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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.

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    Business advisory: Bridging the gap for success

    Traditionally, accounting firms have focused on providing assurance and taxation services for their small business clients. Discussions often center on historical results. While these are useful and an important base discussion to have, we also want our clients to be looking forward, actively planning and pursuing their future. This is the bridge that business advisory builds to take clients to the next level.

The Latest at Collins Barrow Peterborough

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    Salary vs. dividend for medical professionals

    For medical practitioners, the choice between salary or dividends is usually a conflicted one. The general sense is that the grass is greener on the other side. As tax rates change both federally and provincially, it’s necessary to consider the pros and cons of each option, as well as other aspects of pay, such as retirement savings, in order to make sure the right strategy is implemented.

    Here is a closer look at some of the key issues involved.

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    It’s never too early to crisis-proof your business

    From fires to the destructive floods in Alberta, we have experienced a variety of unexpected disasters in recent years. People often think something like this will never happen to them, but we’ve seen that anyone can be affected. Statistics show that small businesses are often not prepared for emergencies and rarely think about disaster recovery – in the same way many people postpone writing a will or planning their funeral.

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    The elimination of billed-basis accounting for professionals

    Work in progress (WIP), work performed but not yet billed, is a ubiquitous aspect of business for professionals. Under the Income Tax Act, WIP is deemed to be inventory. Since inventory is carried at the lesser of cost or fair market value (FMV), businesses typically carry WIP at cost on their balance sheets.

    Professionals, such as accountants, dentists, doctors, veterinarians and others, can deduct the WIP in calculating their income for tax purposes. Budget 2017 proposes to change that.

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    Technical Bulletin: May 2017

    This Technical Bulletin covers the various developments from February 2017 to April 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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    Budget 2017 Update - Relief for contingency fee engagements

    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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    2017 Federal Budget: GST/HST on ride-sharing services

    The 2017 Federal Budget proposes to amend the definition of a “taxi business” in the Excise Tax Act (ETA) effective July 1, 2017, to ensure that ride-sharing services, such as Uber, share the same GST/HST consequences as taxi services. The proposed amendments would require all Uber drivers to register for GST/HST purposes and to charge GST/HST on their fares.

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    Negotiation strategies for selling your business

    Negotiating the sale of your business isn’t easy. The ability to negotiate is vital when entering into a merger and acquisition (M&A) transaction. However, it’s difficult to stay objective when parting with a company you’ve dedicated years of your life to. For many people, this is an emotional process. It’s important to enter M&A negotiations with an understanding of your priorities for your future and the future of your company. Keep the following strategies in mind and you are far more likely to get the deal you’re hoping for.

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    2017 Ontario Budget Commentary

    Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017.

    The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.