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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...
Preparing for a Merger
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...
6 Tips for Tax Season
It’s that time of year again, when we dig deep into our shoeboxes full of receipts and wait eagerly for official tax documents toarrive in the mail. Are you ready for it this year? Did you keep a good record of all the charitable contributions you made, the receipts...
Are You Ready for Tax Time?
We have recently sent out our annual T1 Checklist used to assist our clients in preparing them for T1 Tax Season. In the event you have not received this in the mail, please feel free to download the document here: T1 Checklist for Clients As always, if you have any...
Establishing a Productive Banking Relationship
For various reasons, a business owner may decide to approach a new financial institution. How do you establish a good relationship with a new financial institution, and maintain it? Lipton LLP has helped many clients do this. Having the right approach makes a big...
Have you received our T4/T5 Preparation Summary?
In order to facilitate the accurate preparation of your 2012 T4 and T5 information returns, we have recently mailed a summary of significant taxable benefits that may apply to your employees. It should be noted that if you are submitting more than 50 information...
Tax-Free Savings Accounts
No one likes receiving unexpected notices from the Canada Revenue Agency (CRA). Some owners of tax-free savings accounts may have received notices and may be confused about the rules governing such accounts. Effective since January 1, 2009, Canadians over 18 have...
Saving for an Education
Tuition may be increasing, but education is still the best investment we can make for our children or grandchildren. Today more than ever, it pays to plan ahead for a child’s education – and Registered Education Savings Plans (RESPs) are an excellent tool to help you...
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