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Logan Katz
Hatchery
Welcome to Logan Katz

Logan Katz is a forward-looking accounting firm, providing high-quality accounting, taxation and financial services to corporate and individual clients. If you are looking for an accounting firm that combines skills and knowledge with dedication, courtesy and consideration, you have come to the right place.

At Logan Katz, quality is as much a measure of accuracy and attention to detail as it is demonstrating respect for the interests and objectives of every client.

In 1994, when the partners of Logan Katz opened the doors to their firm, clients were greeted with the assurance of receiving superior service. Logan Katz has grown over the years, and currently comprises 26 staff and 3 partners. By continually enhancing areas of expertise within the firm, we are equipped to keep in step with changes in business and the economy at large. What remains constant is our commitment to instilling personalized value in our services. This approach is what makes Logan Katz distinct, and it is why clients benefit from and enjoy working with us.

Our support is genuine and effective.
 

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Logan Katz is proud to be aligned in Corporate Partnership with Invest Ottawa. Read more here.
  

Logan Katz is a proud supporter of The University of Ottawa and its Telfer School of Management. Read more here.



 

Check This Out
 
 
Foreign Income Reporting More Detailed
The newly released revised form T1135, “Foreign Income Verification Statement,” appears more onerous for many taxpayers to complete than its predecessor and now asks for specific details about the categories of specified foreign property. Previously, the old form asked for only the cost amounts of specified foreign property, but the CRA now requires that a taxpayer (1) include the name of the bank or other entity that holds funds outside Canada, (2) identify the foreign country to which the property relates, and (3) provide the income or loss and/or the gain or loss from the particular property.

However, the new form provides relief if the reporting taxpayer received a T3 or T5 from a Canadian issuer for a specified foreign property for the taxation year. That property is excluded from the T1135 reporting requirement for that taxation year. This situation may arise, for example, when foreign investments are held in a taxpayer’s Canadian brokerage account.

The revised form, which must be used for the 2013 and later taxation years, requires the following information.

Funds held outside Canada
A taxpayer must specify the name of the bank or other entity that holds the funds; the country code (for the country of residence of the bank or other entity that holds the funds); the maximum amount of funds held during the year; the funds held at year-end; and the income or loss from the property.

Shares of a non-resident corporation (other than a foreign affiliate)
A taxpayer must specify the name of the corporation; the country code (for the non-resident corporation’s country of residence); the maximum cost amount during the year; the year-end cost amount; the income or loss; and the gain or loss on disposition.


   
Indebtedness owed by a non-resident.
A taxpayer must provide a description of the indebtedness; the country code (for the non-resident issuer’s country of residence); the maximum cost amount during the year; the year-end cost amount; the income or loss; and the gain or loss on disposition.

Interest in a non-resident trust
A taxpayer must specify the name of the trust; the country code (for the trust’s country of residence); the maximum cost amount during the year; the year-end cost amount; the income received; the capital received; and the gain or loss on disposition.

Real property outside Canada (other than personal use and real estate used in an active business) and other property outside Canada
For each property, a taxpayer must provide a description of the property; a country code (for the country where the property is located); the maximum cost amount during the year; the year-end cost amount; the income or loss; and the gain or loss on disposition.

The revised form states that if the taxpayer has made a functional currency election, all monetary amounts should be stated in the functional currency. As a result of the 2013 federal budget, the CRA can extend the three-year-reassessment period for the taxpayer’s taxation year by another three years if the taxpayer fails to report income from a foreign property on its income tax return and does not file form T1135, files the form late, or reports incorrect information on the form. That measure applies for 2013 and later taxation years.