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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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    Class 14.1 tax changes for quota in 2017

    Farmers and farm corporations in supply management sectors buy and sell quota regularly. While operational and financial considerations rightly drive these transactions, they are sometimes completed without considering the tax implications. Consequently, these transactions can lead to unexpected income tax results. 

The Latest at Collins Barrow Victoria - Downtown

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    Republican Framework for U.S. Tax Reform released

    On September 27, 2017 the Republican Party released their long anticipated proposal for U.S. tax reform. The key takeaways of the framework have been summarized below. Please contact your local Collins Barrow U.S. tax advisory professional if you have any questions and to find out how these proposals may impact you and your U.S. or cross-border business.

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    Multiplication of the lifetime capital gains exemption: proposed rules

    In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates that the current tax rules do not properly prevent the multiplication of the LCGE. In many cases, the exemption of each individual family member is used to shelter gains on a family business.  

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    Collins Barrow Windsor welcomes new partner Anthony Campagna

    Windsor, ON – Collins Barrow Windsor LLP is pleased to announce that Anthony Campagna is joining the firm as an assurance and advisory partner. Tony graduated from the University of Windsor in 1977 with a B.Comm, received his CA in 1982 and operated his own practice for six years before joining a local accounting firm in 1992. In the subsequent 25 years, he has developed a valuable base of knowledge and expertise.

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    U.S. tax pain: Canadian mutual funds and ETFs

    From an investment perspective, mutual funds and exchange-traded funds (ETFs) make sense for many Canadians. They allow them to reduce investment risk by diversifying their holdings through exposure to multiple industries and sectors of the economy, without the need to hold many individual stocks and bonds.   

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    Proposed tax changes for family farm corporations

    On July 18, 2017, Minister of Finance Bill Morneau proposed comprehensive changes to the taxation of private corporations, based on concerns that private corporations “give unfair tax advantages to certain – often high-income – individuals.” While these proposed amendments will affect all private corporations, several of the proposals will have a significant impact on tax planning for family farm corporations (FFCs) and on inter-generational transfers of farm property (e.g. land, shares of FFCs or an interest in a family farm partnership).

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    The ins and outs of the simplified net tax calculation for charities

    Canada has more than 170,000 charitable and not-for-profit organizations, 85,000 of which are registered with the Canada Revenue Agency (CRA). For these registered charities, their supply of property and services is often exempt from GST/HST. Charities that also make taxable supplies of property and services are required to collect GST/HST on those supplies where they are GST/HST registrants (i.e. not small suppliers or small suppliers that have chosen to voluntarily register for GST/HST purposes).

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    Understanding the filing requirements for PFICs and CFCs

    U.S. persons (U.S. citizens or green card holders) living in Canada or abroad who have investments outside the U.S. should be aware of the potentially onerous tax filing requirements imposed by the IRS, and how those rules will apply to their investments. IRS rules can be particularly complex when investments in foreign companies or funds earning passive income are involved.

    This article expands upon the discussion in the companion piece, “U.S. tax pain: Canadian mutual funds and ETFs,” in this U.S. Tax Alert. This article digs deeper into the intricacies of the definitions and the filing requirements for PFICs and CFCs.