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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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    How AgriInvest and AgriStability are changing

    AgriInvest and AgriStability are two government subsidy programs that have been extremely valuable to Canadian farmers in recent years. AgriInvest allows farmers to put a percentage of their sales into a fund, where these contributions are matched by the government. The idea is to put money away in your best years, creating a cushion if you are ever short of cash or need extra funds to pay for equipment and supplies. 

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    Technical Bulletin: November 2017

    Collins Barrow regularly publishes Technical Bulletin for the general interest of its clients and friends to highlight the continually changing accounting and assurance standards, and the interpretations thereof, in Canada. Since this is not intended to be a complete reproduction or summarization of the standard or document reviewed, we recommend that you refer to the original document(s) discussed in this Bulletin and/or discuss the matter with your professional advisor before acting upon any of the matters discussed herein.

The Latest at Collins Barrow Victoria - Downtown

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    How good records benefit your farm

    Even if you run a successful farm business, there is probably room for improvement in your record-keeping. Good records provide a snapshot of your operation and a more precise sense of where your business is throughout the year. 

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    Improving the financial literacy of board members

    For board members, understanding the organization’s financial position is a necessity for effective oversight, as well as a fiduciary duty. But when it comes to the financial discussions, we see many board members “zone out.” Without an appropriate level of understanding, the right questions may never be asked, potentially putting the organization at financial risk. Management and board leadership need to collaborate to ensure all board members have at least a basic understanding of how the numbers work, the relevant metrics and the reasons they are important for the organization.

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    Post-mortem planning: reprieve for the pipeline?

    When individuals die, they are deemed to have disposed of all of their assets at fair market value at the time of death. This deemed disposition applies to capital property such as vacation properties, rental properties and shares of public and private corporations. An exception to this rule applies where there is a surviving spouse, in which case the assets may be transferred to the surviving spouse with no tax consequences. If there is no surviving spouse, any income resulting from the deemed dispositions is included in a final tax return filed on behalf of the deceased. 

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    U.S. Congress Releases Draft Legislation on Tax Reform

    On November 2, 2017, the US House of Representatives Committee on Ways and Means released long-awaited draft legislation on federal tax reform. Many of the highlights from the initial tax reform proposal released by the Republican “Big 6” on September 27, 2017 was kept unchanged in the draft legislation. Please contact your local Collins Barrow representative to see how this development may impact you and your US/cross-border business.

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    Pitfalls to consider in family business succession

    We have been hearing it for decades: 30 per cent of family firms survive to the second generation and only 10 per cent survive to the third generation. This statistic is generally cited without context, implying that family firms are the business organizations that are most likely to fail, but that assumption is incorrect. We know that family businesses facing succession are successful to begin with. Otherwise, they would not have been in business for so long, waiting for the next generation to take over.