The tax-free first home savings account will commence in 2023. Draft legislation was introduced in November 2022 with anticipated in force date of April 1, 2023. This plan provides excellent tax incentives, with deduction for contributions and tax-free withdrawals. The…
Contributions to RRSP accounts made before February 28th can be considered for tax deductions to an individual’s personal income for the previous year or current year. This deadline often conjures up thoughts on retirement planning along with investing in pension…
Registered education savings plans managed effectively will allow for a free $7,200 Grant (Canada Education Savings Grant (CESG)) to be used for education purposes towards a child’s education plus investments that can grow tax deferred. The CESG is based on…
We understand that you rely on your accountants to analyze your financial statements but translating these statements into actionable items is not easy. Shajani CPA provides consulting services that include report on benchmarking your corporate performance. This includes leveraging industry…
Not all dividends are created equal. Dividends from a small or medium sized corporation have varying tax implications and it is important to note not all dividends are the same. It should also be noted that budget changes over the…
If you pay non-residents for services performed in Canada, other than in employment situations, you may be required to file a T4A-NR. The T4A-NR slip is used to report all amounts you paid to non-resident individuals, partnerships, and corporations for…
From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual, trust, partnership or corporation involved in…