Tax Advice Archives - Shajani CPA - Chartered Professional Accountants & Advisors

What the CRA Said

February 28, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Confirm a representative using My Account or My Business Account This tax season, there’s a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, this easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure. Who is…

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Voluntary Disclosure

February 27, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties or prosecution. The program is designed to encourage taxpayers to come forward voluntarily and correct…

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Prepaid Expenses

February 26, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Prepaid expenses are a type of asset that represent payment made by a business for goods or services that will be received in the future. Essentially, it is an expense that is paid for in advance of the benefit being received. Pre-paid expenses are a type of assets on the balance sheet that results from…

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Taxable vs. Non-Taxable Benefits

February 25, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

In Canada, employees receive various types of benefits as part of their compensation package. These benefits can be taxable or non-taxable, depending on the type of benefit and the circumstances of the employee. Taxable benefits are those that are subject to income tax and must be reported on an employee’s T4 slip at the end…

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Automate Your Bookkeeping

February 23, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Bookkeeping is an important but time-consuming task that businesses must do to keep their financial records up-to-date. Having up-to-date financial statements can help business owners make the right financial decisions. However, with advancements in technology, businesses how have options to automate their bookkeeping process, which can save time and money. Bookkeeping automation involves connecting the…

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Caregiver Credit

February 21, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who support their spouse, common law partner as well as your dependents that include your children…

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Donations and Tax Credits

February 17, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

“There are those… who enter the world in such poverty that they are deprived of both the means and the motivation to improve their lot. Unless these unfortunates can be touched with the spark which ignites the spirit of individual enterprise and determination, they will only sink back into renewed apathy, degradation and despair. It…

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University and College Students Get Tax Breaks

February 16, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Going to University or College – or sending your kids there is expensive. To make this more affordable, consider some of these tax breaks to reduce the taxes that you may owe. Even if this credit is not of value in the current year, transfer and carry forward rules allow you to make use of…

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Child Care Expenses

February 15, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

If your family day includes children, remember to take advantage of childcare expenses this tax filing year. Childcare expense deductions are considered expenses incurred by parents to allow those parents to work, carry on business, attend school or a designated education institution (full time or part time) or carry-on research for which a grant was…

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Taxing Relationships

February 14, 2023
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Relationships are important to consider when you plan for taxes and your accountant is a great source for relationship advice. Relationships will determine how transactions are interpreted by the tax authorities and determine how tax accounts must be shares and even when dividends can be issued tax free. As such, when you discuss relationships with…