skip to Main Content

Classification of Trusts

A trust allows you to separate control and management of assets from its owners. This separation allows for distinct advantages that will result from the details contained within the trust deed. There are several types of trusts and legal scholars have attempted to make sense of all the thousands of cases on trusts by grouping…
READ MORE

What the CRA Said

Deducting Expenses When Working From Home The COVID-19 pandemic has resulted in many Canadian employees working from home to help minimize the spread of the virus, raising questions about how salaried and commissioned employees affected by the new realities can claim work-space-in-the-home and supplies expenses, on their 2020 Personal Tax Return. One of the requirements…
READ MORE

Individual Pension Plans – You Down with IPP?

 An individual pension plan is a retirement vehicle commonly set up for owners of private corporations.  The corporate set up is imperative as non-incorporated organizations such as partnerships and sole-proprietors would not be eligible for an individual pension plan in Canada. The IPP allows small and medium sized business owners (including professional corporations) the opportunity…
READ MORE

Powers of Attorney for Property

By Nizam Shajani CPA, CA, MBA   With an aging population, more and more Canadians are finding themselves in need of assistance in managing their financial affairs.  A power of attorney for property allows a person of your choosing to exercise financial decision making when you are unable.  Shajani can assist the attorney in meeting…
READ MORE

Tax Planning with RRSPs

By Nizam Shajani, CPA, CA, MBA Contributions to RRSP accounts made before February 28th can be considered for tax deductions to an individual’s personal income for the previous year or current year.  This deadline often conjures up thoughts on retirement planning along with investing in pension plans. To understand this, recall that Canada has a…
READ MORE

RESP 21 Year Plan

By Nizam Shajani, CPA, CA, MBA Registered education savings plans managed effectively will allow for a free $7,200 Grant (Canada Education Savings Grant (CESG)) to be used for education purposes towards a child’s education plus investments that can grow tax deferred. The CESG is based on 20% of a $2,500 contribution made each year and…
READ MORE

RESPs  

By Nizam Shajani, CPA, CA, MBA An RESP is an education savings account that is registered with the Government of Canada for parents (grandparents, other family members and friends) who want to save for a child’s education after high school.  The plan can be opened for an individual child or within a family plan where…
READ MORE

TFSA

By Nizam Shajani, CPA, CA, MBA Tax free savings accounts were introduced in 2009 and allowed contributions for each individual over the age of 18 of: $5,000 annually for years 2009 through 2012; $5,500 for years 2013 and 2014; $10,000 for year 2015; $5,500 for year 2016 thought 2018; $6,000 for year 2019 and 2020.…
READ MORE

TOSI

By Nizam Shajani, CPA, CA, MBA This document is extracted from a paper originally written for York University Faculty of Law by Nizam Shajani.  TOSI or tax on split income must be considered when receiving certain types of income from a corporation.  The 2018 amendments to section 120.4 of the Canadian Income Tax Act have…
READ MORE