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    Collins Barrow Kawarthas LLP

    Professionalism and personalized service are hallmarks of our Peterborough and Lindsay offices. We provide audit, accounting, tax, estate, succession and financial planning, business valuation, litigation support, forensic accounting, business advisory, HR and IT advice to a diverse group of clients in the agriculture, construction, wholesale and retail, professional services and not-for-profit sectors.

The Latest at Collins Barrow Peterborough

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    Budget 2017 Update – Extended transitional period for work in process of professionals

    An earlier version of this Tax Flash was originally published on May 11, 2017. The following version has been amended to reflect important updates as of Sept. 8, 2017.

    As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component.

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    Collins Barrow Toronto’s Ben Gibbons wins 40 Under 40 Award

    Toronto, ON – Collins Barrow Toronto congratulates Ben Gibbons on the recognition he recently received in CPA Practice Advisor’s 40 Under 40 Awards. This honour recognizes the most influential people under the age of 40 working in the accounting, tax and advisory profession, both for their achievements on the job and their strong community involvement.

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    Technical Bulletin: August 2017

    This Technical Bulletin covers the various developments from May 2017 to July 2017.

    Acknowledgement: The content of the Technical Bulletin has been summarized or reproduced from the CPA Canada, IASB and IFRIC, IAASB, AcSB, PSAB, AASB press releases, updates, publications, meeting summaries and other publications referenced within the Bulletin.

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    A quick guide to platform acquisitions

    When growing through mergers and acquisitions, there are generally two distinct types of acquisitions: (1) the platform acquisition and (2) subsequent one-off acquisitions. When a company expands into a new market, the expansion often comes in the form of a platform acquisition, the initial acquisition that a private equity group makes to enter an industry with the intent to roll up (or acquire) other companies in an industry. (One-off acquisitions consist of companies within an industry in which the buyer already operates.) The acquiring company entering the new market usually seeks a business with an already sizeable operations base, which then becomes the platform from which to launch further expansion. The term “platform acquisition” originates from the private equity sector, where platform investments are very common.

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    Increasing the cost of intergenerational business transfers

    The Canadian Federal Government introduced draft legislation on July 18, 2017 that will profoundly change the taxation of private corporations and their shareholders. The Government claims the changes are necessary to instil fairness into the tax system as it believes the current rules are being used for personal benefit and do not contribute to the economy as a whole. 

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    Collins Barrow Toronto expands U.S. Corporate Tax Advisory

    Toronto, ON – Collins Barrow Toronto is pleased to announce John S. Lee has joined the firm as director, U.S. Corporate Tax Advisory. Lee assists public and privately held Canadian and U.S. corporations in navigating the complex U.S. corporate tax system, spanning the breadth of federal, state and local tax considerations. In his new role, he will expand the firm’s capacity to service the diverse needs of clients with cross-border and U.S. domestic business relations.

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    Non-resident / U.S. companies doing business in Canada

    In many cases, foreign companies doing business in Canada are in need of additional expertise to effectively navigate the Canadian tax system. Specifically, U.S. companies find themselves confronting a tax environment that is very different from their domestic system. When doing business in Canada, here are some of the key tax considerations foreign companies should be prepared to navigate.

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    Issues facing Canadians selling U.S. real estate

    Canadians selling U.S. real estate face a number of challenges, most notably the difficulty in finding someone with special training on this topic. Given the high U.S. dollar, many Canadians are now looking to dispose of their U.S. property, but not many advisors have carefully researched this topic and developed the expertise necessary to help with these sales. As a result, the escrow agent, the real estate agent and the accountant you deal with may offer conflicting advice. In order to make sense of their perspectives and cope with the limited expertise available, be sure to keep the following issues in mind when selling U.S. real estate.

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    Collins Barrow Toronto’s Isabella Bertani moderates Going Global IEDC panel

    Toronto, ON – Collins Barrow Toronto partner Isabella Bertani will moderate a panel at the Going Global IEDC 2017 Annual Conference. Entitled “International Soft Landings and Support Services for Foreign Startups,” this session runs from 7:30–8:30 a.m. on Sept. 18 and will also feature speaker Jeanine Jerkovic, economic development director at City of Surprise, AZ, as well as Michael Stewart, regional director, France and the United Kingdom, Toronto Global.