In Budget 2016, the Department of Finance announced changes to simplify the special reporting requirements for home builders, with taxable sales of new or substantially renovated housing that are “grandparented” under the transitional Harmonized Sales Tax (HST) rules (i.e. when a province joins the HST or increases the provincial component of the HST).
This technical bulletin covers the various developments from April to June 2016. 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.
The Latest at Collins Barrow
Elora, ON – On September 1, 2016, Collins Barrow Wellington-Dufferin District will merge with Guelph’s Bairstow, Smart & Smith LLP, forming a new firm called Collins Barrow Guelph Wellington Dufferin. Edward (Ted) L. Smith and Sara B. Detweiler will be joining the merged firm as partners, while Bairstow, Smart & Smith LLP partner D. Andrew (Andy) Smart will join as principal.
Collingwood, ON – Collins Barrow SGB LLP is proud to announce that Peter Crew has been promoted to Principal. A valued member of the firm since 1999, Peter has an extensive understanding of owner-managed businesses. He provides business advice to those starting new businesses, incorporating or planning for succession.
Designing internal controls for a small business or organization is a difficult task for management and/or the board to undertake. There are some that say it cannot be done because there are too few employees in the organization. We disagree. It can be done with a bit of forethought about the design of the workflow that needs to be accomplished. To begin the process, consideration needs to be given to the four major components of internal controls: control environment, risk assessment, technology and monitoring.
With an increasingly global farm commodity market and a lower Canadian dollar, Canadian farmers are finding it much easier to sell their products in the United States. However, it is important that producers are aware of potential U.S. tax issues and filing requirements, particularly if this is common practice on their farm operation.
Red Deer, AB – Collins Barrow Red Deer LLP has opened new doors in Alberta. In addition to a second office in Sylvan Lake, the accounting, tax and advisory firm has moved from 5010-43 Street to a new address.
Calgary, AB – To support entrepreneurs in Alberta, ATB Business is joining forces with Collins Barrow Calgary partners Terry Booth and Jeff Lutzak. Throughout the fall, Booth and Lutzak will provide a series of educational presentations to the company’s clients through the ATB Entrepreneur Center. On June 23, the series began with “Determining Your Effective Corporate Structure.”
Courtice, ON - On Wednesday, September 14, Collins Barrow Durham will host Durham Exports (www.durhamexports.com), a conference on building business opportunities and growth through exporting. This is a rare opportunity for business leaders to enjoy a day of intensive networking and learning.
Life insurance rules have remained relatively intact since 1982, but that’s about to change. Starting January 1, 2017, new income tax legislation will come into effect that will change some taxation aspects of life insurance policies. These modifications will impact taxpayers’ estate planning, and more specifically, cases where life insurance policies are purchased through a corporation.
Collins Barrow KMD LLP’s Mike Bondy recently delivered a presentation for the Zavitz Seminar Series titled ”Trudeaumania 2 and Trump Dynasty.” Mike shared an overview of the March budget and its effect on tax rates, outlining strategies for minimizing the impact of these changes.
Preparing a succession plan for your farm is a complex undertaking that requires many types of expertise. It’s imperative that the advisors involved in the process – like an accountant, financial advisor, lawyer, family dynamics advisor and any other required expert – are all collaboratively on the same page, ensuring your plan a success.