GST/HST impacts not only the calculation of certain employee taxable benefits, but also the calculation of the employer’s net tax for GST/HST reporting purposes?