Baker Tilly Canada

Family business succession planning involves many components, including family dynamics, leadership training, financial planning, management transition, legal agreements and ⁠–⁠ you guessed it ⁠–⁠ taxes

• 2023 tax fact sheets Want to better understand Canadian tax rates for 2023? Then you’re in the right place
• We’ve put together the following fact sheets to provide a convenient comparison of relevant tax rates for every Canadian province and territory
• Recent Publications

2023 tax fact sheets

Want to better understand Canadian tax rates for 2023? Then you’re in the right place We’ve put together the following fact sheets to provide a convenient comparison of relevant tax rates for every Canadian province and territory

The Latest at Baker Tilly

• Baker Tilly WM rings in new year with new partners Vancouver, B
• C
• – Baker Tilly WM is celebrating the new year with five new partner promotions
• Fernando Catala, John Demetri, Johanna Leh, Inderpreet Mand and Simi Sodhi have distinguished themselves with their technical proficiency, leadership and dedication to excellence, earning the coveted position of partner
• Recent News Five in five: Mary Massarella “We are blessed to work in a profession that adapts fluidly to change while maintaining very high standards
• I think our value proposition will only continue to grow in the future
• ” Blog This is Baker Tilly 0 seconds of 1 minute, 36 secondsVolume 90%

  Self-assessment of GST/HST collected on the sale of real property The Excise Tax Act (ETA) outlines specific rules regarding the reporting of GST/HST collected on sales of real property used in commercial activity

• The ETA requires self‑assessment of GST/HST payable on a transaction by the purchaser, rather than collection and remittance by the vendor
• Instead of immediately remitting the GST/HST to the vendor, the buyer is required to declare GST/HST collected and GST/HST paid (if the expense is eligible for an input tax credit) on their own return
• Blog

Baker Tilly WM rings in new year with new partners

Vancouver, B C – Baker Tilly WM is celebrating the new year with five new partner promotions Fernando Catala, John Demetri, Johanna Leh, Inderpreet Mand and Simi Sodhi have distinguished themselves with their technical proficiency, leadership and dedication to excellence, earning the coveted position of partner

Five in five: Mary Massarella

“We are blessed to work in a profession that adapts fluidly to change while maintaining very high standards I think our value proposition will only continue to grow in the future ”

Self-assessment of GST/HST collected on the sale of real property

The Excise Tax Act (ETA) outlines specific rules regarding the reporting of GST/HST collected on sales of real property used in commercial activity The ETA requires self‑assessment of GST/HST payable on a transaction by the purchaser, rather than collection and remittance by the vendor Instead of immediately remitting the GST/HST to the vendor, the buyer is required to declare GST/HST collected and GST/HST paid (if the expense is eligible for an input tax credit) on their own return

• 2023 tax deadline calendar With so many Canadian and U
• S
• tax deadlines spread throughout the year, everyone could use an occasional reminder
• Our 2023 tax deadline calendar provides a convenient month‑by‑month summary of key dates that could apply to you
• You might even notice a few obligations that slipped your mind
• If you don’t like getting caught by surprise, you’ll love our tax deadline calendar
• Recent Publications Baker Tilly Trillium promotes five Leamington, ON – Baker Tilly Trillium would like to congratulate five professionals who have demonstrated the breadth of technical expertise, service excellence and entrepreneurialism to take on senior leadership roles at the firm
• Lee Tessmer has been promoted to tax partner, Michelle Boutros and Shannon McCormick have been promoted to partner and Calvin Dawson and Benjamin Wiens have been promoted to principal
• Recent News Borders without (tax) boundaries – Navigating U
• S
• returns in a cross‑border setting United States citizens and Green Card holders are both considered U
• S
• persons, regardless of where they live
• U
• S
• persons living outside the U
• S
• (such as in Canada) must continue to file U
• S
• tax returns annually, even if they have no income from the United States
• For such individuals, there are mechanisms to avoid or reduce U
• S
• tax exposure and, in many cases, end up owing no U
• S
• tax at all
• Still, failure to file returns, related forms and certain foreign information reporting can result in significant penalties
• Recent Publications Addressing the proposed EIFEL rules On Feb
• 4, 2022, the Department of Finance (Finance) introduced draft legislation relating to Excessive Interest and Financing Expenses Limitation (EIFEL) rules, which implement the recommendations in Action 4 of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) project
• Recent Publications

2023 tax deadline calendar

With so many Canadian and U S tax deadlines spread throughout the year, everyone could use an occasional reminder Our 2023 tax deadline calendar provides a convenient month‑by‑month summary of key dates that could apply to you You might even notice a few obligations that slipped your mind If you don’t like getting caught by surprise, you’ll love our tax deadline calendar

Baker Tilly Trillium promotes five

Leamington, ON – Baker Tilly Trillium would like to congratulate five professionals who have demonstrated the breadth of technical expertise, service excellence and entrepreneurialism to take on senior leadership roles at the firm Lee Tessmer has been promoted to tax partner, Michelle Boutros and Shannon McCormick have been promoted to partner and Calvin Dawson and Benjamin Wiens have been promoted to principal

Borders without (tax) boundaries – Navigating U.S. returns in a cross‑border setting

United States citizens and Green Card holders are both considered U S persons, regardless of where they live U S persons living outside the U S (such as in Canada) must continue to file U S tax returns annually, even if they have no income from the United States For such individuals, there are mechanisms to avoid or reduce U S tax exposure and, in many cases, end up owing no U S tax at all Still, failure to file returns, related forms and certain foreign information reporting can result in significant penalties

Addressing the proposed EIFEL rules

On Feb 4, 2022, the Department of Finance (Finance) introduced draft legislation relating to Excessive Interest and Financing Expenses Limitation (EIFEL) rules, which implement the recommendations in Action 4 of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) project

• Musts for trusts ⁠–⁠ New reporting requirements New trust reporting requirements are coming for calendar year 2023
• But how did we get to this point of needing to disclose additional information? And what should trust administrators be doing now? Recent Publications Rights or things: Farm inventory on a cash basis When a farmer who operates a farm through a proprietorship ⁠–⁠ that reports income for tax purposes under the cash method ⁠–⁠ passes away, there are a number of options available for how the farm inventory left behind will be treated for tax purposes
• It is very important that executors of the estate understand the options available to them
• This alert addresses tax planning options that are often overlooked when dealing with the estate of a farmer
• Recent Publications Five in five: Rock Lapalme “As a profession, accounting and how accountants work will benefit profoundly from the trend toward greater automation and artificial intelligence applications
• ” Blog Baker Tilly Canada congratulates 41 successful 2022 CFE writers Waterloo, ON — Marking another incredible year of professional performance, Baker Tilly Canada congratulates all the candidates across its nationwide network who successfully completed the 2022 Common Final Examination (CFE)
• Recent News

Musts for trusts ⁠–⁠ New reporting requirements

New trust reporting requirements are coming for calendar year 2023 But how did we get to this point of needing to disclose additional information? And what should trust administrators be doing now?

Rights or things: Farm inventory on a cash basis

When a farmer who operates a farm through a proprietorship ⁠–⁠ that reports income for tax purposes under the cash method ⁠–⁠ passes away, there are a number of options available for how the farm inventory left behind will be treated for tax purposes It is very important that executors of the estate understand the options available to them This alert addresses tax planning options that are often overlooked when dealing with the estate of a farmer

Five in five: Rock Lapalme

“As a profession, accounting and how accountants work will benefit profoundly from the trend toward greater automation and artificial intelligence applications ”

Baker Tilly Canada congratulates 41 successful 2022 CFE writers