Letter from the Editor in Chief

Dear Valued Clients & Readers,

Welcome to the March 2024 edition of "Navigate by Shajani CPA," where we strive to be your beacon of insight and guidance in the ever-evolving financial landscape. This tax season brings to light the complexities and additional burdens of compliance, including new reporting requirements for trusts, the Underused Housing Tax (UHT), and various tax changes that pose challenges due to their ambiguity.

As your trusted advisors, we dedicate ourselves to staying abreast of these developments, investing over a hundred hours in learning updates and laws to ensure our practice remains at the forefront of tax expertise. Despite these challenges, our focus remains steadfast on navigating these regulations to not only seek savings but to prioritize avoiding penalties through diligent compliance.

New Trust Filing Requirements

This year introduces stricter tax-reporting rules for trusts, notably affecting bare trusts and traditional trust filings. Bare trusts, characterized by their simplicity in legal structure, now face new filing obligations that could impact many Canadians, including those with family-owned enterprises. This change aims to enhance transparency and combat tax evasion but also brings potential for increased compliance costs, especially for those unaware of their involvement in such trusts. Our team at Shajani CPA has been proactively preparing for these changes, ensuring that our clients can navigate these new requirements efficiently and effectively, minimizing the impact on your financial planning.

Economic Update

The latest economic overview highlights significant challenges and opportunities for small and medium-sized family-owned enterprises in Canada, amid a global economic slowdown marked by decreasing inflation rates but shadowed by geopolitical tensions and their potential impact on monetary policies. In Canada, high inflation rates, especially in the housing sector driven by rapid population growth, have led the Bank of Canada to adopt a restrictive monetary stance, which might dampen investment and lead to a stagflation scenario. This situation necessitates vigilance, strategic planning, and resilience from businesses, particularly those related to housing and construction, as they navigate through these economic uncertainties. With the Bank of Canada expected to cut rates by the end of Q2 to aid recovery, businesses must stay informed and adaptable, preparing not only to withstand the immediate challenges but also to capitalize on growth opportunities in the aftermath, ensuring long-term prosperity.


In this Edition of Navigate

In this edition of Navigate, we delve into a range of topics designed to enrich your understanding and management of these complex tax terrains with a focus on tax compliance. From trust navigation and tax reorganization strategies to insights into foreign holdings and the latest in tax law, we aim to equip you with the knowledge to make informed decisions. We have taken the time to write about topics we feel are relevant to your business and hope you enjoy the reading. 

As we journey together through this tax season, our commitment to guiding you towards your financial ambitions remains unwavering. Thank you for your continued trust in Shajani CPA. Let us continue to navigate these challenges together, turning obstacles into opportunities for growth and success.


Warmest regards,


Nizam Shajani, CPA, CA, TEP, LL.M (Tax), MBA

Editor-in-Chief - Navigate by Shajani CPA

March 2024 Navigate Newsletter


Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor.

March 15, 2024  - February payroll remittances are due.

March 30, 2024  - Trust filing deadline.

March 31, 2024  - The fiscal year ends on December 31st tax payments are due.

March 31, 2024  - The fiscal year ends on September 30th tax filings are due.

April 2, 2024       - Bare Trust (extended) filing deadline.

April 15, 2024     - March payroll remittances are due.

April 30, 2024     - The fiscal year ends on January 31st tax payments are due.

April 30, 2024     - The fiscal year ends on October 31st tax filings are due.

April 30, 2023     - UHT for 2022 (extended) and 2023 filing deadline.

March is a wonderful time to update your personal and corporate tax plan. If you require assistance, contact our office.

Expert Trust Services at Shajani CPA

Secure Your Legacy

Trusts are a powerful tool in financial planning, offering a strategic way to manage and protect assets, provide for beneficiaries, and optimize tax obligations. At Shajani CPA, our expertise in trusts is unmatched. Read More.




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Understanding New GAAR


Government Tax in the News

New Form T2200

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Guide for Trustees on Taxation of Trusts

New Trust Reporting Requirements 


Complex Tax Implications for Retirement

Strategic Philanthropy in Retirement

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Trial Balance and General Ledger

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Unbiased Retirement Planning

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Financial Literacy for Family Businesses

Growing Your Family Owned-Business

Financial Challenges and Opportunities for Startups


Child Tax Credit

Canada Workers Benefit

Home Accessibility Tax Credit


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Child Care Expenses

GST / HST Credit

Non Resident Tax Reporting

Employment Benefits

Working Outside

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Union Dues

Do You Own BC Property?

UHT - Underused Housing Tax

Adoption Tax Credits

Why Consult with an Accountant?

T2200 Employment Related Expenses

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