On March 17, 2016, the Finance Minister, Carlos Leitão, tabled the 2016-2017 Quebec Budget.
MONTREAL, ON – This holiday season, Collins Barrow Montreal is giving back to the community, helping to support Welcome Hall Mission’s annual toy distribution, Noël pour tous on Saturday, December 3. Ten volunteers from the Montreal office will be helping at the event handing out toys to 2000 underprivileged children.
The small business deduction has been the focus of much attention recently, with perceived abuse of the available deferral provided to corporations. Of particular concern are corporate and partnership structures that work around the existing partnership and association rules to multiply their small business deductions. In response, the 2016 Federal Budget has taken steps to close these gaps in the legislation and limit the use of the small business deduction to its original intention.
The Latest at Collins Barrow Montréal
As a leading mid-market firm, we have been serving the Montréal business community for more than 70 years. From real estate to manufacturing, import/export and high-tech to retail and the service industry, we have experience in virtually every sector of the Canadian economy. Committed to professionalism and excellence in personalized service, we adapt to the changing needs of every client. Quite simply, we put our clients first.
Law firm succession planning: retaining firm revenue while transitioning knowledge and relationships
It has been called the “pig in the python” – a graphic image of Canada’s Baby Boom generation that has moved through time and is now nearing retirement. Law firms that manage this outsized demographic wave well can position themselves to maintain their revenue streams, transition knowledge and relationships and preserve partner equity. Firms that do not take action may lose revenue and equity when partners leave for other firms or retire, causing the partner’s client relationships to be lost to the firm.
Companies attempting to develop realistic, achievable strategies – and execute them – often rely on SWOT analysis: strengths, weaknesses, opportunities and threats. You want to mitigate your threats and take advantage of your opportunities, leverage your strengths and improve your weaknesses. Once you have identified those, you will make far greater progress toward defining your strategies. However, simply defining your strategies is only the first step. You also need to take measures to help your team execute on those strategies. Here are six steps to ensure that your strategies succeed.
- Federal and Provincial Highlights;
- Personal and U.S. tax matters;
- International matters;
- Key tax dates
CPA Canada has issued Canadian Standard on Review Engagements (CSRE) 2400 Engagements to Review Historical Financial Statements. This new standard replaces existing standards for review engagements, including Section 8100 (General Review Standards), Section 8200 (Public Accountant’s Review of Financial Statements), Section 8500 (Reviews of Financial Information Other Than Financial Statements), as well as Assurance and Related Services Guidelines 20 and 47. This will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early application of CSRE 2400 is not permitted. This publication will address the key changes to review engagements that will impact users of the financial statements, including shareholders, investors, those charged with governance, management and other stakeholders.
Sudbury, ON – Operation Red Nose is a national program dedicated to the fight against drinking and driving. Available to any individual who has been drinking or who simply does not feel fit to drive home, the free, confidential service is provided by volunteers. During a Sudbury event on December 2, under the leadership of Nadia Robert and Louise Lavallée, 11 employees from Collins Barrow SNT LLP will lend their time to this very worthwhile cause.
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For farmers, the quota system is in place for supply-managed commodities. In Canada, that includes milk, eggs, chicken, turkey and hatching eggs. Essentially, you have to own a license to be able to sell any of those commodities. Under the current rules for corporate businesses (which are still in effect until January 1, 2017), half of the gain is tax-free and the other half is taxed like it’s business income. For the 50% that is taxed, you’d probably pay at a rate of 26.5% under the current rules (all rates in this post are Ontario rates). As of January 21, 2017, you will still pay tax on the same amount of income, but instead of it being considered active business income, it will be considered investment income. In light of these changes, here are a few issues farmers planning to sell quota should keep in mind.
U.S. Tax experts are closer than you think.