Welcome to Gregory, Harriman & Associates LLP - Strathmore, Alberta
Gregory, Harriman & Associates LLP (GH&A) is a locally owned public accounting firm located in Strathmore, Alberta. The firm is comprised of three professional practitioners assisted by a number of qualified professionals, staff accountants, accounting technicians and clerical staff who are committed to providing excellent client service.
We offer a wide range of Accounting, Assurance, Tax Services and other customized services to various businesses and government bodies. Our client base consists of owner-managed enterprises, not-for-profit agencies, government entities and agricultural operations.
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With the 2023 holiday season upon us, and as we move into a new year, GH&A would like to take this opportunity to wish Happy Holidays to all of our clients and your families!
This Christmas Letter, as in years past, will be our opportunity to advise you on some important personal and corporate tax matters, as well as review tax changes and developments that have happened in 2023. We have also added some valuable tips to help manage your personal and business accounting needs, and this letter will highlight some updates to our firm and community involvement.
The Income Tax Act contains several provisions that allow for farmers to ensure that their farmland or farm corporation shares can be transferred from one generation to the next in a tax effective manner. One of the most important and most commonly relied upon provisions is referred to as the Intergenerational Farm Rollover provision (referred to hereafter as the “Farm Rollover”). These rules allow for qualifying assets (Qualified Farm Property or Family Farm Corporation Shares) to be transferred from a taxpayer to their children or grandchildren on a tax deferred basis provided that certain criteria are met.
Starting with the 2023 tax year, newly amended tax legislation will result in additional tax reporting requirements that will create a T3 Trust return filing requirement for many taxpayers that prior to 2023, did not have any trust reporting obligation. Most significantly, these new T3 Trust return reporting requirements will apply to many ownership scenarios where properties are jointly owned or owned in joint title.