Accounting Archives - Shajani LLP Chartered Professional Accountants

Caregiver Credit

February 21, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who…

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Spousal and Child Support

February 20, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Separation and divorce is a challenging process and can be convoluted when it involves costs for child and spousal support. Understanding the tax treatment of how funds are distributed may have an impact on your decisions. Qualified Support Payments A…

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First Time Homebuyers Credit

February 19, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Buying your first home is an exciting milestone. While some of the financial aspects could be daunting, there is a simple credit that should be considered when filing your personal tax this year. Qualifying for the Credit The following conditions…

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Donations and Tax Credits

February 17, 2021
Nizam Shajani, CPA, CA, MBA, Partner

“There are those… who enter the world in such poverty that they are deprived of both the means and the motivation to improve their lot. Unless these unfortunates can be touched with the spark which ignites the spirit of individual…

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University and College Students Get Tax Breaks

February 16, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Going to University or College – or sending your kids there is expensive. To make this more affordable, consider some of these tax breaks to reduce the taxes that you may owe. Even if this credit is not of value…

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Taxing Relationships

February 14, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Relationships are important to consider when you plan for taxes and your accountant is a great source for relationship advice. Relationships will determine how transactions are interpreted by the tax authorities and determine how tax accounts must be shares and…

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Disability Tax Credits

February 13, 2021
Nizam Shajani, CPA, CA, MBA, Partner

The disability tax credit is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of tax they have to pay. The amount includes a supplement for persons under the age of 18 years.…

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Medical Expense Deductions

February 12, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Documentation of your medical expenses are important to support your claims. While this could be a significant non-refundable credit, CRA does often request support for this deduction. Whose expenses can you claim? You can claim medical expenses that are eligible…

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Cash in with Your Kids this Tax Season

February 11, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Deductions for Parents Kids are expensive – however you can recoup some of these costs via tax savings when filing your personal returns. Get credit for being a parent. Here are some tips to save on tax if you have…

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Tax Savings for Seniors

February 11, 2021
Nizam Shajani, CPA, CA, MBA, Partner

If you are a senior, you are eligible for several tax credits that should be considered when filing your personal tax return. Use the wisdom that comes with age and take advantage of the benefits. Age Amount Credit If you…

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