The Latest at Collins Barrow Sudbury

  • Collins Barrow

    9 ways to attract buyers for your business

    Most entrepreneurs who plan to sell when exiting their business don’t think about it seriously until they are ready to sell. If you want to get the most out of your sale, you should start preparing long before you make a deal. 

    Collins Barrow

    CRA proposes substantial changes to Voluntary Disclosure Program

    On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes) and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking here.

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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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    HST challenges physicians face

    Many doctors work their entire career without needing to collect HST for their services, but there can be many exceptions to this rule. For a medical service to be exempt from HST, (a) it must be rendered to a particular individual, (b) the doctor must be licensed under the laws of the province to practise the profession of medicine (or dentistry), (c) it must be a consultative, diagnostic or other health care service that is a qualifying health care supply and (d) it must not be a cosmetic service supply, nor a supply in respect of a cosmetic service supply not meant for medical or reconstructive purposes. Doctors doing work outside these paramaters should keep the following HST rules in mind.

    Collins Barrow

    CRA issues proposed guidelines for GST/HST voluntary disclosures

    On June 9, 2017, the Canada Revenue Agency (CRA) invited public comment on a number of proposed changes to the Voluntary Disclosure Program (VDP). The changes are outlined in Draft Information Circular IC00-1R6 (applicable to income and payroll taxes), and Draft GST/HST Memorandum 16.5 (applicable to GST/HST, excise tax and certain other taxes). Information on the current VDP guidelines, the proposed changes (including downloadable versions of the draft documents) and how Canadians can provide their comments can be found by clicking here.

  • Collins Barrow

    Finance targets tax planning for private corporations

    On July 18, the Department of Finance released a consultation paper outlining a number of measures designed to close down various tax planning strategies currently available to owners of private corporations in Canada with hopes to halt “unfair advantages.”  The paper was accompanied by draft legislation and explanatory notes for some of the proposed measures. The Government had previously signaled its intent to change how Canadian-controlled private corporations (“CCPCs”) were taxed in its March 2017 budget. 

    Collins Barrow

    Small businesses, you need these financial controls

    Most small business owners aren’t aware there are financial controls they should be putting in place, but if they operate a business without them, they may be vulnerable to a number of risks, including fraud and lost profits. To ensure that no problems are overlooked, small business owners need to learn to think from an auditor’s POV. They need to rely on the kinds of tests an auditor would implement and have their business manager perform those tests. Here are some of the key risk areas to keep in mind.