What the CRA Said
The CRA has reminded individuals to file their 2020 personal taxes even if it is past the April 30, 2021 deadline. They highlighted some good reasons for doing so, including the following: • You may be eligible for a refund…
The Taxpayer Bill of Rights
As a taxpayer in Canada, you have rights that extend the right to pay tax. The Taxpayer Bill of Rights was introduced in 2007 to increase accountability and transparency by the CRA. The document outlines sixteen rights and provides a…
Shajani LLP and our QBO Professionals
What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test and became certified in QuickBooks. There are different types of certifications one can apply for,…
The Kruco Case
The Kruco case is a pivotal case in the determination of safe income available for a tax free intercorporate dividend from a subsidiary to its parent company. The CRA’s inconsistent position on this has been interesting. The following is taken…
Safe Income and Section 55(2)
This is an excerpt from a paper written for York University Faculty of Law. Dividends from a subsidiary corporation to its parent corporation are often though to be tax-free – however this is not a safe assumption. The simple movement…
Claims Against Estates by Family Members
One intent behind the preparation of a will should be to ease the administration of your estate. Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…
The Creation of an Express Trust – Formalities
The formalities of creating a valid trust and a valid will should not be underestimated. Oftentimes the statute of frauds or wills legislation applies where the formalities are not met. Courts of Equity generally look to a person’s intentions rather…
When Should a Sole Proprietor Incorporate?
There are many advantages and disadvantages of incorporating a business owned and operated by a sole proprietor – however a corporation may provide that added layer of protection and tax planning that a successfully run business would be ready for…
Corporate Minute Books
Accountants appreciate the importance of good record keeping. After all, accounting is the recording of transactions in a generally accepted presentation based on those records. Well maintained records are the foundation of a well organized entity. And at the centre…
What to Consider When Selling Your Sole Proprietorship
While a sole proprietor is the simplest form of a business structure, there are considerations when selling such a business to minimize tax. As the sale of a sole proprietorship is a taxable event, it would be advantageous to include…