By Nizam Shajani CPA, CA, MBA The executor of an estate has a duty to obtain tax advice that goes beyond the simple preparation of tax returns. The failure to engage this advice will leave the executor open to liabilities…
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.…
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…
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…
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,…
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.…
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…
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…
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…
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…