In an economic climate where inflationary pressures are already squeezing margins, Toronto's proposed 10.5% property tax increase adds another layer of complexity for high-net-worth families and family-owned enterprises. Let's unpack the ramifications of this fiscal move and explore strategies to…
Relationships are important to consider when you plan for taxes and your accountant is a great source for relationship advice. Relationships will determine how transactions are interpreted by the tax authorities and determine how tax accounts must be shares and…
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…
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
The Canada Revenue Agency's (CRA) latest initiative has focused on Personal Services Businesses (PSBs). This topic is crucial for anyone operating a family-owned enterprise, especially those who engage independent contractors or run a PSB. Understanding the Initiative: The CRA has…
Introduction Tax accounting is a critical aspect of financial management, both for individuals and businesses. It can be complex, but with the right expertise, it's manageable. That's where Shajani CPA steps in. In addition to being experienced CPAs, our team…
Confirm a representative using My Account or My Business Account This tax season, there's a new way to confirm authorized representatives using My Account or My Business Account. Whether you're an individual or a business, this easy, two-step digital process will help you…
The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties…
Prepaid expenses are a type of asset that represent payment made by a business for goods or services that will be received in the future. Essentially, it is an expense that is paid for in advance of the benefit being…