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…
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…
By Nizam Shajani, CPA, CA, MBA November 9, 2020 Under the common law a partnership exists when two or more persons carry on business in common with a view to profit. The rules governing the creation and legal existence of…
By Nizam Shajani, CPA, CA, MBA November 6, 2020 The taxation of partnerships function on a flow through basis. Partnerships are not taxable, nevertheless the tax attributes of a partnership are allocated to the partners. The partners are therefore responsible…
By Nizam Shajani, CPA, CA, MBA November 2, 2020 A partnership is a relationship between two or more persons. From a tax perspective, this includes a business that is carried on with a view to profit. However, a partnership is…
By Nizam Shajani. CPA, CA, MBA October 30, 2020 As your parents and grandparents age, you may find yourself in a position where you need to assist them with the management of their financial affairs. Taking on this responsibility requires…
By Nizam Shajani, CPA, CA, MBA October 29, 2020 The management of another person’s personal affairs is a sacred trust that is backed by legal obligations to the guardian or trustee. The Trustee has an obligation to keep trust property…
Nizam Shajani, CPA, CA, MBA October 26, 2020 While it is a difficult situation when a loved one passes away, this situation may be exasperated with the tax filing requirements for the deceased. Understanding the requirements helps. Planning for this…
By Nizam Shajani, CPA, CA, MBA October 23, 2020 “Life is really simple, but we insist on making it complicated.” Confucius. The estate of business owners often encounters the implacable reality of double taxation. This may occur when the shareholders…