GTA Accounting Insights

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Did You Miss Your Tax Filing Deadline for 2020? Here’s what you should do next!

Missing out important tax filing deadlines for 2020 will certainly lead you to face some consequences in terms of paying high-interest charges & the CRA penalties. There are certain benefits, rebates, and tax credits that you can claim in your tax filings including child benefits, trillium benefits, workers’ benefits, property & sales tax credits, GST/HST…
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The Role and Importance of Bookkeeping for Small Business in Canada

It doesn’t matter what type of business you operate; it is essential to know how bookkeeping ensures the proper functioning of your business. Bookkeeping is the backbone of the entire accounting system and it is highly important to make sure that your bookkeeping generates accurate, error-free, and up-to-date results. If it is intimidating for you…
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Imperatives of Corporate Tax Planning for Small Businesses in Canada

‘Corporate Tax Planning’ is an attempt to reduce tax liabilities using different tax reduction strategies. To get the most out of your tax strategies, you need to start the tax planning process well before the end of the fiscal year. Writing-off assets, bonus declaration, and the investment in RRSP account are some of the important…
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All You Need to Know About GST / HST in Canada

Introduction: The Harmonized Sales Tax is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combined into a single value-added sales tax i.e. HST. For Ontario – HST is 13%; if your business collects GST/HST on sales, it…
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Bookkeeping Essentials for Small Restaurants in Canada

Many small restaurant owners in Canada fail to complete even the first year of their business operations only because they fail to manage their restaurant’s cash flows appropriately. There can be a lot of misappropriations that can only be controlled by implementing an industry-specific accounting solution. Restaurants are not exempted from the need for accurate…
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How RRSP’s Can be a Great Investment for Canadians

A Registered Retirement Savings Plan (RRSP) is one of the great tools for Canadians to save money for their retirement life. Investment in RRSP is considered as ‘tax-deferred’ which means that your money is only taxed when you withdraw it. For most Canadians, RRSP is not only an investment tool but you can also minimize…
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