December 2021 - Shajani CPA - Chartered Professional Accountants & Advisors

Important Dates

December 31, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. January 15, 2022 – December payroll remittances due January 15, 2022 – Payroll remittances for 2021 calendar year should be paid January 30, 2022 – Prescribed rate loan interest payments must be made January 31, 2022 –…

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What the CRA Said

December 30, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Canada Worker Lockdown Benefit On December 22, 2021, the Government of Canada announced that it would be expanding eligibility for the Canada Worker Lockdown Benefit (CWLB). Canadians in designated regions affected by lockdowns or qualifying capacity restrictions can apply for the benefit. Currently, British Columbia, Alberta, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and…

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Deducting Vehicle Costs and Travel Related to Employment

December 23, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

There are tax deductions available for travel related to earning income. You cannot deduct the cost of travel to and from work. However, if you incur costs related to employment such as travel to locations different from your employer’s place of business and expenses during travel for work – these costs may be deductible. To…

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Payroll Planning

December 16, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

The last payroll remittances for the 2021 calendar year are due on your next payroll remittance date. For many of you that will be January 15th. This is a good time to do some tax planning around payroll. If you have your own corporation and are taking a salary each month, you would have made…

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Financial Ratios

December 13, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Understanding your financial statements is key to making good, informed decisions. Shajani LLP offers reporting based on your financial ratios that will provide key advisory services that can be a competitive advantage to your business. A common questions business owners ask are How profitable is my business? Ho do my profits compare to the industry?…

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QBO Automated Bookkeeping

December 12, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

QuickBooks Online (QBO) is a bookkeeping software that allows you to get more done in less time with time-saving features in an intuitive system, freeing you up to focus on the work you actually love. At Shajani, we can assist you to set up your QBO and administer it as well. We can either do…

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Integrated Tax Planning

December 11, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

The perception of tax planning has often been misconceived as a simple choice between dividends and salary from an owner managed business. The decision should consider a number of variances – one such consideration being integration. The Canadian tax system is designed to equalize the combined corporate and personal tax rate paid regardless of how…

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Business Expenses

December 10, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

As a rule, a proprietor or corporation can deduct for tax purposes any reasonable expenses that were incurred to earn business income. However, this rule has its exemptions and other consideration that make up much of the 2,810 pages of the Income Tax Act. However, here are some generalities to consider when looking for deductions.…

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Case Summary of Kruco TCC and FCA

December 9, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

It used to be simple to move a dividend from a subsidiary to its parent corporation. If the parent owned more than 10% of the shares, this would have no tax implication and no Part IV tax. However, the simple movement of dividends from a subsidiary to its parent corporation using the tax exemptions available…

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Obtaining the Grant of Probate

December 8, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Obtaining a grant of probate may be a necessary part of administering the will of an estate. The authority of the executor (“Personal Representative” in Alberta) appointed under a will arises immediately upon the death of the testator. However, in many cases it is necessary for the executor to also obtain letters probate in order…