As a tax professional, I'm excited to discuss the recent J5 Cyber Challenge hosted by the Canada Revenue Agency (CRA) in Ottawa. This innovative event united experts from around the world to combat tax fraud and money laundering related to…
Commissioned salespeople are often used to mitigate costs and incentivize sales within an organization. While considered self-employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return that…
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
Oftentimes, the best investment is in yourself. And the best stock to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need to paper that dividend payment –…
As a tax professional, I feel compelled to address the latest Annual Report from Canada’s Taxpayers' Ombudsperson, which paints a concerning picture of the CRA's treatment of taxpayers. While the report identifies some progress, it also highlights significant areas where…
Businesses are the engine of the Canadian economy as they provide the opportunity for individuals to work. If you have employees in your corporation (including yourself) – you must file a T4 slip by the end of February. With the…
The Canadian government has proposed several key amendments to the Underused Housing Tax Act (UHTA). These changes, explained clause by clause, are critical for understanding your potential tax obligations and planning strategies. Key Proposed Amendments: Expanded Definition of Excluded Owners…
Tax reorganizations are complex undertakings requiring a sophisticated understanding of both accounting principles and legal frameworks. At Shajani CPA, recognized as a Top 10 Tax Advisory firm in Canada by Financial Services Magazine, we blend the expertise of Chartered Professional…
The Canada Revenue Agency's (CRA) new Mandatory Disclosure Rules add complexities to tax planning and reorganizations. These rules are pivotal for family-owned enterprises and high-net-worth individuals engaged in sophisticated tax planning strategies. Overview of the New Rules: Background: The CRA…
Tax reorganizations play a critical role in the strategic planning and financial health of businesses in Canada. With four decades of experience and being recognized as a Top 10 Tax Advisory firm in Canada by Financial Services Magazine, Shajani CPA,…