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Getting Ready for 2014
With the exception of RRSP contributions (in most cases) and pension income splitting, any tax planning strategies intended to reduce one’s tax payable for 2013 must be implemented by the end of the calendar year. While 2013 tax returns don’t have to be filed for at...
How to Choose an Executor
Choosing an executor -- the person or institution you put in charge of administering your estate and carrying out your final wishes -- is one of the most important decisions you'll make when preparing a will. Picking the right executor can help ensure the prompt,...
Consider Taking Advantage of Income-Splitting Loans by September 30, 2013
For those of you considering taking advantage of income splitting loans with family members, it is expected that the CRA will raise the current perscribed interest rate of one percent (1%) to two percent (2%) on October 1, 2013. As a result, now is an ideal time to...
Non-taxable benefits can help retain excellent employees
Good employees are difficult to find, so it may be worthwhile to offer benefits that will encourage them to stay. Many owner-managers would like to provide their employees with additional benefits but may be reluctant to do so because Canada Revenue Agency (CRA)...
Mel Leiderman Receives ICAO’s Highest Designation Level – FCPA, FCA
Lipton LLP Chartered Accountants is proud to announce that the Institute of Chartered Accountants of Ontario (ICAO) has granted the prestigious designation of Fellowship to Mel Leiderman. Fellowship, the highest designation that the Institute confers, recognizes...
CRA Announces Change to Reporting Foreign Income on Form T1135
Recently, the CRA released the revised Foreign Income Verification Form T1135 as announced in the 2013 Federal Budget. Effective immediately, taxpayers are required to use this new form. Taxpayers must now provide additional information, including: The name of the...
Congratulation to our recently promoted staff
Lipton LLP announces our latest promotions The Partners of Lipton LLP Chartered Accountants are pleased to announce the following promotions effective July 1, 2013: Bryan Walderman, BA, MCSE, has been promoted to Manager of IT Services. Bryan has been...
2013 Ontario Provincial Budget Commentary
Finance Minister Charles Sousa delivered Ontario’s 2013 Budget, his first as Finance Minister, on May 2, 2013. The Budget is projecting a deficit of $9.8 billion for 2012-13, $5 billion lower than projected a year ago, and increasing to $11.7 billion for 2013-14. The...
Taking over the Family Business?? Understand The Risk!
Family members must understand the responsibilities and risks associated with becoming directors of a family-owned corporation. Know What You’re Getting Into Incorporation of an owner-managed business requires shareholders to elect a board of directors to assist in...
Business Valuation & Succession Planning
If the shareholder of an owner-managed business decides to retire without ownership passing to family members, a number of factors should be considered. How will the business carry on? In some cases it can be sold to an employee or management team in whom the owner...
Risk Mitigation – When Catastrophe Strikes
In the course of doing business, a company may be affected by an insurable loss, such as a fire, flood, equipment failure or explosion. These incidents, if not handled properly, can result in significant damage to the company’s profit, financial stability and possibly...
Beware of Fraudulent Communications
Occasionally, taxpayers may receive, either by telephone, mail, or email, a communication that claims to be from the Canada Revenue Agency (CRA) but is NOT. In all these cases, the communication requests personal information, such as a social insurance, credit...
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