T4A – Statement of Pension, Retirement, Annuity and Other Income
Commissioned salespeople are often used to mitigate costs and incentives sales within an organization. While considered self employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return…
RESP Tax Plan
As we gear up for back to school for the little ones, it is important to prepare for the years after graduation. If you anticipate your children will attend post-secondary education, planning for this costly period should be done years…
Act Now for Intergenerational Transfers – Bill C-208 Amendments to Section 84.1
There is still a window of opportunity for tax savings when transferring a business to a corporation owned by your child or grandchild and being allowed to claim the lifetime capital gains exemption before amendments are proposed to Bill C-208…
Business and Professional Income
Accounting for your business and professional income on your personal tax return does have some complexities. However, using a professional accountant to help you navigate the return could be fruitful in the tax savings and provide piece of mind. Here…
Integrated Tax Planning
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 being integration. The Canadian tax system…
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…
Income Splitting with the Prescribed Rate of Interest
By Nizam Shajani, CA, MBA The prescribed rate of interest is often used within tax planning and income splitting and can be a good tax savings strategy that can last a number of years. While providing your spouse funds to…
Executor of the Will Must Plan the Tax
By Nizam Shajani CPA, CA, MBA The executor of an estate has a duty to obtain tax advice that goes beyond the simple preparation of tax returns. The failure to engage this advice will leave the executor open to liabilities…
Tax Planning for a Partnership
By Nizam Shajani, CPA, CA, MBA November 9, 2020 Under the common law a partnership exists when two or more persons carry on business in common with a view to profit. The rules governing the creation and legal existence of…