Accounting Archives - Shajani LLP Chartered Professional Accountants

RESP 21 Year Plan

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

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…

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RESPs

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

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. …

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TFSA

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

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…

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TOSI

January 8, 2021
Nizam Shajani, CPA, CA, MBA, Partner

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…

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Eligible vs. Ordinary Dividends

January 7, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Not all dividends are created equal. Dividends from a small or medium sized corporation have varying tax implications and it is important to note not all dividends are the same. It should also be…

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T5018 Statement of Contract Payments

January 6, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual,…

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T4A – Statement of Pension, Retirement, Annuity and Other Income

January 5, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Commissioned sales people are often used to mitigate costs and incentives sales within an organization. While considered self employed, if you utilize commissioned sales people, you should be completing a T4A for them. A…

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T4 Deadline Fast Approaching

January 1, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Businesses are the engine of the Canadian economy as they provide the opportunity for individuals to work. If you have employees in your corporation (including yourself) – you must file a T4 slip by…

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Financial Ratios – What They Mean for Your Business

December 25, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA This information is taken from the CPA resources on Financial Literacy. Understanding your financial statements is key to making good informed decisions. Shajani LLP offers reporting based on your financial ratios that will provide…

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QBO Automated Bookkeeping

December 23, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA QuickBooks Online (QBO) is a bookkeeping software that allows you to get more done in less time with time-saving features and intuitive system, freeing you up to focus on the work you actually love.…

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