GTA Accounting Insights

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6 Reasons Why You Should Outsource Bookkeeping

It is an important decision to outsource the bookkeeping to an accounting firm especially when you don’t have the in-house accounting expertise for your business who can professionally handle bookkeeping issues for your business. For any organization, it is important to assess as to what extent the bookkeeping services can be outsourced. In order to…
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New Tax Rules for Income Splitting for 2020

The tax on split income is like an escape room where people can’t find easy exit. The federal government has expanded Tax on Split Income (TOSI) rules on January 01, 2019. What is income splitting from the CRA’s point of view? It is defined as; “An income-splitting technique that shifts income received from an incorporated…
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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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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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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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