GTA Accounting Insights

Merits & De-Merits of Incorporating a Business in Canada

Incorporating a business is not a legal obligation in Canada but it can bring legal protection to your business. As, personal taxes are high in Canada, it is recommended to incorporate a business so that you may potentially reduce your tax liability. The primary benefit of becoming a corporation in Canada is the separation of…
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How to Incorporate a Business in Canada

This article will give you a brief understanding of the importance of incorporating a business in Canada as well as give you a step-by-step process of how to incorporate. An incorporated business is a legal entity that is separate from its owners and shareholders. Canadian businesses can be incorporated at the federal or at the…
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Pros & Cons of becoming a Non-resident of Canada

In this article, we will discuss the pros and cons of becoming a non-resident of Canada as follows: Canada Child Benefit Upon becoming a non-resident of Canada, you will stop receiving the Canada Child Benefit. GST/HST Credits Upon becoming a non-resident, you will stop receiving GST/HST tax credits from the CRA. Repay Home Buyers Plan…
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How to become a Non-resident of Canada?

In this article, we will discuss how to become a non-resident of Canada. In order to become a non-resident of Canada; there is a requirement to end-up all primary ties and most of the secondary ties to Canada. We have further elaborated what includes in Primary ties as follows: What includes in Primary Ties to…
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Tax Obligations For a Non-Resident of Canada

There are many tax implications of becoming a non-resident of Canada. Canadian income received by a non-resident is subject to Part XIII tax or Part I tax. For Part XIII tax, we have the following income sources in Canada; Dividends Rental and royalty payments Pension payments and CPP/QPP benefits Old age security Retiring allowances RRSP…
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Rental Property for Non-Residents

What is Section 216 The real estate sector is one of the fastest-growing sectors of the Canadian economy. Income taxes in Canada are relatively high as compared to the other parts of the world. Therefore, people tend to move to gulf our other tax havens to avoid paying the Canadian tax. This can be achieved…
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