Our Blog
Exciting Leadership Update at Lipton LLP
We are pleased to share exciting news about our leadership team. Starting January 1, 2026, Michael Wagman will become Lipton LLP’s Managing Partner. Michael has been part of Lipton for over three decades, beginning as an accounting and assurance student in 1990 and...
Congratulations to our 2025 CFE Graduates
Lipton LLP is proud to announce that Navneet Grewal and Ethan McInnis were successful in passing the 2025 Chartered Professional Accountants of Ontario (CPA) Common Final Examination (CFE). The CFE is the final examination that Chartered Professional Accountant (CPA)...
2025 Federal Budget Commentary
The 2025 Canadian Federal Budget, released on November 4, outlines a bold fiscal plan under the theme “Canada Strong,” with a projected deficit of $78.3 billion for the 2025–26 fiscal year. Here’s a breakdown of the key proposed tax measures. Corporate Tax Measures...
CRA Now Sending Some Correspondence Electronically – What You Need to Know
The Canada Revenue Agency (CRA) has transitioned to electronic correspondence for some individuals and businesses. In these cases, CRA correspondence is now being delivered directly to your CRA online account only. CRA will no longer be sending this information via...
Setting up your CRA My Account
With the rise in cyberattacks and third-party attempts to defraud Canadian taxpayers, the Canada Revenue Agency (CRA) is emphasizing the importance of individual taxpayers creating and utilizing their own CRA My Account. This secure online portal allows taxpayers to...
US Closer Connection Rules
U.S. tax rules utilize the “Substantial Presence Test” (SPT) as a method to determine tax residency. This test counts the number of days that an individual is physically present in the U.S. over a three-year period. For 2024, the SPT formula is calculated as the...
Sending us your 2024 T1 Information
The deadline to file your 2024 T1 Income Tax Return is April 30, 2025. In continuation with our practices from the past three years, Lipton will be requesting that all of our clients send us their 2024 T1 Income Tax information in digital form. Our Secure File Portal...
Filing your 2024 Form 1040 – U.S. Individual Income Tax Return
The April 15, 2025, deadline to file your 2024 U.S. Form 1040 – U.S. Individual Income Tax Return is quickly approaching. However, if you reside outside the U.S. on April 15, 2025, the deadline to file your 2024 U.S. Form 1040 is automatically extended to June 16,...
Are your Ready for Tax Season??
The April 30, 2025 deadline to file your 2024 personal income tax return is quickly approaching. As a result of changes in tax laws and the ever-increasing complexity in preparing personal tax returns, please gather your required tax information (as outlined in the...
Deferral in Implementation of Changes to Capital Gains Inclusion Rate
The Department of Finance has announced that the Government of Canada is deferring the implementation of the proposed capital gains inclusion rate from one-half to two-thirds. The new implementation date is rescheduled to January 1, 2026, instead of June 25, 2024....
Extension of 2024 Charitable Donations Deadline
On December 30, 2024, the Department of Finance announced that the federal government intends to amend the Income Tax Act to extend the deadline for making eligible 2024 charitable donations until February 28, 2025. This extension is intended to mitigate the impact of...
Preparing your 2024 T4 Information Returns
In order to facilitate the accurate preparation of your 2024 T4 information returns, we are pleased to enclose a summary of significant taxable benefits that may apply to your employees. New for 2024 - T4 information returns filed after December 31, 2024, if you are...
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