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    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.
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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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    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. 

The Latest at Collins Barrow

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    Financing options for early stage tech companies

    If you are trying to find financing for an early stage tech company, you’ve got three main options: government grants, equity investment, and/or bank loans. In most cases, companies try to survive off government grants and maybe some equity funding from friends and family for at least the first two years. The criteria are different when trying to get equity investors involved as opposed to a bank. Traditionally, banks want to see at least two years of business history before seriously considering financing. On the other hand, angel investors don’t really care how long you have been in business. They tend to be more concerned about how much traction you’ve been able to achieve with your customers. With that in mind, here’s a closer look at the financing options available.

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    Understanding caregiver tax credit changes

    Finance Minister Bill Morneau announced on March 22, 2017 that the federal government would simplify the existing caregiver credit, the infirm dependent credit and the family caregiver tax credit by consolidating the three credits into a new Canada Caregiver Credit.

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    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.

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    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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    IFRS 16 - A lessee’s perspective

    A major change is underway for the accounting of leases by lessees with the introduction of IFRS 16 - Leases (“IFRS 16”) where many leases that were previously not reported on the balance sheet will now be included. These changes will have a significant impact on the financial position, earnings and EBITDA of entities, especially those that operate in capital intensive industries and use leasing as a method of financing. The new standards take effect for fiscal years beginning on or after January 1, 2019.

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    Collins Barrow Tax Tips

    Whether you’ve got a personal or corporate tax question – related to financial matters at home or abroad – our experts have got plenty of tips to share with you. Check back often as we’re always releasing new videos!

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    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.