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    Income splitting strategies for Canadians

    The term “income splitting” refers to the transfer of taxable income from a higher-income family member to a lower-income family member to reduce the family’s overall income tax payable. The advantages of income splitting are clear: lower-income earners pay tax at a rate of 20 to 26 per cent, whereas higher-income earners may pay 47 to 54 per cent, depending on the province or territory of residence.

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    How to work outside Canada and pay taxes (or not!)

    If you are a Canadian planning to work abroad, you need to find out whether your residency will change, because if it does, it may affect your Canadian tax burden. Will you remain a Canadian resident during the period of your assignment or will you break Canadian residency? When you cease to be a Canadian resident, you normally aren’t subject to Canadian tax anymore. However, if you remain a Canadian resident during your assignment, you still have to file a Canadian tax return and will be subject to taxation on your worldwide income.

The Latest at Collins Barrow Montréal

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    Collins Barrow Montréal S.E.N.C.R.L./LLP

    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.

    Collins Barrow

    Technical Bulletin: July 2016 part 1

    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.

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    Get the most out of your life insurance policies before 2017!

    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. 

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    Canadian farmers selling products in the U.S.

    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.