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    KUDOS TO OUR CB TALENT!

    The Partners of Collins Barrow PQ are pleased to offer their congratulations to a number of our staff members who have taken important steps forward in their Collins Barrow careers.

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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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    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’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.

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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.

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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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    Using replacement property to defer capital gains on farmland

    With replacement property rules, you can purchase farmland to replace a previous piece of farmland sold – as long as it’s used in the same (or a similar) business – and elect to defer any capital gain that might be incurred. Replacement might occur for the following reasons:

    (a) farmers swap land with neighbours due to proximity to their farm business
    (b) land is expropriated by government bodies and farmers find replacement land to continue their operations
    (c) succession planning

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    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. 

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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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    Collins Barrow Toronto announces director of global transfer pricing

    Toronto, ON – Collins Barrow Toronto is pleased to welcome Sean McNama to the firm as director, global transfer pricing. With his understanding of complex and often very stringent transfer pricing regulations, McNama will bring invaluable insight and tax efficient solutions to organizations with cross-border transactions.