Investments Archives - Shajani CPA - Chartered Professional Accountants & Advisors

Investment Income

February 4, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 – Statement of Trust Income Allocations and Designations T5013 – Statement of Partnership Income It is…

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Foreign Asset Reporting Requirements

February 8, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 “specified foreign property” you are required to complete a T1135 – Foreign Income Verification Statement.…

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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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Principal Residence Exemption

February 7, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 principal residence to qualify under the exemption rules. The designation of a property as a…

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Changes to the Principal Residence Exemption

February 6, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 are reporting requirements that if missed, will result in penalties of up to $8,000. What…

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Investment Income

February 4, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance 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 – Statement of Trust Income Allocations and Designations T5013 – Statement of Partnership Income It is…

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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…