Our Blog
Income Tax Rate Changes Effective January 1, 2016
Personal tax rates On December 7, 2015, Finance Minister Bill Morneau introduced changes to various personal tax rates by way of a Notice of Ways and Means Motion. Effective January 1, 2016, the personal tax rate on income between $45,283 and $90,563 will decrease...
Preparing for the Federal Government’s promised Personal Income Tax Measures
It now appears that the recently elected Federal Government will introduce their new personal income tax measures as promised. These include: Reducing the second lowest personal tax rate to 20.5% from 22%; Increasing the personal tax rate on income over $200,000 to...
The Importance of Strategic Planning Retreats
It is often said that the long-term success of a business depends largely upon the ‘forward thinking’ of its owners and managers. Unfortunately, many of these leaders claim to be too busy to devote the necessary time required to look objectively at their business. We...
Is a Merger Right for your Business?
One of the most complicated small business decisions you may have to make is whether to merge your business with another. A merger requires a great deal of thought about the complexities involved. There is no real one-size-fits-all formula. The most successful mergers...
Changes to the Employer Health Tax Exemption
Effective January 1, 2014, the amount of annual Ontario payroll that may be exempt from Employer Health Tax (EHT) is increased from $400,000 to $450,000. This exemption is eliminated for private-sector employers with annual Ontario payrolls over $5 million. Registered...
Why should I setup a Professional Corporation?
What is a "Professional Corporation"? A professional corporation is a corporation that provides professional services and that is regulated by a governing professional body such as the Law Society of Upper Canada or the College of Physicians and Surgeons of Ontario....
Fraudulent Communications from persons claiming to represent the Canada Revenue Agency
On occasion, taxpayers may receive either by telephone, mail and/or email, a communication that claims to be from the Canada Revenue Agency (CRA). In all of these cases, any communication that requests personal information, such as a social insurance, credit card,...
Lipton Newsletter: Winter 2015 Edition
What's Inside our Winter Newsletter A Message from the Managing Partners Managing Partners Fred Arshoff and Jeff Nightingale discuss the importance of corporate retreats, and how they can help your business. Snowbirds - Know Your Tax Responsibilities Have you headed...
Tax Planning Update – RRSP/TFSA
In order to assist you with your 2014 and 2015 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...
Congratulations to our Latest Graduates
Lipton LLP Chartered Accountants is proud to announce that Gracie Gong and Joshua Himmel were successful in passing the recent Canadian Institute of Chartered Accountants (CICA) 2014 Uniform Evaluation (UFE). The UFE is the final examination that Chartered...
GST/HST election for closely related persons: Important changes for 2015
The GST/HST joint election available to closely related persons (the "156 Election") under section 156 of the federal Excise Tax Act (the "ETA") saw significant amendments after the last federal budget was tabled last February. Generally speaking, a Related Party...
Ontario Provincial Budget Commentary – May 1, 2014
On May 1, 2014, Ontario Finance Minister Charles Sousa tabled his second Budget. The deficit for the 2013-14 fiscal year is projected to be $11.3 billion, which is $400 million less than the amount estimated when the 2013 Budget was tabled. The deficit for the 2014-15...
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