Award Winning Tax Planning - Shajani CPA - Chartered Professional Accountants & Advisors

Tax Planning - Tax Accounting Trust & Estate Planning

Consider Shajani LLP for your firms professional accounting needs.

We provide a set of competitively priced and professionally prepared tax statements and tax returns along with trust account audits. Engaging Shajani LLP will give you access to a team of tax professionals to answer all of your tax questions in detail. We are a tenured CPA firm with a dedicated tax team. See what we can do for you ……

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Shajani LLP has been awarded number 1 on for "The 12 Best Accountants in Calgary" by The Best Calgary. We will endeavor to keep up the great work and serve our customers to the highest level.

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REORGANIZATIONS

PROPER ACCOUNTING FOR TRUSTS

A Trust generally has to file a T3 return annually if it has tax payable or distributes all or part of its income or capital. However T3 return does not include all information that may be necessary for proper accounting which results in difficulties recalling assets held in the Trust some years later. The standard of care of a Trustee may not be met without proper accounting.

In addition to the T3 return, Shajani LLP will prepare financial statements and maintain working papers to support those statements.

DIVORCE & SEPARATION

DEALING WITH CRA

Correspondence with CRA sometimes requires some finesse. Keeping abreast of legislative changes, Tax Court Rulings, and related Federal Court of Appeals decisions is the foundation of our support services in dealing with the CRA.

Shajani LLP provides professional support for correspondence and disputes with CRA. Shajani LLP will consider the background of facts, legislative analysis, relevant judicial rulings, and CRA positions to determine the appropriate tax strategy. Some of the areas of assistance we provide include:

TAX IMPACT ON WILLS & ESTATE PLANNING

Negotiating the tax impact on an estate could result in significant losses to your client. Proper will & estate preparation should consider tax strategies to maximize after tax dollars in the life of your client and to their estate.

Shajani LLP will review your clients assets and liabilities along with the anticipated income in their retirement years, where appropriate to determine an efficient tax strategy to maximize after tax dollars.

Your firm will receive a professional memo and detailed calculations to anticipate the tax burden to the estate under the current scenario and where relevant, provide tax strategy to maximize the after tax dollars to your client and their estate.

More complex strategies will include the background of facts, legislative analysis, relevant judicial rulings, CRA positions, along with the sequential steps required to execute the proposed plan.

Shajani LLP is also well prepared to execute the tax filings.

Engagement

PASSING OF ACCOUNTS

Those with Power of Attorney and Trustees should be prepared to pass accounts. The "court form" presents a unique format and uses cash based accounting in which all transactions are categorized as either income or capital and as either receipts or disbursements.

Preparation of statements annually is recommended and may be prepared on the "court form" where required.

Shajani LLP will prepare the appropriate statements that include:

Statement of original assets
Statement of all money recieved
Statement of all money disbursed
Statement of all investments purchased and sold
Statement of all property remaining on hand at the time the accounts are prepared
Statement of liabilities at the time accounts are prepared
Statement of compensation claimed by the Trustee

VOLUNTARY DISCLOSURE

The voluntary disclosure program provides an opportunity to correct a tax return previously filed or to file a return that was missed. The program may offer relief from prosecution and penalties in certain situations.

Shajani LLP will complete the voluntary disclosure application, enclose relevant supporting documents and provide explanations that site relevant tax legislation, judicial rulings, and CRA positions where appropriate.