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Important Dates

Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. June 15, 2021 – May payroll remittances due June 15, 2021 – Personal income tax returns including a Sole Proprietorship due June 30, 2021 – Fiscal year end March 31st tax payments due June 30, 2021 –…
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Cash Flow Analysis

Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning and spending its cash. Performing a cash flow analysis is essential in success of any…
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Goodwill

Goodwill is an intangible asset associated with a business combination. Goodwill is usually recorded when a corporation acquires another corporation and calculated as follows: Goodwill = a – b – c a) The purchase price of the corporation b) Fair value of the identifiable tangible and intangible assets acquired c) Liabilities that were assumed. Goodwill…
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Tax considerations for Investment companies:

Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax: In addition to regular corporate income tax levied on all corporations resident in Canada, any…
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Quick Method of GST:

Canada revenue agency provides certain small businesses with an option to use Quick Method to calculate GST/HST remittances (instead of regular GST/HST reporting method). This method requires a reduced amount of documentation and allows an easier calculation of the GST remittances. For applicable registrants of the GST quick method, they continue to charge their clients…
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Other factors to consider when incorporating a business:

In addition to all the benefits spoken about in our blog post “Benefits of Incorporating”, We would like to focus on certain other factors that should be considered when one is deciding to incorporate. Advantages of Incorporation: Limited Liability: Liability protection is the main non-tax fundamental reason that a business usually incorporates. Even though sole…
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What the CRA Said

The CRA has reminded individuals to file their 2020 personal taxes even if it is past the April 30, 2021 deadline. They highlighted some good reasons for doing so, including the following: • You may be eligible for a refund • You may be eligible for benefits or credits payments • Don’t risk interrupting your…
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The Taxpayer Bill of Rights

As a taxpayer in Canada, you have rights that extend the right to pay tax. The Taxpayer Bill of Rights was introduced in 2007 to increase accountability and transparency by the CRA. The document outlines sixteen rights and provides a pledge by the CRA to small business with five additional commitments. Understanding your rights will…
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Shajani LLP and our QBO Professionals

What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test and became certified in QuickBooks. There are different types of certifications one can apply for, including QuickBooks Online (QBO). Someone who holds an Advanced certification in QBO is well-informed in…
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