Charitable Donations
By Nizam Shajani, CPA, CA, MBA November 27, 2020 Tis the season to be giving. And donations to charities should be top of mind. Here are a few points to consider from a tax perspective to being nice this year…
Suspended Losses for Corporations, Trusts and Partnerships
By Nizam Shajani, CA, MBA November 20, 2020 While losses in your corporation, trust or partnership are undesirable from a conventional perspective, they can be valuable from a taxation standpoint. This is because depending on the type of loss incurred,…
COVID-19 Federal Benefits and Supports – CERB (Update from April 16th)
April 16, 2020 By Nizam Shajani, CPA, CA, MBA The government has announced changes to the Canada Emergency Response Benefit (CERB). In addition to have stopped working due to COVID-19, the benefit is now extended to those who earn up…
Charitable Purpose Trusts
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…
Tax Planning for a Partnership
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…
How Partners of Partnerships are Taxed
By Nizam Shajani, CPA, CA, MBA November 6, 2020 The taxation of partnerships function on a flow through basis. Partnerships are not taxable, nevertheless the tax attributes of a partnership are allocated to the partners. The partners are therefore responsible…
Administration of Property Held for Others Under Statutory Authority
By Nizam Shajani. CPA, CA, MBA October 30, 2020 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…
The Pipeline Plan
By Nizam Shajani, CPA, CA, MBA October 23, 2020 “Life is really simple, but we insist on making it complicated.” Confucius. The estate of business owners often encounters the implacable reality of double taxation. This may occur when the shareholders…
Insurance as a Tax-Savings Vehicle for Estate Planning
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…
Tax Installments Overview
Tax Installments By Eeva Harrop, CPA, CA, TEP, MSc. September 29, 2020 With Covid-19, individual tax returns are now due September 30, 2020. This includes both filing the tax return, paying any tax due and paying any instalments that…