• Collins Barrow

    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.
  • Collins Barrow

    Implementation of IFRS 9 Financial Instruments for credit unions

    IFRS 9 Financial Instruments (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.

  • Collins Barrow

    Large farms, beware of this tax trap

    Many incorporated family farming operations in Canada are able to use a 15 per cent corporate income tax rate on the first $500,000 of income. They do this by using a Small Business Deduction to reduce their corporate tax rate from the standard 26.5 per cent tax rate. This Small Business Deduction only applies to small farming operations. To be eligible for this lower 15 per cent tax rate, farm corporations must be under $10,000,000 to $15,000,000 of capital. This capital amount is approximately equal to the cost of all of your corporation’s assets.

The Latest at Collins Barrow Victoria - Downtown

  • Collins Barrow

    Changes in quota rules for corporate farming businesses

    For farmers, the quota system is in place for supply-managed commodities. In Canada, that includes milk, eggs, chicken, turkey and hatching eggs. Essentially, you have to own a license to be able to sell any of those commodities. Under the current rules for corporate businesses (which are still in effect until January 1, 2017), half of the gain is tax-free and the other half is taxed like it’s business income. For the 50% that is taxed, you’d probably pay at a rate of 26.5% under the current rules (all rates in this post are Ontario rates). As of January 1, 2017, you will still pay tax on the same amount of income, but instead of it being considered active business income, it will be considered investment income. In light of these changes, here are a few issues farmers planning to sell quota should keep in mind.

  • Collins Barrow

    The small business deduction

    The small business deduction has been the focus of much attention recently, with perceived abuse of the available deferral provided to corporations. Of particular concern are corporate and partnership structures that work around the existing partnership and association rules to multiply their small business deductions. In response, the 2016 Federal Budget has taken steps to close these gaps in the legislation and limit the use of the small business deduction to its original intention.   

    Collins Barrow

    Law firm succession planning: retaining firm revenue while transitioning knowledge and relationships

    It has been called the “pig in the python” – a graphic image of Canada’s Baby Boom generation that has moved through time and is now nearing retirement. Law firms that manage this outsized demographic wave well can position themselves to maintain their revenue streams, transition knowledge and relationships and preserve partner equity. Firms that do not take action may lose revenue and equity when partners leave for other firms or retire, causing the partner’s client relationships to be lost to the firm.

    Collins Barrow

    6 steps to improve strategy execution

    Companies attempting to develop realistic, achievable strategies – and execute them – often rely on SWOT analysis: strengths, weaknesses, opportunities and threats. You want to mitigate your threats and take advantage of your opportunities, leverage your strengths and improve your weaknesses. Once you have identified those, you will make far greater progress toward defining your strategies. However, simply defining your strategies is only the first step. You also need to take measures to help your team execute on those strategies. Here are six steps to ensure that your strategies succeed.

  • Collins Barrow

    Collins Barrow Montreal share holiday cheer at Welcome Hall Mission

    MONTREAL, ON – This holiday season, Collins Barrow Montreal is giving back to the community, helping to support Welcome Hall Mission’s annual toy distribution, Noël pour tous on Saturday, December 3. Ten volunteers from the Montreal office will be helping at the event handing out toys to 2000 underprivileged children.

    Collins Barrow

    CPA Canada’s new review engagement standard on historical financial statements

    CPA Canada has issued Canadian Standard on Review Engagements (CSRE) 2400 Engagements to Review Historical Financial Statements. This new standard replaces existing standards for review engagements, including Section 8100 (General Review Standards), Section 8200 (Public Accountant’s Review of Financial Statements), Section 8500 (Reviews of Financial Information Other Than Financial Statements), as well as Assurance and Related Services Guidelines 20 and 47. This will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early application of CSRE 2400 is not permitted. This publication will address the key changes to review engagements that will impact users of the financial statements, including shareholders, investors, those charged with governance, management and other stakeholders.