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    Collins Barrow Victoria

    Victoria, BC – Norgaard Neale Camden Ltd., one of the largest locally owned and operated accounting firms in Victoria, BC, has joined Collins Barrow. Now operating as Collins Barrow Victoria Ltd., the firm is part of an expanding network of 25 independent member firms across Canada.
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    Every strong business starts with a strong transition

    For anyone making the transition to self-employment, deciding whether to incorporate is a major decision. From a tax perspective, you should generally start thinking about incorporating when you have substantial funds that will be reinvested in the business annually and not need to be drawn out for personal use. A corporation enjoys lower tax rates for funds left inside the corporation. While some try to determine what level of income justifies incorporation, viable cases can be made for and against, whether your net income is $75,000 or $200,000. Sometimes people think there’s a magic number, but there really isn’t. This is a personal decision that has a unique impact on every business.  

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    8 questions to ask when buying or selling farmland

    If you make the decision to buy or sell farmland without first talking to an advisor, you are likely to find yourself in a predicament that can be difficult (and costly) to resolve. With that in mind, never sign off on a deal without first sharing the particulars of your situation with an expert. The advice you receive will help in the strategic structuring of your business, which can go a long way toward minimizing your future tax obligations and put you in a better financial position moving forward. But before you meet with an advisor, here is an overview of the key questions you should keep in mind when buying or selling farmland.

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    Business valuations 101 – Redundant assets: to be, or not to be?

    There are numerous components that go into valuing the assets of an active business. In simplified terms, those components can be characterized as the value of normalized discretionary cash flow plus redundant assets. In this article, we will be discussing two of the more common redundant assets that business owners frequently do not realize exist within their organization.

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    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.

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    Managing adjusted aggregate investment income

    As outlined in the March Tax Alert, the 2018 Budget includes a measure designed to slow the accumulation of passive investments within active corporations. This measure is based on a calculation that considers both the amount and the type of investment income earned in a corporation. Understanding this calculation will guide an investor in developing a tax-efficient investment strategy going forward.

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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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    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.