GTA Accounting Insights

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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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Property Taxation in Ontario; How This Tax is Calculated?

Property tax raises revenue to fund different municipalities of the local government. Almost 25 percent of the property tax revenue is used to fund education in Ontario. As there are many responsibilities of the municipal finance department, certainly property taxation is one of the most important – not the least. The reason being that it…
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The First-Time Home Buyer – What are the Options Available to Buy a Home in Canada?

Before you decide to buy your home in Canada, you need to ensure that you are aware of all the options available to you and you weight out each option. Your research should be primarily focused on comparing the benefits of Buying Vs. Renting. You should also ensure that you are financially strong enough to…
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