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Allan Madan

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Posted by on in Personal tax

Trust No Accountant

Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.

Sanjeey hired a man by the name of Muntaz Rasool, who led him to believe he could receive a greater tax refund than what was previously prescribed. However, when Muntaz began putting together Sanjeey’s 2008 tax return, he made up a large and fictitious business loss; on a business his client never owned. By claiming his loss in 2008, a request was made to apply net operating losses to the preceding year’s income (ie, a “carryback”) which would have made his taxable income from 2005 to 2008: zero.

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Posted by on in Corporate and business tax

The Rise of Transfer Pricing Disputes

Many multinational companies are using techniques to either avoid or lower their taxes by taking advantage of the fact they have a parent company or subsidiaries in other countries. The CRA, IRS, and other tax authorities are auditing taxpayers with greater scrutiny in regards to transfer pricing issues so they are able claim their share of tax revenues.

Hits: 150
Posted by on in Personal tax

What is section 85 and why is it used?

Tax practitioners commonly refer to Section 85 as a rollover. This rollover allows a sole proprietorship to transfer assets to a corporation without resulting in a capital gain. A capital gain is a profit made from the sale of an asset.

When a sole proprietor decides to incorporate their business, the CRA (Canada Revenue Agency) dictates that the assets are to be sold at fair market value (FMV). To benefit from this rollover, sole proprietors may sell their business assets at their initial purchase price, instead of current market value. This transfer must include some shares as part of consideration received on the sale. 


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Here is your ultimate guide to swiftly and successfully filing a final tax return for a deceased individual. This guide provides you with comprehensive instructions for the tax treatment for various forms of income and benefits. It also provides simple and easy to follow examples that will help make filing this return a breeze.

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Posted by on in Corporate and business tax

It is clear that Canada needs significant corporate tax reforms if it is to adapt to the ever changing global economy. A tax regime that is selective on who receives favourable tax incentives is one that will ensure Canada's economic competitiveness.

Hits: 926