Finances Archives - Shajani LLP Chartered Professional Accountants

File Your T5 on Time to Maximize Your Return on Investment

January 4, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Oftentimes, the best investment is in yourself. And the best stocks to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need…

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Obtaining the Grant of Probate

December 15, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA 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…

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Deducting Meals and Lodging Related to Employment

December 9, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CA, MBA If you incur costs related to employment such as overtime meals, travel to locations different from your employer’s place of business and incur expenses during travel for work – these costs may be deductible. To…

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Tax Rates in Alberta

December 5, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani The 2021 combined personal federal and Alberta tax rates remain consistent with the prior year, although four of the tax brackets have had an increase in the dollar amount to qualify for the selected tax brackets with…

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Charitable Donations

November 27, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA November 27, 2020 Tis the season to be giving. And donations to charities should be top of mind. Here are a few points to consider from a tax perspective to being nice this year.…

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Suspended Losses for Corporations, Trusts and Partnerships

November 20, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CA, MBA November 20, 2020 While losses in your corporation, trust or partnership are undesirable from a conventional perspective, they can be valuable from a taxation standpoint. This is because depending on the type of loss incurred,…

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COVID-19 Federal Benefits and Supports – CERB (Update from April 16th)

November 17, 2020
Nizam Shajani, CPA, CA, MBA, Partner

April 16, 2020 By Nizam Shajani, CPA, CA, MBA The government has announced changes to the Canada Emergency Response Benefit (CERB). In addition to have stopped working due to COVID-19, the benefit is now extended to those who earn up…

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Charitable Purpose Trusts

November 13, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA November 13, 2020 A charitable purpose trust is a trust for a purpose that is recognized under the common law as a ‘charitable purpose’. This is not the same thing as a ‘charity’. Non-profit…

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Tax Planning for a Partnership

November 9, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA November 9, 2020 Under the common law a partnership exists when two or more persons carry on business in common with a view to profit. The rules governing the creation and legal existence of…

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How Partners of Partnerships are Taxed

November 6, 2020
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA November 6, 2020 The taxation of partnerships function on a flow through basis. Partnerships are not taxable, nevertheless the tax attributes of a partnership are allocated to the partners. The partners are therefore responsible…

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