The Latest at Collins Barrow Kapuskasing

  • Collins Barrow

    Tax Advisory

    There is no time like now for effective corporate and personal tax advice. The professionals at Collins Barrow provide the alternatives you seek and will achieve the most efficient results for your tax planning needs.

    Collins Barrow

    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.

    Collins Barrow

    Modern leadership qualities you need to succeed

    There’s a war for talent all over the world. Baby Boomers are rapidly retiring, and we have a severe labour shortage in Canada. As a result, the new generation of younger employees is becoming more and more empowered. They can decide where they work, when they work, how long they work, what they wear to work and how much you pay them to work.

  • 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. 

    Collins Barrow

    Transferring farm property from partnerships to individuals

    Inter-generational farm transfers are common as succession plans. When parents transfer farms to their kids, they have rights that other business owners do not have. For example, if a farm or fishing property meets the criteria for a favourable intergenerational transfer, they can transfer at less than fair market value. However, many farming operations function as unincorporated partnerships, which can lead to complications. Typically, this is a mom and dad type scenario, where both parties are individuals farming multiple pieces of land, and they want to transfer one piece to the next generation.

  • Collins Barrow

    Audit and Accounting Services

    When you're facing a changing global economy, it's important to have someone next to you who will help navigate through the evolving accounting standards and changing regulatory environment. We can guide you through the uncertainties of change and risk.

    Collins Barrow

    Important issues in family succession of farm operations

    When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives of key stakeholders align with your goals, how you will be spending your time in retirement, ensuring you have adequate financial resources in retirement and how to divide assets among your children, some of whom may not wish to be involved in the farm operation. There are many issues, and they will vary depending on your particular circumstances.

    Collins Barrow

    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.