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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...

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,...

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...

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....

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...

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...

In order to assist with your 2024 and 2025 tax planning, we are pleased to provide you with the following information in connection with Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA) as follows: RRSP The maximum contribution limit for...

The Partners of Lipton LLP are excited to announce that Michael Curridor became a Partner of the Firm effective January 1, 2025.  In 2011, Michael received his Bachelor of Management & Organizational Studies degree from the University of Western Ontario. He earned...

The Partners of Lipton LLP are excited to announce that Jonah Pearson will become a Partner of the Firm effective September 9, 2024. Jonah received his Bachelor of Arts degree from York University in 2003. He joined Lipton as an accounting student in 2006 and...

The April 16, 2024 Federal Budget (the Budget) included a proposal to increase the capital gains inclusion rate for individuals, trusts, and corporations. The Budget materials did not include any draft legislation and instead indicated that additional details would be...

On April 16, 2024, Finance Minister Chrystia Freeland delivered the 2024 Federal Budget.  For our Budget highlights, please click here.  The Department of Finance has provided additional information on the tax measures proposed in the 2024 Budget. For further details,...