As we approach the end of the year, family-owned businesses and high-income individuals must understand the tax implications of charitable donations, especially with the impending changes to the Alternative Minimum Tax (AMT) regime. As a CPA and Tax Lawyer, I'd…
The recent proposal by the federal government targeting short-term rental owners is raising significant concerns, especially among family-owned enterprises that have relied on this market to supplement their retirement income. As a CPA and Tax Law expert, I find this…
The Alternative Minimum Tax (AMT) is a parallel tax calculation that allows fewer deductions, exemptions, and tax credits than under the ordinary income tax rules. As a CPA and Tax Law expert, I've closely analyzed the proposed amendments to the…
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
If you have an investment account, you are likely to receive investment income. Interest, foreign interest, dividends, foreign income and other income are usually reported on a T slip. Common slips include: T5 – Statement of Investment Income T3 –…
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…
Deducting Employment Related Expenses & T2200 or T2200S From time to time you will incur expenses that are necessary as part of your continued employment. To determine what expenses are eligible, we need to determine if you are a salaried…
By Nizam Shajani, CPA, CA, MBA This information is taken from the CPA resources on Financial Literacy. Understanding your financial statements is key to making good informed decisions. Shajani LLP offers reporting based on your financial ratios that will provide…
By Nizam Shajani, CPA, CA, MBA QuickBooks Online (QBO) is a bookkeeping software that allows you to get more done in less time with time-saving features and intuitive system, freeing you up to focus on the work you actually love…
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…