• Collins Barrow

    Welcome to Collins Barrow

    Known for our responsiveness and aggressively entrepreneurial culture, we are the eighth largest public accounting network nationally by revenue. Our over 1340 professional and support staff and more than 235 partners and principals provide a full range of audit, tax and advisory services to private and public companies through our regional offices from coast to coast.
  • Collins Barrow

    6 key considerations when purchasing a dental practice

    In recent years, there has been a surge in the buying and selling of dental practices. The inherent goodwill of a practice, the move towards regional and national consolidation and the availability of 100 per cent financing make the decision to buy that much more attractive. In addition, a high percentage of dentists are approaching retirement and looking to monetize their well-established practice, making investing in an existing practice a viable option for new dentists. With so much riding on this investment, the decision to purchase a practice can be overwhelming. To simplify the process, dentists should focus on these six key issues.

The Latest at Collins Barrow

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    Avoiding and Getting Off of The TOSI Highway

    On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations. The original proposals were subsequently withdrawn in October, re-released in December and after further changes the proposed legislation was included in Bill C-74 in March 2018. Bill C-74 received Royal Assent on June 21, 2018 and the new tax on split income (TOSI) rules are now in effect as of the beginning of 2018.

    Collins Barrow

    8 questions to ask when buying or selling farmland

    If you make the decision to buy or sell farmland without first talking to an advisor, you are likely to find yourself in a predicament that can be difficult (and costly) to resolve. With that in mind, never sign off on a deal without first sharing the particulars of your situation with an expert. The advice you receive will help in the strategic structuring of your business, which can go a long way toward minimizing your future tax obligations and put you in a better financial position moving forward. But before you meet with an advisor, here is an overview of the key questions you should keep in mind when buying or selling farmland.

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    Managing adjusted aggregate investment income

    As outlined in the March Tax Alert, the 2018 Budget includes a measure designed to slow the accumulation of passive investments within active corporations. This measure is based on a calculation that considers both the amount and the type of investment income earned in a corporation. Understanding this calculation will guide an investor in developing a tax-efficient investment strategy going forward.

    Collins Barrow

    Farmers in a loss position: consider your options

    If you’re a farmer using the cash method to report income and claim expenses, you have flexibility in determining your taxable income on a year-to-year basis. For example, if you hold off on selling crop inventory, you can reduce your income in that year because you only have to record income when it is cashed in. In most cases, it is beneficial for farmers to estimate their cash income before the end of their tax year, as this allows them to plan for their taxes. 

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    Every strong business starts with a strong transition

    For anyone making the transition to self-employment, deciding whether to incorporate is a major decision. From a tax perspective, you should generally start thinking about incorporating when you have substantial funds that will be reinvested in the business annually and not need to be drawn out for personal use. A corporation enjoys lower tax rates for funds left inside the corporation. While some try to determine what level of income justifies incorporation, viable cases can be made for and against, whether your net income is $75,000 or $200,000. Sometimes people think there’s a magic number, but there really isn’t. This is a personal decision that has a unique impact on every business.  

    Collins Barrow

    Business valuations 101 – Redundant assets: to be, or not to be?

    There are numerous components that go into valuing the assets of an active business. In simplified terms, those components can be characterized as the value of normalized discretionary cash flow plus redundant assets. In this article, we will be discussing two of the more common redundant assets that business owners frequently do not realize exist within their organization.