The Latest at Collins Barrow Kapuskasing

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    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.

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    The pros and cons of deferred grain income

    When the federal budget was announced last March, many missed the announcement of a consultation program exploring whether or not the Canadian government should continue allowing farmers to defer grain income. Part of the government’s efforts to promote a fair tax system, this program gave everyone affected by this issue an opportunity to provide input. There are several credible arguments for and against deferred grain income, but these are the most widespread and persuasive positions.

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    Collins Barrow Durham announces retirement of Peter Hobb

    Durham, ON – With much admiration and gratitude, Collins Barrow Durham announces the retirement of the firm’s highly respected, long-time partner, Peter Hobb. Hobb joined Collins Barrow in 1983 and has been at the forefront of delivering top-quality financial services to clients. In addition to his role as partner, Hobb...
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    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.

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    Collins Barrow - Guelph Wellington Dufferin supports local hospital

    Guelph, ON – Collins Barrow - Guelph Wellington Dufferin is proud to announce its support of the Groves Hospital Foundation. In recognition of the foundation’s notable impact on the community, the firm has donated a total of $50,000 to a fundraising project for the Groves Memorial Community Hospital, initially pledging $25,000 to the redevelopment campaign and a subsequent $25,000 to the New Groves Hospital Project. 

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    Tax reporting has changed for principal residence sales

    If you sell property, you are required to report the sale in your tax return. However, if the property you sell is your principal residence, the gain you realize on the sale is not taxable, as there is an exemption on the gain realized on a principal residence. In the past, Canada Revenue Agency’s administrative policy was that you did not have to include the sale in your tax return if the property was your principal residence for all years it was owned. This policy changed in 2016, and CRA now requires everyone to report the sale in their tax return. While the sale of a principal residence is still tax free, there is a penalty if you fail to report the sale.