GTA Accounting Insights

Play Video

How Can I Get Tax Free Benefits from My Corporation?

There are certain benefits that you may be able to enjoy without having to pay any taxes if you own a small corporation. In the paragraphs below, we will highlight three different kinds of benefits that you can get from your corporation to help ease the burden of paying taxes when you run a business.…
Read Article

How Corporations are Taxed on Dividends Received

When a corporation makes a profit, it distributes this to its shareholders and owners in the form of dividends. In most cases, the dividends will be distributed at specific times of the year. Some corporations will choose to do this annually whereas others quarterly. The dividend is a reward paid to shareholders for believing in…
Read Article

How to Pay the GST/HST Your Small Business Owes

The CRA expects you to remit the GST/HST you collect on sales. You must first deduct the ITCs you receive on your GST/HST. We’ll take a look at different ways to pay GST/HST if the results of your filing is a balance owing. 4 Ways to Pay GST/HST If You Have a Balance Owing Electronic…
Read Article

Change the Fiscal Year End of a Canadian Business

If you’re running a small business in Canada, one of the things you’ll often be required to do is to make sure your taxes are in order. Hiring a tax accountant to handle all the paperwork and ensure your taxes are properly filed will save you time and money. Furthermore, tax accountants can advise your…
Read Article

Charitable Donation Deductions in Canada

Your business can claim charitable deductions and gifts up to 75% of your net income. But there are certain exceptions to this rule. The CRA allows claims to be made up to 100% of a person’s net income for the year one dies and the one before that. For corporate income tax returns, the rules…
Read Article

Claiming Expenses on a Business Loss on Canadian Taxes

No one ever wants to make losses when they start a business. However, when filing your taxes, you may realize that your business expenses exceed your business income, which basically means that you will be recording losses on form T2125. But there are ways to write off such business losses. Are You Employed? If you…
Read Article