This Collins Barrow Tax Alert is also available in PDF format.

Discretionary shares are a popular income-splitting tool for professional corporations and owner-managed corporations. They have gained popularity since the Neuman decision from the Supreme Court of Canada in 1998 (Melville Neuman v. Her Majesty the Queen). Not surprisingly, the Canada Revenue Agency (CRA) is still looking for ways to attack the use of discretionary shares.

Overview

Discretionary shares allow the directors of a corporation to pay a dividend on the shares at a different rate or to the exclusion of other shares outstanding in the corporation. The directors…
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Collins Barrow Ottawa's Manager Kathy Wiens, discusses the tax consideration of caring for a child with special needs with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday. (Tuesday, January 15th, 2013).

Collins Barrow Ottawa's U.S. Tax Services Principal, Michael Hayward, discusses the tax consequences of doing business in the U.S. with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday.  (Tuesday, December 18th, 2012)

Collins Barrow Ottawa's U.S. Tax Services Principal, Michael Hayward, discusses the tax consequences of investing in the U.S. with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday.  (Tuesday, October 2nd, 2012)

Collins Barrow Ottawa's Tax Partner, Rosa Maria Iuliano, discusses capital losses for couples with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday.  (Tuesday, September 18th, 2012)

Collins Barrow Ottawa's Tax Manager, Tom Hunt, discusses corporate tax audits with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday.  (Tuesday, August 14th, 2012)

Collins Barrow Ottawa's Tax Principal, Michael Hayward, discusses US tax filing requirements for US citizens living abroad with Jason McIntyre on CFRA's Business @ Night - Tax Tip Tuesday.  (Tuesday, March 13th, 2012)

The accounting profession is undergoing rapid changes with the release of several new rules, guidelines and pronouncements in various areas including the Harmonized Sales Tax, International Auditing Standards and Private Enterprise GAAP.  In response to these developments we have prepared a number of Resource Centres on our website to keep you informed and prepared of these impending changes which may have a significant impact on your accounting and business processes.  Please check the site frequently to make sure you are up to date with the latest information, tools and resources.

Harmonized Sales Tax Centre

As a small business owner you are well aware that proper tax planning and corporate structuring are essential for increasing your wealth and protecting the assets you have built up over many years of hard work. After carefully planning your, financial, legal, and personal affairs and with so much at stake would you put your plans at risk by not taking the necessary steps to ensure success? Unlikely, but many do just that by not appropriately valuing their assets prior to implementing their plans. Cutting corners on your tax plan by not obtaining a…
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On July 1, 2010, businesses in Ontario and BC will be switching over to the new HST sales tax system, however, some will be impacted as early as May 1, 2010. Many users of QuickBooks have been wondering how these changes will impact them and how they should be configuring their accounting software. To assist with this process, Intuit will be releasing a new tool, available during the last week of April, which will be rolled-out with a new R4 maintenance patch/update for QuickBooks. Please make sure that the Automatic Update features of QuickBooks are turned on…
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