As a family-owned enterprise, keeping your finances organized is key to making informed decisions and ensuring long-term success. The Chart of Accounts (COA) is a fundamental tool that provides structure to your financial records, helping you categorize and track every…
Passing a family business from one generation to the next is a proud milestone, but it’s also a complex process, especially when it comes to taxes. The good news is that recent changes to Canada’s tax rules offer new opportunities…
For family-owned enterprises in Canada, the complexity of tax compliance can be overwhelming. Two essential tools in the tax filing process are the NAICS Code and the GIFI Code, both of which play crucial roles in reporting and comparing financial…
Every year, thousands of Canadian seniors fall victim to financial scams, losing millions of dollars to cunning fraudsters. In fact, recent statistics show that seniors are targeted more frequently than any other age group, with the number of reported scams…
The Vital Role of Corporate Minute Books A corporate minute book is not just a regulatory requirement; it is the backbone of your corporate history and compliance. Governed by both provincial and federal business corporation acts, this repository includes all…
The Multigenerational Home Renovation Tax Credit (MGHRTC) and the Home Accessibility Tax Credit (HATC) are distinct tax credits under Canadian tax law, each with its own set of eligibility criteria and rules. The MGHRTC is a refundable tax credit designed…
Estate planning is an essential process that involves making plans for the transfer of your estate after death. It's a crucial step in managing your financial future and ensuring that your assets are distributed according to your wishes. In this…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. February 15, 2024 - January payroll remittances due February 29, 2024 - Fiscal year ends November 30th tax payments due February 29,…
Introduction Tax deadlines in Canada are crucial dates that individuals and businesses must remember to remain compliant and avoid penalties. Navigating these deadlines can be challenging, especially for family-based businesses with diverse obligations. Shajani CPA, a firm celebrated for its…
A trust allows you to separate control and management of assets from its owners. This separation allows for distinct advantages that will result from the details contained within the trust deed. There are several types of trusts and legal scholars…