The Latest at Collins Barrow Sudbury

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    Infographic: The pros and cons of incorporation

    If you are a doctor or dentist who is considering incorporating, it is important to know when it’s appropriate to take this step. Could income-splitting, the tax deferral and the capital gains exemption have a positive effect on your savings? Not everyone is in a position to benefit from these opportunities, but if the examples outlined in this infographic apply to your practice, incorporating could be right for you.

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    CB Toronto supports historic global flight

    Toronto, ON – Collins Barrow Toronto is pleased to announce their support of the C150 Global Odyssey (C150GO). With a passion for aviation, adventure and their home country, Canadian father-son team Bob and Steven Dengler set out with C150GO on Canada’s first around-the-world helicopter flight. As an added distinction, they are also the first-ever father-son global circumnavigation team. The Canadian crew will fly a Canadian-made Bell 429 Global Ranger helicopter over 37,000 km in just over one month. Starting in Ottawa on July 1, 2017 and zigzagging the globe, the crew will visit more than 100 airports in 14 countries as they travel the world.

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    Environmental Stewardship

    Collins Barrow is focused on reducing its carbon footprint.  Accounting can be a “paper pushing” environment to work in, however being environmentally focused is not only good for our environment, but is good for our staff, our clients, and our neighbors on this earth.

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    CB partner appointed to the AcSB’s Agriculture Advisory Group

    Elora, ON – CB Guelph Wellington Dufferin partner Tom Blonde has been appointed to the AcSB's Agriculture Advisory Group (AAG). The AcSB is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. The AcSB serves the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.

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    Employee stock options: do we have an agreement?

    In the fall of 2015, the Liberal government threatened to end the preferential tax treatment for certain employee stock options. But after much opposition, Finance Minister Morneau eventually backed off. In 2016, the Canada Revenue Agency issued comments on those rules, following up on the Tax Court’s decision in Transalta v. The Queen (2012 TCC 86).     

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    A little free advice: encourage your auditor to speak freely

    Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.

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    Revenue recognition for construction contracts under IFRS 15

    The timing of revenue recognition may need to change in the near term for a construction entity preparing IFRS financial statements. Specific accounting guidance on construction contracts contained in IAS 11 Construction Contracts is replaced effective for annual reporting periods beginning on or after January 1, 2018. The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 sets out requirements for recognizing revenue that apply to all contracts with customers.