SRJ CPA Profit and Wealth Playbook

Shayan Rashid and Arif Amjad explain the proposed changes to the capital gains inclusion rate, including the shift from 50% toward a 2/3 inclusion rate for gains above certain thresholds. Covers how this applies to individuals, corporations, and trusts, and strategic planning tools for timing, portfolio restructuring, and succession planning.

How startups can access government-backed capital through SR&ED tax credits, government grants, and hiring incentives across Canada. Clarifies the key differences between grants and SR&ED, how eligibility is assessed in practice, and what founders need to know to avoid leaving funding opportunities untapped.

How startups and growth-stage businesses can unlock non-dilutive funding across federal and provincial programs, including SR&ED credits, grants, and hiring incentives. Links foundational business elements like incorporation, tax compliance, payroll systems, and financial record-keeping directly to funding eligibility.

Foundational tax concepts every new business owner should understand. Covers business structures, incorporation, salary vs. dividends, CPP, RRSP planning, deductible expenses, home office and vehicle claims, income splitting, shareholder loans, holding companies, SR&ED, and the FHSA.

SR&ED, CanExport, EDC export financing, Canada-Ontario Job Grant, MITACS, BDC financing, the Canada Small Business Financing Loan, and more. Covers who qualifies at each stage of business growth, common reasons businesses get turned down, and how to combine multiple programs to maximize available support.

Building a healthcare practice from the ground up means managing clinical operations, business development, and financial decisions all at once. Alyza shares how having SRJ in her corner early on gave the Integra Health Centre team the financial clarity they needed to stay focused on growing the clinic.

Craig Gibson works with physicians and dentists on practice financing every day. He shares what it's like collaborating with SRJ on those deals and why having an accounting team that genuinely understands healthcare finance makes a real difference during acquisitions, clinic startups, and major transitions.

Abraham Top describes working with SRJ as advice that never starts with the numbers. It starts with understanding where the client is trying to go. That approach is what makes the financial guidance actually land.

Canadian startups are increasingly missing out on significant non-dilutive funding simply due to lack of clarity around eligibility and program structure. SRJ Chartered Professional Accountants’ Arif Amjad and Amir Daoud break down how startups can access government-backed capital through SR&ED tax credits, government grants, and hiring incentives across Canada. The discussion clarifies the key differences between grants and SR&ED, how eligibility is assessed in practice, and what founders need to know to avoid leaving funding opportunities untapped. It also connects the operational foundations that directly impact eligibility, including business structures, tax compliance, payroll systems, and documentation practices. The conversation further explores how different programs interact, what qualifies as eligible R&D across industries, and how businesses can strategically combine and stack incentives to maximize funding while staying compliant and supporting long-term growth.

Access to government funding in Canada is often less about eligibility and more about knowing how the system fits together. Arif Amjad and Tabish Bhatti from SRJ Chartered Accountants explore Funding the Future: SR&ED and Grants Pathways for Canadian Companies, outlining how startups and growth-stage businesses can unlock non-dilutive funding across multiple federal and provincial programs. The discussion covers SR&ED tax credits, government grants, and hiring incentives, while also linking foundational business elements such as incorporation, tax compliance, payroll systems, and financial record-keeping directly to funding eligibility. It further breaks down how programs interact in practice, what qualifies as eligible R&D across different industries, and how companies can strategically combine and stack incentives to maximize available funding opportunities while remaining compliant and strengthening long-term financial growth.

Entrepreneurs in Canada often underestimate how quickly tax structure decisions made in the early stages of a business can impact long-term financial outcomes. In this “Tax 101 for Entrepreneurs in Canada” webinar, Junaid Usmani and Hassan Sohail from SRJ Chartered Professional Accountants break down the foundational tax concepts every new business owner should understand. The discussion covers core business structures including sole proprietorships, partnerships, and corporations, along with their respective tax implications, liability exposure, and administrative complexity. It also explains why incorporation is often used as a strategy for tax deferral and liability protection, along with how the Canadian small business tax system works in practice. The session further explores how entrepreneurs can structure compensation through salary versus dividends, including implications for CPP contributions, RRSP room, and long-term retirement planning. It connects these decisions to broader tax planning strategies such as income splitting, shareholder loans, and holding companies, while emphasizing CRA compliance and proper documentation. Additional focus is placed on deductible business expenses, home office and vehicle claims, charitable giving strategies, and structured approaches to saving for a first home using RRSPs and the FHSA. The webinar concludes with practical guidance on cash flow management, government incentives including SR&ED, and live Q&A insights addressing common real-world tax planning scenarios faced by Canadian entrepreneurs.

Access to government funding in Canada is often underutilized, with many small business owners missing out simply due to limited awareness of available programs and how they connect to day-to-day operations. In this webinar, Arif Amjad and Shayan Rashid from SRJ Chartered Accountants outline the key government funding pathways available to Canadian entrepreneurs, including SR&ED tax credits, CanExport funding, EDC export financing, and a range of federal and provincial grants. The discussion breaks down how these programs support different stages of business growth from early-stage startups to expanding and export-ready companies, while clarifying eligibility criteria, application timing, and common reasons businesses fail to qualify. The session also explores hiring and training incentives such as the Canada-Ontario Job Grant and MITACS programs, along with broader financing options through BDC and the Canada Small Business Financing Loan. It connects funding eligibility to foundational business practices like incorporation, payroll setup, financial record keeping, and compliance. The webinar concludes with an overview of recent tax updates impacting entrepreneurs, including capital gains exemptions and new incentives designed to support business succession and long-term planning, along with practical guidance on combining multiple programs to maximize available support while remaining compliant.

Capital gains taxation in Canada is entering a period of meaningful change, with proposed updates to the inclusion rate prompting new questions for investors, business owners, and incorporated professionals. In this webinar, Shayan Rashid and Arif Amjad from SRJ Chartered Accountants explain the proposed changes to the capital gains inclusion rate, including the shift from the current 50% treatment toward a 2/3 inclusion rate for gains above certain thresholds. The discussion breaks down how this change applies differently to individuals, corporations, and trusts, and why the $250,000 annual threshold for individuals creates new planning considerations around timing, realization of gains, and portfolio management. The conversation further explores how these changes may impact long-term investment strategies, real estate holdings, and generational wealth transfers, particularly in cases where assets have low cost bases and significant accrued gains. It also examines how corporations will be affected by the removal of preferential treatment on the first portion of gains, leading to higher effective tax rates on investment income held inside private companies. Additional focus is placed on strategic planning tools such as capital gains timing, portfolio restructuring, and evaluating whether to realize gains before the proposed effective date, alongside broader implications for cross-border moves, succession planning, and tax optimization strategies for business owners and investors in Canada.

Small business owners often focus on increasing revenue, but a key part of tax efficiency comes from properly identifying and claiming allowable business deductions. In this video, Shayan Rashid from SRJ Chartered Accountants explains the four main categories of deductions in Canada, including home office expenses, vehicle costs, capital assets, and general business expenses, while highlighting the importance of allocating expenses based on business use and maintaining proper documentation. The discussion also explains the difference between current expenses and capital assets that are depreciated over time, along with CRA requirements for record keeping to support deductions in the event of an audit.

Many business owners assume leasing or buying a vehicle is mainly a tax decision, but the real outcome depends on total cash flow and usage patterns. In this video, Shayan Rashid from SRJ Chartered Accountants compares both options, explaining that lease deductions are generally capped at $800 per month while vehicle purchases are limited through capital cost allowance rules on a maximum of $30,000. The discussion also highlights practical considerations such as mileage limits, maintenance responsibilities, upfront costs, and how personal use versus business use impacts the actual tax benefit over time.

Real estate investing in Canada can be highly profitable, but without proper tax planning a significant portion of gains can be lost to the CRA. In this video, Shayan Rashid from SRJ Chartered Accountants explains key considerations including how capital gains are calculated on property sales, the requirement to report rental income and related expenses annually even in loss situations, and how losses may offset other income. The discussion also covers GST/HST new housing rebate compliance, the use of the principal residence exemption to reduce or eliminate capital gains in certain cases, and the increasing importance of maintaining proper documentation due to higher CRA audit activity in real estate investments.

If you have unfiled tax returns in Canada for multiple years, the CRA Voluntary Disclosure Program can provide a structured way to correct your filings and potentially avoid penalties. In this video, Shayan Rashid from SRJ Chartered Accountants explains how the program works, including the requirement that disclosure must be voluntary, that there must be multiple years of unfiled returns, and that the information submitted must be complete and accurate. The discussion also outlines the option of an anonymous application process, the 90-day window to submit all required returns once accepted, and the importance of professional guidance to navigate the process correctly and minimize risk when dealing with the CRA.

When a business grows, incorporation can provide meaningful tax and legal advantages, but only if it is structured correctly from the start. In this video, Shayan Rashid from SRJ Chartered Accountants explains the key benefits of incorporating, including limited liability protection that separates personal assets from business risk, lower corporate tax rates compared to personal income tax, and opportunities for income splitting through family shareholders. The discussion also outlines the technical process of transitioning from a sole proprietorship to a corporation, including closing the sole proprietorship, updating CRA accounts, and transferring business assets through a section 85 rollover, while emphasizing the importance of properly handling both tangible assets and goodwill to avoid unintended tax consequences.

If tax returns are filed late in Canada, the CRA applies a combination of penalties and interest that can quickly increase the total amount owing. In this video, Shayan Rashid from SRJ Chartered Accountants explains the main types of penalties, including late filing penalties that start at 5% plus 1% per month up to 12 months, penalties for failing to report income when significant amounts are omitted over multiple years, and penalties for false statements or omissions based on understated tax or overstated credits. The discussion also covers how CRA interest is charged daily and compounded, the standard filing deadlines for individuals and corporations, and the availability of taxpayer relief provisions and the Voluntary Disclosure Program for eligible situations where compliance issues can be corrected.

Two of the most common tax mistakes healthcare professionals make are either not claiming enough eligible business expenses or over-claiming and increasing CRA audit risk, particularly within professional corporations. In this video, Junaid Usmani from SRJ Chartered Accountants explains how physicians can properly structure deductions, including automobile expenses based on business-use tracking, professional membership and licensing fees such as CPSO, OMA, and CMPA, and clinic-related overhead costs. It also outlines additional deductible categories like accounting and legal fees, insurance, meals and entertainment, marketing, office supplies, travel, and qualifying home office expenses, while also noting restricted personal expenses such as golf and non-business wardrobe costs, with a focus on maintaining proper documentation and CRA compliance.

A common question among physicians is whether student loans should be prioritized ahead of incorporating a professional practice or whether incorporation should come first. Junaid Usmani from SRJ Chartered Accountants explains that incorporating early can create meaningful tax advantages, including lower effective tax rates, the ability to defer income, and opportunities for income splitting, all of which can improve cash flow compared to operating as a sole proprietor. He further notes that remaining unincorporated often results in paying higher personal tax rates on each additional dollar earned, which can limit flexibility in accelerating debt repayment, whereas incorporation allows more control over how and when income is taken out to balance tax efficiency with loan obligations.

Choosing an accounting firm is often compared to choosing a long-term professional partner, especially for physicians who require ongoing tax and advisory support throughout their careers. Junaid Usmani from SRJ Chartered Accountants outlines key factors doctors should consider, including industry-specific experience with healthcare professionals and awareness of rules such as HST obligations and regulatory requirements from bodies like the CPSO. He also highlights the importance of accessibility, practical guidance that goes beyond technical tax law, and the ability of a firm to support clients through different stages of growth without needing to switch providers later. Finally, he emphasizes the value of a strong working relationship where the accountant understands both the business and personal financial context to provide more tailored decision-making support.

Physicians and dentists planning to start or purchase a private practice often need clarity on how financing works and what banks look for during the approval process. Shayan Rashid from SRJ Chartered Accountants, alongside Craig Gibson from Scotiabank Healthcare Banking, explains that new practices may qualify for up to 100% financing on leasehold improvements and equipment based on submitted budgets, while acquisitions of existing practices are typically assessed using independent appraisals combined with projected cash flow prepared with the help of an accountant. They also outline common lending terms such as interest-only periods for new startups, standard amortization over several years, and open loan structures that allow early repayment flexibility. The discussion further highlights key documentation requirements including personal financial statements, tax returns, and cash flow projections, as well as the importance of engaging accountants, lawyers, brokers, and other advisors early in the process to support a smooth transition into ownership.

Healthcare professionals considering whether to purchase or lease their practice premises are often advised to evaluate long-term financial and operational benefits, particularly given the extended duration many physicians and dentists remain in the same location. Shayan Rashid from SRJ Chartered Accountants and Craig Gibson from Scotiabank Healthcare Banking explain that acquiring a building can be advantageous due to equity building and long-term stability, with financing structures typically split into different amortization periods and offered on an open basis with flexible repayment options. They also outline key documentation requirements such as purchase agreements, third-party appraisals, environmental assessments, and financial statements, along with the importance of structuring ownership through appropriate entities like holding companies while ensuring lease terms align with loan durations. The discussion further highlights risks associated with leasing, including restrictive clauses, and emphasizes the increased flexibility and long-term planning advantages that come with ownership of practice premises.

Physicians and dentists starting or expanding a healthcare practice often face short-term cash flow pressures, particularly when hiring staff, purchasing equipment, or managing early-stage revenue variability. Shayan Rashid from SRJ Chartered Accountants and Craig Gibson from Scotiabank Healthcare Banking explain that new practices typically benefit from access to credit lines of up to approximately 25% of annual billings, along with corporate credit cards to manage day-to-day operational expenses. They also note that larger or more predictable expenses, such as equipment purchases or renovations, are better suited for term loans rather than relying on operating credit facilities. The discussion further highlights the importance of separating business and personal financial planning, using structured withdrawal schedules such as salary or dividends, and maintaining consistent budgeting practices supported by accountants and bookkeepers. Regular financial reviews, lender annual assessments, and forward-looking cash flow planning are emphasized as key tools to help practices stabilize operations, avoid liquidity issues, and support long-term growth.

Physicians and dentists considering whether to purchase an existing practice or build one from scratch often need to weigh financial, operational, and long-term strategic factors. Shayan Rashid from SRJ Chartered Accountants and Craig Gibson from Scotiabank Healthcare Banking explain that both options are viable from a financing perspective, with the decision largely depending on client goals, cash flow capacity, and risk tolerance. Purchasing an existing practice provides immediate access to established staff, location, and patient base, but may also include inherited constraints and requires careful review of financial statements, tax returns, appraisals, and cash flow projections. Building a practice from scratch, on the other hand, offers full customization of design, location, and operations, but requires detailed budgeting, coordination with builders and equipment suppliers, and stronger upfront planning around cash flow and marketing strategy. They also highlight key professional considerations such as asset versus share purchases, HST implications, and potential hidden liabilities, emphasizing the importance of accountant and legal involvement in structuring the transaction. Ultimately, the decision depends on individual circumstances, with financing available for either approach as long as a viable business case is demonstrated.

Healthcare professionals operating through a professional corporation can often reduce taxable income through properly documented business deductions, but excessive or unsupported claims may increase CRA audit risk. Junaid Usmani from SRJ Chartered Accountants explains the three major deductible expense categories commonly available to physicians and surgeons, including automobile expenses allocated based on actual business use, annual professional membership and licensing fees, and overhead costs paid to clinics or medical practices. The discussion also outlines additional deductible expenses such as legal and accounting fees, insurance, office supplies, marketing, travel, meals and entertainment, cell phone and internet costs, salaries, rent, and eligible home office expenses, while emphasizing the importance of maintaining mileage logs and supporting documentation. The video further clarifies that certain personal or specifically prohibited expenses, including golf fees and personal clothing purchases, are not deductible even when networking or professional image considerations are involved.

Many newly practicing physicians delay incorporation while focusing on repaying medical school debt, but this approach can unintentionally increase overall tax costs and reduce available cash flow. Junaid Usmani from SRJ Chartered Accountants explains that incorporating a medical practice early can provide significant tax deferral opportunities by allowing physicians to control how much income is withdrawn personally versus retained inside the corporation. The discussion highlights how earning income personally without a corporation may result in paying the highest marginal tax rates on additional earnings, whereas a corporate structure can create more flexibility for long-term tax planning and potentially support income splitting with eligible family members. The video also emphasizes that maintaining student loan payments while benefiting from lower corporate tax rates may improve overall financial efficiency and accelerate wealth accumulation over time compared to prioritizing loan repayment before incorporation.

Selecting an accounting firm for a medical practice involves more than basic tax preparation, particularly for physicians dealing with industry-specific compliance and long-term financial planning needs. Junaid Usmani from SRJ Chartered Accountants explains that healthcare professionals should prioritize firms with experience serving doctors and understanding specialized issues such as HST exemptions, regulatory requirements from the College of Physicians and Surgeons of Ontario, and practice-specific tax considerations. The discussion also highlights the importance of accessibility and practical guidance, emphasizing that physicians benefit from advisors who can apply tax legislation to real-world situations rather than relying solely on technical interpretations or overly aggressive deduction strategies. Additional considerations include choosing a firm capable of supporting future growth as a practice evolves and building a long-term professional relationship that allows the accountant to better align tax, business, and financial decisions with the physician’s broader personal and professional goals.

Physicians with high professional income can still undermine long-term financial growth through avoidable tax and cash flow management mistakes. Junaid Usmani from SRJ Chartered Accountants outlines several common issues affecting doctors, including delaying incorporation and therefore missing opportunities for tax deferral and corporate planning, failing to file tax returns or make CRA installment payments on time, and accumulating unnecessary penalties and interest charges as a result. The discussion also emphasizes the importance of obtaining professional guidance when establishing a medical professional corporation, particularly due to regulatory requirements imposed by the College of Physicians and Surgeons of Ontario and CRA rules surrounding shareholder structures and dividend payments. Additional focus is placed on personal budgeting practices, highlighting that physicians should base spending decisions on sustainable personal withdrawals from the corporation rather than total corporate earnings in order to better manage tax exposure and preserve long-term financial flexibility.

Purchasing a first home while operating through a professional corporation requires advance tax planning to avoid unnecessary personal tax exposure and cash flow strain. Junaid Usmani from SRJ Chartered Accountants explains that business owners and incorporated professionals should begin planning several years before a home purchase rather than withdrawing large lump sums from a corporation in a single year, as spreading withdrawals over time may significantly reduce overall taxes paid. The discussion also outlines how RRSP contributions and the Home Buyers’ Plan can be used to access funds on a tax-deferred basis for eligible first-time home purchases, including key conditions related to prior home ownership and minimum RRSP holding periods. Additional emphasis is placed on aligning mortgage and lifestyle costs with sustainable personal income withdrawals from the corporation rather than relying solely on total corporate earnings, helping preserve long-term tax efficiency and financial stability.

Bringing funds or holding assets from outside Canada does not itself trigger tax consequences; however, Canadian tax residents are subject to strict foreign reporting requirements that, if not followed, can result in significant penalties. Junaid Usmani from SRJ Chartered Accountants explains that individuals must disclose foreign property with an aggregate cost exceeding CAD 100,000 on an annual basis, including bank accounts, real estate, and investment holdings, regardless of whether those assets generate income. While no tax is payable solely for ownership, any income earned from foreign assets is taxable in Canada due to worldwide income reporting rules, and failure to properly disclose foreign holdings can result in penalties of up to $2,500 per year per omission. The discussion also highlights additional reporting obligations for foreign corporations and emphasizes the importance of timely compliance, particularly given CRA’s increased audit activity in this area. Where prior non-compliance exists, the Voluntary Disclosure Program may provide relief from penalties if the disclosure is made proactively before CRA enforcement action begins, underscoring the importance of obtaining professional guidance to properly correct filings and reduce exposure.

GST/HST compliance is an important step for businesses as they grow, particularly once revenue reaches the federal registration threshold. In this video, Rishabh Khamesra explains that businesses carrying on commercial activity in Canada must register for GST/HST once taxable revenues exceed $30,000 over four consecutive quarters, at which point they are no longer considered small suppliers under CRA rules. The session also outlines how HST in Ontario combines federal GST and provincial sales tax into a single harmonized rate, and notes that while most businesses meeting the threshold are required to register, certain exempt service providers such as some healthcare professionals may fall under specific exceptions depending on the nature of their services. It further explains the available registration methods through CRA, including online registration, telephone support, or submitting form RC1, and highlights the importance of correctly assessing obligations early to maintain proper tax compliance as a business expands.

Once a business is registered for GST/HST, the next step is understanding how to correctly charge, track, and remit tax in accordance with CRA rules, as errors at this stage can lead to compliance issues or missed recoveries. Rishabh Khamesra from SRJ Chartered Accountants explains that registered businesses must clearly display their GST/HST number on invoices and apply the correct tax rate based on the customer’s province, with rates varying across Canada depending on jurisdiction and whether sales are made within Canada or internationally. The discussion also clarifies that GST/HST is generally charged according to the destination of the customer, meaning out-of-province sales may be subject to different rates, while exports outside Canada are typically zero-rated. In addition, the concept of input tax credits (ITCs) is introduced, allowing businesses to recover GST/HST paid on eligible business expenses such as office supplies and operational costs, which helps reduce net tax payable when filing returns.

Filing GST/HST returns requires choosing the appropriate reporting method, as this decision affects both administrative workload and tax outcomes for a business. Rishabh Khamesra from SRJ Chartered Accountants explains that most businesses use the regular method, where net GST/HST payable is calculated by subtracting eligible input tax credits from total GST/HST collected during the reporting period, resulting in either a remittance to the CRA or a refund if credits exceed collections. The alternative quick method is available to qualifying businesses below the prescribed revenue threshold and allows tax to be calculated using simplified remittance percentages rather than tracking full input tax credits, although eligibility is restricted and requires formal election through CRA Form GST74 and adherence to a minimum usage period. The video also highlights that while the quick method can reduce bookkeeping complexity for some businesses, it may not be suitable for all industries, particularly those excluded by CRA rules, making method selection an important compliance and planning consideration.

GST/HST compliance extends beyond registration and collection, with ongoing filing frequency and payment obligations determined by a business’s total taxable sales. Rishabh Khamesra from SRJ Chartered Accountants explains that filing requirements are based on annual revenue thresholds, where smaller businesses may file annually or quarterly, mid-sized businesses generally file monthly or quarterly, and larger businesses with higher sales volumes are required to file on a monthly basis. The discussion outlines how filing deadlines vary depending on the chosen reporting schedule, with monthly filers required to remit shortly after each reporting period, while annual filers must align their GST/HST obligations with corporate or personal tax timelines depending on business structure. It also highlights CRA interest and penalty charges on late filings or payments, which can accumulate quickly due to compounding rates, reinforcing the importance of timely compliance. The video further covers deregistration rules for businesses that fall below the small supplier threshold, including the requirement to submit CRA Form RC145 and ensure all outstanding returns and balances are settled before an account can be closed.

Alyza Raithatha, co-founder of Integra Health Centre, reflects on the challenges of launching a new healthcare business and the financial complexity that comes with early-stage growth. She shares that SRJ Chartered Accountants provided clear structure and support with accounting and financial management, allowing her and her partner to stay focused on building and growing the clinic. The experience is described as supportive and reliable, with a strong sense that SRJ understood the realities of starting and operating a healthcare practice.

Craig Gibson from Scotiabank’s Healthcare Banking division describes his experience working with SRJ Chartered Accountants on a range of healthcare-related financing and advisory matters. He highlights SRJ’s strong understanding of the healthcare sector and their ability to support physicians and dentists through practice acquisitions, clinic setups, and financing processes. The relationship is described as seamless and industry-focused, with a shared understanding of the needs of healthcare professionals and financial institutions.

Abraham Top, Manager and Head of Real Estate at Diamond and Diamond Lawyers, describes SRJ Chartered Accountants as a firm that prioritizes understanding clients beyond their financial statements. He notes that the team takes the time to understand long-term goals and personal objectives before providing advice, ensuring that recommendations align with both business and life direction. The experience is described as attentive and relationship-driven, with a focus on long-term planning and meaningful client support.