The Latest at Collins Barrow Halifax

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    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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    3 key disclosure areas in your year-end financial statements

    If you are a controller or CFO preparing your year-end financial statements for shareholders, regulators and lending institutions, there are several disclosure items you should carefully consider. Over the last several years, accounting and securities regulatory bodies have had a great deal to say about this subject. The following three areas are especially significant.

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    Updated Voluntary Disclosures Program

    Audits and assessments undertaken by the Canada Revenue Agency (CRA) that uncover errors or omissions by a taxpayer can lead to significant penalties. These penalties can range from a percentage of unpaid taxes to fixed monthly penalties, up to $2,500 per incident, in the case of late-filed information forms. In severe cases, criminal charges and jail time could result.

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    Approaching process improvement

    Our lives and the world around us are in a constant state of change. Why then, do so many organizations struggle to make time for continuous process improvement? There are a lot of programs and tools out there – including Six Sigma, Lean, Kanban, 5 S’s, Kaizen and TQM – so it is easy to get overwhelmed. However, you do not need your staff to have months of training to enjoy the benefits of continuous improvement. While many organizations have reaped the benefits of in-house continuous improvement programs, a great deal can be gained from a quick and easy review process.

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    Data Analytics Blog

    Data Is My Parachute Two of my passions in life are data and skydiving. One is work related and the other is my hobby but both share common characteristics. Both require a tool for me to be successful. In skydiving it is my parachute and at work it is data....
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    Preventing labour code changes from killing your business

    It is clear to business leaders, either motivated by profit or not, that government and its legislation will continue to make it increasingly challenging to run a profitable or financially viable not-for-profit venture. These legislative changes, most recently dealing with taxation and labour, will negatively impact the bottom line.

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    Commentary

    The Honourable Bill Morneau, Minister of Finance, today tabled his third budget – “Equality + Growth: A Strong Middle Class” – which supports the Government’s people centered approach. 

    The highly anticipated budget released draft legislation related to passive income – the topic that has been on the minds of business owners, investors, and advisors since the July 18, 2017 Finance release which first introduced the subject.  The budget does not propose changes to tax rates at the business or personal level. The budget focused on five key spending areas – growth, progress, reconciliation, advancement and equality.

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    Expand your structuring options: consider a limited partnership

    While partnerships have existed for as long as people have been in business, their use in Canada has been relegated largely to certain industries and tax situations. The rules governing partnerships legally and under the Income Tax Act (the Act) generally are not as well defined or understood as those for corporations. However, given the increasing complexity of the corporate tax regime – especially for private corporations – partnerships can be flexible, practical alternatives to structuring many businesses. This is particularly true of limited partnerships.