Investments Archives - Shajani LLP Chartered Professional Accountants

Foreign Asset Reporting Requirements

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

Investments held outside of Canada require additional reporting in your personal as well as corporate tax filings. If at any time in the year, you have invested more than $100,000 outside of Canada that the CRA would consider to be…

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Tax Free Money

February 8, 2021
Nizam Shajani, CPA, CA, MBA, 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…

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Principal Residence Exemption

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

Selling your home should be a tax free occurrence, however there are certain reporting criteria that need to be met. Disclosure Required New rules effective for the 2016 and later tax filing year require disclosure of the sale of your…

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Changes to the Principal Residence Exemption

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

Don’t get penalized for not reporting a sale or change in use! When you sell your home, usually you do not have to pay tax on any gain from the sale if you claim the principal residence exemption. However, there…

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Investment Income

February 4, 2021
Nizam Shajani, CPA, CA, MBA, 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 –…

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Holding Investments in Your Corporation

January 30, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Traditional tax plans have hit a snag with the 2018 federal budget when it comes to holding investments in your corporation if that corporation uses the small business deduction. However, there are strategies that continue to allow for this. Dividends…

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When to Invest in RRSPs Verses When to Invest in TFSAs.

January 23, 2021
Nizam Shajani, CPA, CA, MBA, Partner

An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years. Otherwise a TFSA may provide the better investment vehicle from a tax perspective. RRSP Registered Retirement Savings Plans (RRSPs)…

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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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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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Investing in Real Estate in your Corporation

June 1, 2020
Nizam Shajani, CPA, CA, MBA, Partner

Investing in Real Estate in your Corporation By Nizam Shajani, CPA, CA, MBA June 1, 2020 A strategy for investing may include using pre-tax dollars to purchase an investment. Investing in real estate in your corporation is less expensive…

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