Winnipeg, MB – CB HMA LLP senior manager Alexander R. Mariano Jr. has been named Filipino Business Executive of the Year by the Manitoba Filipino Business Council. This prestigious honour was presented at this organization’s annual awards gala on Thursday, November 17 in Winnipeg.
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.
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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.
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.
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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.
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 21, 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.
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