July 2013


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 specific foreign institution, investment or other entity holding funds outside Canada.
  • The specific country to which the foreign property relates.
  • The cost of the property at the end of the year, the highest cost amount during the year and the income or gains generated from the foreign property, on a property by property basis.


However, there is some good news for those taxpayers who hold foreign property through Canadian brokerage and investment accounts. The new form states that “where the reporting taxpayer has received a T3 or T5 from a Canadian issuer in respect of a specified foreign property for a taxation year, that specified foreign property is excluded from the Form’s reporting requirement for that taxation year”. The Form includes a box that must be checked where such property is held, so it appears that the Form still does have to be filed even if all of the property is subject to T3/T5 reporting.

Where a taxpayer fails to comply with the requirements of the new form, proposed legislation adds a three-year extension to the normal reassessment period (which is generally three years from the date of the original notice of assessment) to the entire tax return. As a result, if a taxpayer fails to comply with the Form’s reporting requirements, the entire income tax return for the year will not be statute barred until six years after the date of the original notice of assessment.

We continue to keep current as more details are announced.

For additional information, please contact your Lipton advisor.

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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 providing the accounting industry with IT support for over a decade and has been with Lipton since 2009. He is responsible for Lipton’s IT infrastructure as well as client consultations. Bryan also participates in the firm’s marketing activities.
Ilana Zeidel, CPA, CA, has been promoted to Tax ManagerIlana has been in public accounting since 1999 and a member of the Lipton family since 2012.  She provides tax compliance and advisory services to a variety of clients, including professionals. 
Brandon Burtnik, CPA, CA, has been promoted to Supervisor. Brandon has spent his entire accounting career at Lipton, and passed the UFE exams in 2010. As a member of our Accounting and Assurance team, he works with a variety of owner-managed clients in the manufacturing, real estate and construction industries.  Brandon is known for his dedication to the clients he services.
Meghan Killeen, CPA, CA, has been promoted to Supervisor. Meghan has been part of the Lipton family for her entire career, having passed the UFE exams in 2010. Her client work includes real estate, construction, manufacturing and distribution.  Meghan is valued for her attention to detail and technical expertise.

Kristen Preszcator, CPA, CA has been promoted to Supervisor.  Since passing the UFE exams in 2010, Kristen has demonstrated strong leadership skills and technical ability.  After joining Lipton in 2012, her experience has served her well in providing assurance services (including those requiring International Financial Reporting Standards) to a variety of businesses, not-for-profit organizations and public companies.
Nini Yang, CPA, CA, has been promoted to Supervisor. Nini’s clients include real estate, manufacturing and construction.  She joined Lipton in 2008 and passed the UFE exams in 2010.  Nini’s professionalism and dedication to clients has endeared her to all her colleagues.



We wish all of them continued success as valued members of our firm.  

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