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.…
COVID-19 Canada Emergency Rent Subsidy (CERS)
November 23, 2020 By Nizam Shajani, CPA, CA, MBA Canadian businesses, non-profit organizations and charities that have a drop in revenue due to COVID-19 may be eligible for a rent subsidy for the period between September 27, 2020 and June…
Superficial Losses for Individuals
By Nizam Shajani, CA, MBA November 23, 2020 Making a loss on your investments can decrease your tax obligations – however an unclear understanding of losses that are not allowable under the tax act could render you with a loss…
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,…
COVID-19 Federal Benefits and Supports – Canada Emergency Wage Subsidy Update
November 19, 2020 By Nizam Shajani, CPA, CA, MBA This subsidy is available to Canadian businesses, big or small, individuals, partnerships and corporations that are not publicly funded. This will also be available for not for profit organizations and charities.…
Temporary Wage Subsidy for Employers – Updated from March 21st
March 21, 2020 By Nizam Shajani, CPA, CA, MBA On March 18th the federal government announced temporary wage subsidies for employers. The temporary wage subsidy for employers is a three-month measure that will allow eligible employers to reduce the amount…
COVID-19 Federal Benefits and Supports – CERB (Update from April 16th)
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…
COVID-19 Canada Emergency Business Account Update
November 16, 2020 By Nizam Shajani, CPA, CA, MBA The Canada Emergency Business Account (CERB) will soon increase the loan amount from $40,000 to $60,000. Of the $60,000 total loan, only $40,000 will be repayable. Details are still pending on…
Power of Trustees
By Nizam Shajani, CPA, CA, MBA November 16, 2020 Trustees should be selected carefully as the trust deed may give them significant administrative powers to manage the trust property. This includes the power to: o Sell trust property; o Postpone…
Charitable Purpose Trusts
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…