The Canada Revenue Agency's (CRA) latest initiative has focused on Personal Services Businesses (PSBs). This topic is crucial for anyone operating a family-owned enterprise, especially those who engage independent contractors or run a PSB. Understanding the Initiative: The CRA has…
Introduction Tax accounting is a critical aspect of financial management, both for individuals and businesses. It can be complex, but with the right expertise, it's manageable. That's where Shajani CPA steps in. In addition to being experienced CPAs, our team…
Confirm a representative using My Account or My Business Account This tax season, there's a new way to confirm authorized representatives using My Account or My Business Account. Whether you're an individual or a business, this easy, two-step digital process will help you…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. March 15, 2022 - February payroll remittances due March 30, 2022 - Trust filings due March 31, 2022 - Fiscal year end…
The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties…
Prepaid expenses are a type of asset that represent payment made by a business for goods or services that will be received in the future. Essentially, it is an expense that is paid for in advance of the benefit being…
Acquire tax smarts Contrary to popular belief, the Canada Revenue Agency, or the CRA, does not create tax law, nor are they the final and absolute word when it comes to the interpretation of any given tax statute. Rather the…
In Canada, employees receive various types of benefits as part of their compensation package. These benefits can be taxable or non-taxable, depending on the type of benefit and the circumstances of the employee. Taxable benefits are those that are subject…
The MacDonald case has left its mark on the risks associated with a pipeline transaction and the interpretation of the text of section 84(2) of the Act. Section 84(2) S 84(2) of the Act discusses the dividend treatment of funds…
