Greetings from Allan Madan!
Allan Madan, CA
Madan Chartered Accountant is an accounting firm specializing in tax, assurance, accounting and consulting for businesses and business owners. Being in the chartered accountancy profession, we are well equipped to provide our clients with the expert advice that they need on a wide range of issues.
Whether it’s tax advice, preparing your financial statements, or help with big business decisions, we are the accounting firm for you.
Our Team
Our team is made up of Chartered Accountant and Certified General Accountant in Toronto & Mississauga. We are large enough to help our clients with complex problems, yet small enough to provide personal attention to each of our clients.
Allan Madan, BA, MAcc, CA
Chartered Accountant & Founder
Allan Madan is a Chartered Accountant and Tax Expert and enjoys working with business owners, individuals and entrepreneurs:
- Allan has over 12 years of experience in public accounting. Prior to founding Madan Chartered Accountant in Mississauga, he worked for the prestigious firm Deloitte for 6 years, where he held the position of International Tax Manager
- He has completed Parts 1 and 2 of the Canadian In Depth Tax Course, which is the most comprehensive tax training in Canada
- He has held several tax seminars, including Taxation for Real Estate Investors” and “Tax Topics for Bookkeepers”
- Allan has been involved in many complex, tax reorganization transactions for Canadian companies
- He has written and published several tax articles
J. Somas, CGA
Accounting & Tax Technician
Somas is a Certified General Accountant. Prior to joining Madan Chartered Accountant in Mississauga, he worked as a financial analyst for a multi-million-dollar logistics and distribution company.
Mahfuz Khan
Accounting & Tax Technician
Mahfuz has several years of experience in public accounting and is working towards becoming a Certified General Accountant. Prior to joining Madan Chartered Accountant in Mississauga, Mahfuz worked for another mid-sized accounting firm in the Greater Toronto Area.
Adam Przygodzki’s
Accounting & Tax Technician
Adam is very knowledgeable in the area of taxation and has obtained his Bachelors of Commerce and Master of Management & Professional Accounting from the University of Toronto. Prior to joining Madan Chartered Accountant in Mississauga, Adam worked for another mid-sized accounting firm in the Greater Toronto Area.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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Great new site. Red is really your colour Allan 🙂
Look forward to reading your blog and getting smart in time for TAXES!
Rachel
Hi Allan,
I was wondering if you could answer a question regarding my real estate investments. I have two condos – one I purchased 6 months ago, one 2 years ago. I want to sell them both so I can purchase a house. Will I get taxed on the capital gains of the condos even though I am buying a house with the money? Also, are there any other taxes or financial commitments I must make?
Thank you Michael for your question.
As an Accountant in Toronto, I can tell you that the gain on your 2 condos will likely be considered to be a capital gain. Only 50% of a capital gain is taxable. Therefore, if your gain on the sale of the condos, after subtracting legal fees and commissions, was $100,000, then the taxable portion would be $50,000.
Even though you are using the proceeds from the sale of the condos to purchase a home in which you will live, the gains on the condos will still be taxable. (I have assumed that you did not live in any of those 2 condos, and that they were rental properties).
The principal residence exemption exempts the gain on the sale of your home (in which your reside) from tax.