Our Blog

In order to assist you with your 2020 and 2021 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...

In order to facilitate the accurate preparation of your 2020 T4 information returns, we are pleased to enclose a summary of certain taxable benefits that may apply to your employees, including new information for 2020 filings. For further information, please click...

The Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) applications are due on or before the later of: January 31, 2021; and180 days after the qualifying period. This means that the CEWS claim periods 1 through 5 are due to be filed on or...

The Ontario government continues to provide a variety of supports to employers facing challenges as a result of COVID-19. The government will now be providing even more support to small businesses that are required to close or severely restrict their operations due to...

This year has been filled with unprecedented challenges due to the COVID-19 pandemic. Many Canadians unexpectedly had to work from home which resulted in millions of Canadians setting up their work space in their kitchens, bedrooms and living rooms. In response, the...

On November 30, 2020, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020. The economic statement does not change personal or corporate income tax rates, but...

Lipton LLP is proud to announce that Emily Chen was successful in passing the 2020 Chartered Professional Accountants of Canada (CPA) Common Final Examination (CFE).   The CFE is the final examination that Chartered Professional Accountant (CPA) students take in...

The Government of Ontario recently tabled its 2020 Budget. Highlights are outlined below: Corporate Tax: Corporate Tax Rates No new corporate income tax rate changes were announced in this year’s budget. As a result, selected combined 2020 federal and Ontario tax...

The government introduced the Canada Emergency Wage Subsidy to protect Canadian jobs, encourage employers to quickly rehire workers previously laid off because of COVID-19, and help bridge the Canadian economy to the other side of this unprecedented crisis. The wage...

The Government of Canada has now introduced draft legislation that includes the new Canada Emergency Rent Subsidy (CERS) and the Lockdown Support Subsidy. The application process for these new subsidies is not yet available. Under these proposed provisions,...

On October 9, 2020 the Government of Canada announced that it will be extending the Canada Emergency Wage Subsidy, creating a new Canada Emergency Rent Subsidy program, and expanding the Canada Emergency Business Account.  Canada Emergency Wage Subsidy  The government...

On July 1, 2020 the government's prescribed interest rate will decrease from its current two percent to one percent. In some cases, this can provide a tax planning opportunity to split income with a spouse or common-law partner, children, grandchildren or other family...