GTA Accounting Insights

Category: Business & Corporate Tax

How Can Self-Employed People File Their Taxes in Toronto?

You have been working as an employee for a very long time. Now, you have started a side-hustle to bring more financial freedom and flexibility to your life. It could be anything ranging from freelance work or your own physical or online business. Being self-employed is great as you are more independent. Your side-hustle could…
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Is It Possible to Pay Fewer Taxes on Rental Properties in Toronto?

Becoming a landlord in Toronto is not as easy as it looks. Anyone can buy property, but if you want to rent it out, there are some responsibilities you need to consider. You’d have to be ready all the time to solve all the tenants’ problems. For instance, if the pipe is leaking on your…
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All About Tax Deductions For Small Businesses in Canada

It’s the time of the year where you have to get all your paperwork ready to file your tax returns. Some people get stressed about it. But as long as you declare everything truthfully, you’re good to go. When you have a small business in Canada, you might be eligible for a range of tax…
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Should You Hire A Freelancer Or An Accounting Firm in Toronto For Corporate Taxes?

Getting your business finances done from an expert Accountant is going to be one of the smartest decisions you’ll make. You already have a lot of stress to manage your strategic business goals, and you don’t want yourself to spend a lot of time doing the corporate taxes. So, what should you do? Should you…
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How Much Tax Do You Have to Pay If You Are A Small Business?

Owning a business, big or small, is no small feat. You constantly find yourself wearing different hats throughout the day. One minute you could be working on a new product, and the next, you could be working on your taxes. On another occasion, you could be dealing with a customer and helping resolve their issues.…
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When Are Corporate Tax Installments Due in Canada?

If you have a business, one of the most important things you worry about is corporate taxes. If you don’t pay on time, you could get into a world of trouble. But how do you pay your corporate taxes, and more importantly, when do you pay them? What is the requirement? You are supposed to…
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Is SaaS (Software as a Service) Taxable in Canada?

It has been predicted that many of the organizations would shift their apps to the SaaS model. Gartner estimated a spike of 23%, which means an increase of $72billion in the year 2018 Firstly, we have to look at the definition of a SaaS model. SaaS model is one in which software is hosted in…
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Tax Obligations For a Non-Resident of Canada

There are many tax implications of becoming a non-resident of Canada. Canadian income received by a non-resident is subject to Part XIII tax or Part I tax. For Part XIII tax, we have the following income sources in Canada; Dividends Rental and royalty payments Pension payments and CPP/QPP benefits Old age security Retiring allowances RRSP…
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