Tax Free Money
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…
A Healthy Balance Sheet and Why It Matters
A healthy balance sheet shows a company has adequate solvency and liquidity, appropriate borrowing, adequate capital and a positive trend or forecast. Strength in these measures will indicate strong financial health of the corporation and should be considered by business…
The Trial Balance and General Ledger
Understanding your organization’s bookkeeping and accounting records will allow you to recognise what has occurred in the past, predict future outcomes and make informed management decisions. The reports supporting high level financial statement analysis will be the foundation of the…
Classification of Trusts
A trust allows you to separate control and management of assets from its owners. This separation allows for distinct advantages that will result from the details contained within the trust deed. There are several types of trusts and legal scholars…
File Your T5 on Time to Maximize Your Return on Investment
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…
Obtaining the Grant of Probate
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…
Deducting Meals and Lodging Related to Employment
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…
Tax Rates in Alberta
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…
Charitable Donations
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.…
Suspended Losses for Corporations, Trusts and Partnerships
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,…