Accounting Archives - Shajani LLP Chartered Professional Accountants & Advisors

Taxing Relationships

February 14, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 even when dividends can be issued tax free. As such, when you discuss relationships with…

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Tax Free Money

February 8, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Receive Funds Without Having to Pay Tax While generally you need to consider the tax implications when you received funds, here are some areas where funds can be considered tax free. These are a few gems still available to the Canadian taxpayer. Note this is not meant to be an idea for our governments –…

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Investment Income

February 4, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

If you have an investment account, you are likely to receive investment income. Interest, foreign interest, dividends, foreign income and other income are usually reported on a T slip. Common slips include: T5 – Statement of Investment Income T3 – Statement of Trust Income Allocations and Designations T5013 – Statement of Partnership Income It is…

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Time to File Your 2021 Personal Tax Return

February 1, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

The 2022 tax filing season is now here, and you should be getting ready to file your 2021 personal taxes. Due Dates Generally, your personal tax filings for the 2021 year are due by April 30th, 2022, however since this falls on a Saturday, filings can be made by May 2, 2022. This is also…

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Global Minimum Tax Set at 15% Targets Digital Companies

January 29, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic tax revenues for G20 and OECD member countries. In response, the G20 and OECD member…

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Caregiver Credit

February 21, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 support their spouse, common law partner as well as your dependents that include your children…

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Spousal and Child Support

February 20, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 support payment is an amount that is payable or receivable on a periodic basis to…

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First Time Homebuyers Credit

February 19, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 need to be met to qualify for the homebuyer’s credit; Either you, your common-law partner…

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Donations and Tax Credits

February 17, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 enterprise and determination, they will only sink back into renewed apathy, degradation and despair. It…

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University and College Students Get Tax Breaks

February 16, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 in the current year, transfer and carry forward rules allow you to make use of…