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…
By Nizam Shajani, CA, MBA The prescribed rate of interest is often used within tax planning and income splitting and can be a good tax savings strategy that can last a number of years. While providing your spouse funds to…
By Nizam Shajani CPA, CA, MBA The executor of an estate has a duty to obtain tax advice that goes beyond the simple preparation of tax returns. The failure to engage this advice will leave the executor open to liabilities…
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 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…
Nizam Shajani, CPA, CA, MBA October 19, 2020 “What I know for sure is that what you give comes back to you.” – Oprah Winfrey. When creating or updating an estate plan, there are at least five methods for transferring…
By Nizam Shajani, CPA, CA, MBA October 16, 2020 Tax in Estate Planning “What counts is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the…