Time to File Your 2020 Personal Tax Return
The 2021 tax filing season is now here and you should be getting ready to file your 2020 personal taxes. This year will have unique COVID issues and has seen some changes that should be considered. Due Dates Generally, your…
Important Dates
By Nizam Shajani, CPA, CA, MBA Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. January 15, 2021 - December payroll remittances due January 15, 2021 - Payroll remittances for 2020…
QBO Automated Bookkeeping
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…
Business Expenses
By Nizam Shajani, CPA, CA, MBA As a rule, a proprietor or corporation can deduct for tax purposes any reasonable expenses that were incurred to earn business income. However, this rule has its exemptions and other consideration that make up…
What the CRA Said
By Nizam Shajani, CPA, CA, MBA Canada Emergency Rend Subsidy Qualifying organizations can apply directly for the new Canada Emergency Rent Subsidy (CERS) through the Canada Revenue Agency (CRA). This means qualifying organizations can apply for the subsidy without the…
Case Summary of Kruco TCC and FCA
By Nizam Shajani, CPA, CA, MBA This document is extracted from a paper originally written for York University Faculty of Law by Nizam Shajani. It used to be simple to move a dividend from a subsidiary to its parent corporation. …
Administration of Property Held for Others Under Statutory Authority
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…
Integrated Tax Planning
By Nizam Shajani, CPA, CA, MBA The perception of tax planning has often been misconceived as a simple choice between dividends and salary from an owner managed business. The decision should consider a number of variances – one such consideration…
Deducting Meals and Lodging Related to Employment
By Nizam Shajani, CA, MBA If you incur costs related to employment such as overtime meals, travel to locations different from your employer’s place of business and incur expenses during travel for work – these costs may be deductible. To…