GTA Accounting Insights

Category: blogs

4 Important Things to Know About Canada/U.S. Cross Border Taxation

Canada and the United States face unique and complex tax issues due to cross-border activities, such as financings, benefits, and losses. Tax legislation and regulations for cross-border taxation must be complied with to ensure dealings are structured so that you can maximize your tax efficiencies and minimize tax liabilities. A non-compliance has the potential to…
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What is Inbound and Outbound Cross Border Taxation?

In this article, we are going to discuss what is inbound and outbound cross-border taxation. We will go through both categories one by one explaining with the help of straightforward examples.  We begin by examining multinationals based in a home country that invest at home or abroad. To keep things simple, multinationals finance subsidiary investments…
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What Expenses Can You Claim On Rental Properties in Canada?

It does not matter if you are a real estate owner or just starting with your first rental unit. If you get money in return for that rental space, your silent investor will need its share.  Have you ever heard of this silent investor?  We are talking about the CRA Canadian Revenue Agency who always…
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How Do Cross Border Transactions Work?

What is a cross-border payment? And how do cross-border transactions work? These two questions can get tricky to understand sometimes. Cross-border payment is a transaction of funds sent from one entity to another to a recipient in another country. In most cases, the person who is sending and the person who is receiving do not…
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What Are Some Tax Breaks You Can Get As A Newcomer in Canada?

Canada’s tax system is somewhat complex and puzzling for some citizens, especially newcomers. Recent immigrants may find some difficulties when they first arrive. Depending on their tax situation and family structure, some new citizens may get tax breaks only if they are eligible. There are some benefits that these newcomers can claim. To help them…
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How Are Cross Border Taxes Assessed for American Citizens Working in Canada?

The united states tax system is said to be one of the most complex tax systems of all time. There are some fundamental differences between the US and Canada regarding their taxation. The US citizens have different income tax issues arising from employment in Canada. In this article, we will explain how are cross-border taxes…
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3 Reasons You Should Start Filing Your Taxes Online

Every season, millions of users have to pay their tax and to do that, they need to decide whether to file the tax online or in person. Choosing any one of these options helps them carry out all the necessary processes with ease. It is the nature of the tax and the process that determines…
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Here’s What You Need To Know About Your Airbnb Rental Income in Canada

Since the introduction of short-term rental services, there has been an effort from both provincial and government to provide a better understanding of rules and regulations. These guidelines are for people who want to participate and earn from services like Airbnb. Here’s what you need to know about your Airbnb rental income in Canada. One…
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What is the Difference Between Factual and Deemed Residence and How Does It Affect Cross Border Taxes?

Residency is a crucial matter for the Canadian tax system. Residents of Canada must declare all their income and pay taxes on it. At the same time, the non-residents are only taxed on their Canadian-sourced income. Therefore, residency status is essential to determine your tax liability in Canada. This is why we will discuss the…
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All About the U.S./Canada Cross Border Tax Treaty

The United States is one of the few countries that taxes its citizens on the money they make in the United States and anywhere else. In this article, you will expand your knowledge regarding all about the U.S./Canada cross-border tax treaty. The united states has a cross-border tax treaty with several countries that directly affect…
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