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New QST registration requirements for non-resident suppliers
On March 27, 2018, the Quebec budget introduced a specified registration system for Quebec Sales Tax (QST) purposes for non-resident suppliers that make taxable supplies through e-commerce channels to recipients located in Quebec.
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Collins Barrow SNT continues Secondary School Bursary Program
SUDBURY, ON – Collins Barrow SNT LLP (CBSNT) is proud to announce the continuation of its Secondary School Bursary Program, an initiative to support students interested in pursuing post-secondary education in accounting. As part of the continuation, the firm has pledged 11 additional $500 bursaries for students in the surrounding area.
The Latest at Collins Barrow Gananoque
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Further elimination of the small business tax deferral
After months of speculation regarding the taxation of passive investment income earned by private corporations, the Minister of Finance tabled Budget 2018 on February 27, 2018. The budget includes a measure to further limit the small business deduction as a result of a perceived tax deferral advantage when passive investment income is earned inside private corporations.
Collins Barrow Montreal promotes Constantina Gomatos to principal
Montreal, QC – Collins Barrow Montreal is pleased to announce that Constantina Gomatos has been promoted to principal. Practicing tax since 2004, Gomatos has dealt with a diverse clientele, which includes owner-managed businesses, their shareholders, their corporations and foreign entities operating in Canada. She also works with Canadian entities operating in foreign jurisdictions in a variety of industry sectors, including manufacturing, distribution, real estate and retail.
Collins Barrow breaks down Budget 2018
Toronto, ON – With the release of Budget 2018, Collins Barrow is pleased to offer comprehensive analysis and insight into tax and financial issues that matter most to Canadian businesses.
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Blockchain set to disrupt business as usual
Technology is changing at an unprecedented rate. Not only will these changes affect the way we do business, but some changes – such as blockchain – will significantly affect the amount of time spent performing audits.
Should you be registered for Canadian GST/HST?
Foreign companies, individuals and organizations who provide goods and services to customers in Canada should consider whether their business activities in Canada invoke a requirement to register for the Goods and Services Tax / Harmonized Sales Tax (GST/HST).
The capital gains exemption: beware of in-law quirks
In Canada, qualified farmland can be transferred from one generation to the next for any dollar amount between cost and fair market value (FMV) at the time of the transfer. Any capital gain triggered by the transfer is covered by the capital gains exemption (up to $1,000,000 for farmland), assuming the land is qualified farm property.
How will the new Passive Investment Income rules actually affect CCPCs?
OTTAWA, ON – After months of public consultation, speculation and concern, the rules regarding Passive Investment Income have finally been unveiled. In today’s 2018 Federal Budget release the government announced that passive investment income over a certain limit will now reduce a Canadian-controlled private corporation’s (CCPC) small business deduction.
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U.S. Tax Reform Punishes U.S. Citizens Abroad
From a taxation perspective, the period from July 2017 to February 2018 has been one of the most tumultuous in recent history for Canadian private company owners. For those who also have the privilege of being U.S. citizens or resident aliens, things have gotten downright ludicrous. In a rush to pass into law the most sweeping tax reform in a generation, U.S. lawmakers have stuck U.S. citizens resident in Canada with retroactive, double taxation, the elimination of much of the tax deferral previously available in their companies, a looming April 17th payment deadline and virtually no rules or regulations to guide them through the chaos.
Taking action on passive investment rules
If you listened closely on budget day, you could hear a sigh of relief across Canada after the federal government announced new rules on passive investment income. Largely considered a fair improvement from previous iterations of the rules, many tax practitioners welcomed the changes. However, not all were pleased. And some were far from relieved.
Collins Barrow launches digital income-splitting tool
Waterloo, ON – In light of recent changes to income-splitting rules, Collins Barrow National has unveiled an interactive tool to help provide clarity to the Canadian business community.
