Finances Archives - Shajani LLP Chartered Professional Accountants & Advisors

Tax Free Money

February 8, 2021
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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Obtaining the Grant of Probate

December 15, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 death of the testator. However, in many cases it is necessary for the executor to…

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Deducting Meals and Lodging Related to Employment

December 9, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 claim these deductions, your employer must complete and sign a T2200 form (declaration of conditions…

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Tax Rates in Alberta

December 5, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 no increase at the top tax bracket. This is a positive for tax payers as…

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Charitable Donations

November 27, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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. In Canada there are significant tax incentives for a qualified donation to a qualified donee.…

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Suspended Losses for Corporations, Trusts and Partnerships

November 20, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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, it may result in lowering your tax obligation or even garnering a refund. However the…

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

November 17, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 to $1,000 per month, to seasonal workers who have exhausted their EI regular benefits and…

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Charitable Purpose Trusts

November 13, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 organizations are exempt from tax. Charitable organizations are given an additional advantage, as they can…

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Tax Planning for a Partnership

November 9, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 a partnership are found in the provincial Partnership Act. A partnership differs from a joint…

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How Partners of Partnerships are Taxed

November 6, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 to pay the tax on partnership income and may also clam the losses of a…