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Income Splitting Using Prescribed Interest Rate Loans
Prescribed interest rate loans allow higher income earners to split income with lower income earning family members. The steps involve the higher income earner loaning money directly or via a trust to the lower income earner. The lower income earner then invests the...
RRSP & TFSA: Tax Planning Update
Tax Planning Update - RRSP/TFSA In order to assist you with your 2017 and 2018 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:...
Federal Government Revises July 2017 Income Sprinkling Proposals
On December 13, 2017, the Department of Finance released revised draft legislation which simplifies the income sprinkling proposals first announced on July 18, 2017. The legislation will likely be enacted as part of the 2018 Budget process, but is intended to apply as...
Congratulations to our 2017 CFE Graduates
Lipton LLP Chartered Accountants is proud to announce that all six of our writers, Nimesh Ratnarajah, Julie Ann Sedore, Taraneh Rashed, Sierra De Sousa, Mo Du and Cecilia Lam (not pictured), were successful in passing the 2017 Chartered Professional Accountants of...
Lipton’s Recent Promotions
Phase-Out of Recaptured ITCs – Reminder
Ontario introduced the Phase-Out of Recaptured ITC rules (RITC) for large businesses effective July 1, 2010. These rules have had the effect of restricting the input tax credits (ITCs) for large businesses related to the provincial component of the Ontario HST for...
Tax Planning Update – U.S. Closer Connection, Form 8840
U.S. tax rules contain a mathematical formula to determine tax residency. This formula involves counting the number of days that you are physically present in the U.S. over a three-year period. This residency formula is called the Substantial Presence Test (SPT)....
Ontario Introduces a New 15% Property Tax on Foreign Buyers
As expected, Ontario has announced that effective April, 21, 2017, a new tax of 15% will be payable on the purchase or acquisition of residential property located in specified parts of Ontario by non-resident individuals, foreign corporations and certain taxable...
2017 Federal Budget Commentary
The Federal Government's 2017-18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending,...
Do you need to complete a US 1040 Personal Tax Return?
The 2016 U.S. tax return for an individual; Form 1040 is due on April 18th, 2017. However, if a U.S. tax person is out of the U.S. on April 18th, the filing due date is automatically extended to June 15th. The extension allowed is for the filing of the tax return but...
Are you ready for Tax Time?
The May 1, 2017 deadline to file your 2016 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...
Lipton LLP announces our latest promotions
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