GTA Accounting Insights

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6 Bookkeeping Mistakes That Might Take You Down

As a small business owner, you might look at bookkeeping as a necessary evil, something you have to put up with. We often face the tedious and mundane task of spending hours and hours on the same thing. The reason why well over half of all small business owners fail to keep their finances up…
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4 Important Things to Know About Canada/U.S. Cross Border Taxation

Canada and the United States face unique and complex tax issues due to cross-border activities, such as financings, benefits, and losses. Tax legislation and regulations for cross-border taxation must be complied with to ensure dealings are structured so that you can maximize your tax efficiencies and minimize tax liabilities. A non-compliance has the potential to…
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What is Inbound and Outbound Cross Border Taxation?

In this article, we are going to discuss what is inbound and outbound cross-border taxation. We will go through both categories one by one explaining with the help of straightforward examples.  We begin by examining multinationals based in a home country that invest at home or abroad. To keep things simple, multinationals finance subsidiary investments…
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How Can an Accounting Firm Help You With Succession Planning For Family Businesses?

To better understand this issue of how can an accounting firm help you with succession planning for your family business, you first have to know what succession planning is. It is a plan for your company to embrace the change and become stronger. Your family business must be strong because there are many factors to…
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5 Ways The CRA Monitors Underground Taxation

In Canada, nearly everyone who owns a business or just living their life knows how to file their taxes on the amount they owe to the government. In all the other countries around the world, a portion of the population fails or tries their best to avoid paying taxes. The CRA treats this portion of…
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What Expenses Can You Claim On Rental Properties in Canada?

It does not matter if you are a real estate owner or just starting with your first rental unit. If you get money in return for that rental space, your silent investor will need its share.  Have you ever heard of this silent investor?  We are talking about the CRA Canadian Revenue Agency who always…
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