Known for our responsiveness and aggressively entrepreneurial culture, we are the eighth largest public accounting network nationally by revenue. Our over 1200 professional and support staff and more than 210 partners and principals provide a full range of audit, tax and advisory services to private and public companies through our regional offices from coast to coast.
The U.S. Foreign Bank and Financial Accounts form (FBAR) has garnered much attention in recent years due to the enormous potential penalties associated with filing the form late. The FBAR has also been a target of the IRS. In 2009, then Commissioner of the IRS, Douglas Shulman, stated, “If you are a U.S. individual holding overseas assets, you must report and pay your taxes or we will be increasingly focused on finding you.”
Yorkton, SK – ParkerQuine LLP, a Yorkton and Saskatoon based accounting firm providing service throughout Western Canada since 1920, has joined the Collins Barrow National Cooperative. Now operating as Collins Barrow PQ, the firm is part of a rapidly expanding network comprised of 24 independent member firms across Canada.
The Latest at Collins Barrow
Winnipeg, MB - HMA Chartered Accountants LLP, the largest professional accounting firm in Northern Manitoba, has joined the Collins Barrow National Cooperative. Now operating as Collins Barrow HMA, the firm is part of an expanding network comprised of 23 independent member firms across Canada.
CALGARY, AB – Collins Barrow Calgary welcomes Jim McEvoy, CPA (New York), who joins the firm as U.S. Tax Partner. With over 15 years of experience, Jim began his career in New York and holds a Masters in U.S. Taxation. His practice helps Canadian clients enter or exit the U.S. market, acquire or transfer U.S. based property and plan for U.S. federal and state corporate tax compliance.
Workers include all full and part-time employees, casual or seasonal labour, family members and anyone else you pay for working on your farm.
If you have employees, there are certain things to keep in mind. You must register with the Canada Revenue Agency and calculate and withhold monthly source deductions from your employees’ gross wages. Remitting the source deductions must be done on a timely basis or you could face late filing penalties and interest. T4s must be issued to your employees each year and also filed along with the T4 Summary to the CRA by the last day of February.
MoneySense, Canada’s leading personal finance magazine and website, recently called upon Collins Barrow partner Rosa Luliano’s expert opinion on income tax issues affecting common law spouses.
Fall is the time of year when Canadian snowbirds pack up and head south for the warmer winter in the U.S. Some limit their stay to a maximum of 182 days, under the mistaken belief that this will avoid being considered a resident of the U.S. for income tax purposes (and conveniently brings them home just in time for spring). Many do not realize that the U.S. residency rules for income tax purposes involve a much shorter time period.
It’s the most wonderful time of the year! That’s right, time to start your year-end tax planning so any strategies that need to be implemented before key dates in order to be effective can be successfully launched.
Sudbury, ON – Collins Barrow partner Mark Weiman recently facilitated “When should I incorporate?” a Bridges to Better Business Conference session. Presenting alongside representatives from Conroy Trebb Scott and Gougeon Insurance Brokers, Mark discussed key considerations in the decision to incorporate.
Collins Barrow principals Leena Patel and David Mirsky recently spearheaded a global survey for the Corporate Governance and Risk Management (CGRM) committee of Baker Tilly International, a leading assurance, tax, and business advisory services network. Designed to identify international CGRM expertise, the results will assist Baker Tilly International in matching prospective CGRM clients with appropriate skills and resources worldwide.
Recent legislative changes contained in Bill C-48, which received Royal Assent on June 26, 2013, provide that any amount received or receivable by a taxpayer in respect of a restrictive covenant will be treated as ordinary income for income tax purposes unless specific exceptions apply. These legislative changes are retroactive to October 7, 2003.
Toronto, ON – Collins Barrow partner Cary Heller participates in the upcoming Cross Border Huddle symposium. As part of a panel, he will be discussing international taxes with respect to Canadian businesses expanding to the United States and U.S. businesses venturing into Canada.
On November 7, 2013, Ontario’s Finance Minister announced proposed measures which if enacted will ultimately increase the tax on non-eligible dividends. This will be achieved by maintaining the non-eligible dividend tax credit rate of 4.5% and then calculating the Ontario surtax on higher income earners before the application of dividend tax credits (currently, the surtax is applied after deducting certain non-refundable credits including dividend tax credits).