Running a family-owned business in Canada comes with many rewards, but it also involves navigating essential tax responsibilities, including the Goods and Services Tax (GST) and Harmonized Sales Tax (HST). Understanding and managing GST/HST is critical for staying compliant and…
When it comes to managing a business, understanding how to account for long-term assets is crucial. From office buildings to machinery, vehicles to equipment, these assets fall under what accountants call Property, Plant, and Equipment (PP&E). They’re the backbone of…
When it comes to preparing your corporate tax return, understanding the transition from your financial statements to your tax obligations is key to minimizing tax and ensuring compliance. While your financial statements, such as those reported on Schedule 125, show…
Adding an adult child to the title of a parent’s home is often done for estate planning purposes, such as avoiding probate fees. However, this step brings important tax implications, particularly regarding the Principal Residence Exemption (PRE), potential capital gains…
The Scientific Research and Experimental Development (SRED) Tax Incentive Program is one of the most generous tax credits available in Canada, designed to support businesses that are pushing the boundaries of innovation. For family-owned enterprises, SRED can be a game-changer,…
If you’re running a family-owned business with ties beyond Canada’s borders, you’re likely juggling a lot—different currencies, international regulations, and taxes in multiple countries. What if there was a way to ensure you weren’t paying more tax than necessary on…
Starting a business in a new country can be both exhilarating and daunting, especially in a diverse and dynamic market like Canada. For newcomers, understanding the foundational steps of launching a business is crucial to avoiding costly mistakes and ensuring…
Retirement in Alberta offers a wealth of opportunities, especially when it comes to maximizing senior benefits. Understanding how to leverage these benefits can significantly enhance your financial security. For families with family-owned enterprises, strategic tax and benefit planning is essential…
Are you considering buying or selling a business? Understanding whether to pursue an asset purchase or a share purchase can be the key to maximizing your financial gains and minimizing your risks. This essential decision affects everything from tax liabilities…
Tax reorganization is a pivotal process for businesses seeking to streamline operations, improve efficiency, or prepare for major transitions like mergers, acquisitions, or succession. For 40 years, Shajani CPA has been at the forefront of providing expert tax reorganization services.…