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News & Issues

Issues

In order to run a successful business, it’s important to stay up to date. We publish articles of interest to our clients on a variety of topics.

Direct Deposit by the Government of Canada

The Government of Canada is switching to direct deposit payments for all payments made to individuals and businesses. Tax refund cheques will no longer be issued as of April 2016. There are a number of options that you can use to provide your banking information to The Government. For more information, visit the Canada Revenue Agency’s Direct Deposit information page.

Redeemable Preferred Shares

Glenn Lott responds to the exposure draft (ED) issued by the Financial Reporting and Assurance Standards Canada regarding the proposed changes to redeemable preferred shares issued in a tax planning arrangement. The ED proposes the presentation of redeemable preferred shares as financial liabilities in the financial statements. Read on to learn how this change may affect how your financial statements are understood by lenders, government agencies etc.

Increased Foreign Reporting Requirements

There have been recent changes to the foreign reporting requirements for Canadian taxpayers as issued by Canada Revenue Agency (CRA). Canadian taxpayers (i.e. individuals, corporations and trusts) are required to report all specified foreign property owned during the year if the cost base of all specified foreign property exceeds $100,000 at any point during the year. Any income earned during the year from the specified foreign property must also be separately reported. This reporting is satisfied by filing Form T1135 - Foreign Income Verification Statement with your tax return.

Download a fillable PDF version of the Foreign Income Verification Statement (Form T1135)
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Read more about the new foreign reporting requirements.

Newsletters

Lott & Company publishes newsletters that provide relevant, up-to-date information that you need to run your business successfully.

Family Trusts

Family Trusts are a powerful and effective way to reduce taxes for the family. Learn more about the tax savings with family trusts (PDF 377 KB).

Presentations

Lott & Company occassionally presents information on topics of interest to our clients to a variety of audiences.

The HST and You!

A presentation on the background, impact, transitional rules, and how the HST will affect financial planning given to the Richmond Hill Chamber of Commerce (2010).

Download The HST and You! (PDF 250.5 KB)

Lott in the News

Lott & Company shows up in the news from time to time.

Focal Point Panel on HST

Glenn Lott joined Nancy Coldham, host of Focal Point, and fellow panelists to discuss the impact of the Harmonized Sales Tax (HST) and how it will affect consumers and businesses. Watch the discussion.