Tax Archives - Shajani LLP Chartered Professional Accountants

How Earnings Are Taxed on Employment Income

February 3, 2021
Nizam Shajani, CPA, CA, MBA, 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…

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What the CRA Said

January 18, 2021
Nizam Shajani, CPA, CA, MBA, Partner

Deducting Expenses When Working From Home The COVID-19 pandemic has resulted in many Canadian employees working from home to help minimize the spread of the virus, raising questions about how salaried and commissioned employees affected by the new realities can…

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RESP 21 Year Plan

January 13, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Registered education savings plans managed effectively will allow for a free $7,200 Grant (Canada Education Savings Grant (CESG)) to be used for education purposes towards a child’s education plus investments that can grow tax…

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RESPs

January 12, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA An RESP is an education savings account that is registered with the Government of Canada for parents (grandparents, other family members and friends) who want to save for a child’s education after high school. …

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T5018 Statement of Contract Payments

January 6, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual,…

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T4A – Statement of Pension, Retirement, Annuity and Other Income

January 5, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Commissioned sales people are often used to mitigate costs and incentives sales within an organization. While considered self employed, if you utilize commissioned sales people, you should be completing a T4A for them. A…

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File Your T5 on Time to Maximize Your Return on Investment

January 4, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Oftentimes, the best investment is in yourself. And the best stocks to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need…

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T4 Deadline Fast Approaching

January 1, 2021
Nizam Shajani, CPA, CA, MBA, Partner

By Nizam Shajani, CPA, CA, MBA Businesses are the engine of the Canadian economy as they provide the opportunity for individuals to work. If you have employees in your corporation (including yourself) – you must file a T4 slip by…

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What the CRA Said

December 19, 2020
Nizam Shajani, CPA, CA, MBA, 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…

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Administration of Property Held for Others Under Statutory Authority

December 13, 2020
Nizam Shajani, CPA, CA, MBA, 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…

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