Tax Archives - Shajani CPA - Chartered Professional Accountants & Advisors

Taxing Relationships

February 14, 2022
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…

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Business and Professional Income

February 5, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

Accounting for your business and professional income on your personal tax return does have some complexities. However, using a professional accountant to help you navigate the return could be fruitful in the tax savings and provide piece of mind. Here are some things to consider. Accrual Accounting Your sole proprietorship is required to report under…

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Time to File Your 2021 Personal Tax Return

February 1, 2022
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

The 2022 tax filing season is now here, and you should be getting ready to file your 2021 personal taxes. Due Dates Generally, your personal tax filings for the 2021 year are due by April 30th, 2022, however since this falls on a Saturday, filings can be made by May 2, 2022. This is also…

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How Earnings Are Taxed on Employment Income

February 3, 2021
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

When you earn income from employment, this is generally taxable. It is important to capture your employment income on your personal tax filings. Employment Income Income will be reported on your T4 slips (or T4A for commission employees). This should arrive within the first week of March as employers are required to complete the filings…

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What the CRA Said

December 19, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

By Nizam Shajani, CPA, CA, MBA Canada Emergency Rend Subsidy Qualifying organizations can apply directly for the new Canada Emergency Rent Subsidy (CERS) through the Canada Revenue Agency (CRA). This means qualifying organizations can apply for the subsidy without the need to claim the assistance through their landlords. Applicants can claim the subsidy retroactively for…

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Administration of Property Held for Others Under Statutory Authority

December 13, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

By Nizam Shajani. CPA, CA, MBA 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 an understanding of what is or may become involved in financial reporting. Passing of accounts is the process…

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Integrated Tax Planning

December 11, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

By Nizam Shajani, CPA, CA, MBA The perception of tax planning has often been misconceived as a simple choice between dividends and salary from an owner managed business. The decision should consider a number of variances – one such consideration being integration. The Canadian tax system is designed to equalize the combined corporate and personal…

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Deducting Meals and Lodging Related to Employment

December 9, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

By Nizam Shajani, CA, MBA If you incur costs related to employment such as overtime meals, travel to locations different from your employer’s place of business and incur expenses during travel for work – these costs may be deductible. To claim these deductions, your employer must complete and sign a T2200 form (declaration of conditions…

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Deducting Vehicle Costs and Travel Related to Employment

December 7, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

By Nizam Shajani, CA, MBA In a regular year, most employees cannot claim employment related expenses. You cannot deduct the cost of travel to and from work. However, if you incur costs related to employment such as a requirement to work from home and use a home office, internet cost that have not bee reimbursed…

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Tax Planning for a Partnership

November 9, 2020
Nizam Shajani, LL.M, CPA, CA, TEP, MBA Tax & Assurance Partner

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 a partnership are found in the provincial Partnership Act. A partnership differs from a joint…