ZMA Chartered Professional Accountants

12/27/2021

Ottawa convenience store owner sentenced for tax evasion

The Canada Revenue Agency (CRA) announced that on November 23, 2021, Ali Kariminazagheh, also known as Ali Karimi (Karimi) of Ottawa, Ontario, was sentenced to an 18-month conditional sentence and a fine of $83,499. Karimi pleaded guilty in the Superior Court of Justice, in Ottawa, to one count of t...

04/23/2021

President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nation’s wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so.

03/12/2021

Can you claim an Allowable Business Investment Loss?

Allowable Business Investment Loss (ABIL)

03/08/2021

The Canada Revenue Agency confirmed this week that some taxpayers who repaid COVID-19 related benefits in 2020 have received incorrect tax slips that wrongly list portions of the repaid benefits as taxable income.

The Canada Revenue Agency says some taxpayers who repaid COVID-19 related benefits in 2020 are getting incorrect tax slips.

03/05/2021

If the CRA determines that you are using your TFSA to day trade, you may lose the benefit of your tax-free gains.

Benefit of tax-free gains be lost if the CRA determines that you are using your TFSA to gain business income, as opposed to investment income.

02/28/2021

Your TFSA is a great way to accumulate tax-free income, but what happens when the account holder dies?

TFSA

02/18/2021

What is the best way to deal with vacation properties in your will when you have more than one child?

A common question we receive from clients is how to deal with vacation properties when they have more than one child. What is the best way to approach this to ensure all children are treated equally?

02/09/2021

Should you get life insurance? Life insurance is important if you have children or a spouse that depend on you financially, and especially if you have a mortgage or other loans that those people would be liable for in the event something happened to you. Check out the link in bio for more details!

02/09/2021

Since March 2020, many of us have shifted to working from home, and purchasing desks, chairs, and monitors. So you can you write off these expenses incurred because of COVID-19 on your taxes? Check out the link in our bio for more details!

02/09/2021