GTA Accounting Insights

Category: Corporate Tax Return

Newcomers to Canada: The Tax Laws and Regulations You Need to Know

When you move to a new country, there are always many new things to learn. The tax laws and regulations can be especially confusing, especially if you’re not familiar with the system. That’s why it’s important to consult with an accounting firm or tax expert who can help you get up to speed. In this…
Read Article

6 Things to Consider When Filing Your Taxes in 2022

Even though every Canadian has to pay taxes, most of us don’t know what to do or where to begin. This website provides all the latest information you need to file your taxes in 2022 in one convenient location. This guide is for those overwhelmed by the idea of gathering and interpreting all required slips…
Read Article

This is What You Should Know About Line 10100 in Canada

As we approach tax season, you may be tempted to save yourself a few dollars by filing your own taxes. Even though tax returns may appear straightforward, they can be complex and stressful to the untrained eye. Luckily, GTA Accounting can assist you with the process. Let us begin by reviewing “What is Line 10100…
Read Article

Things to Know About Tax Refunds in Canada

Tax refunds are not positive, as is widely believed. You may feel pleased when you receive a lump sum in your bank account as if you won the lottery, but don’t let your dopamine rush fool you. The reason for your tax refund is that you overpaid the government. There was an overpayment of tax…
Read Article

What Are the Best Strategies to Handle A CRA Tax Audit?

The Canada Revenue Agency (CRA) is empowered to audit taxpayers to ensure their compliance with the Canadian tax laws to maintain public confidence in the fairness and integrity of Canadian taxation. You should read this article if the CRA has notified you that you are being audited. As a taxpayer under audit, you will learn…
Read Article

Here’s What You Need to Know As a First Time Tax Filer in Toronto

Benjamin Franklin famously said, “Nothing is certain except death and taxes.” Whether you’re pursuing your degree, working your first job, or about to retire, tax filing is a part of life here in Canada, no matter what stage of life you’re in. Whether it is your first time filing – or you need a refresher…
Read Article

How to Avoid Tax Problems When Using a Business Car for Personal Use

The Canada Revenue Agency constantly assesses whether a vehicle is being used for personal or business purposes.  In the long run, it does not matter whether the company itself owns the car or if it is owned by the individual who owns the business.  The important factor is how much the vehicle is used for…
Read Article

How To Choose An Accounting Firm For Personal And Corporate Tax in 2022?

Every year, the Canadian government changes or tweaks the existing tax laws. This change makes it hard for salaried people and business owners alike and leaves them confused. There are various factors to observe and decisions to make, from minimizing tax liability to proper cash flow. In addition to keeping up with tax laws, accounting…
Read Article

What is the Difference Between Corporate Tax and Personal Tax in Toronto?

Most people get confused as to what is corporate tax and what is personal tax. This is especially true for business owners and entrepreneurs who might not have a clear demarcation line between the two. For them, it is hard to separate them. If they are using a company vehicle for personal use, does that…
Read Article

5 Myths About Taxes That You Should Believe in Oakville

We know it’s confusing to deal with taxes. In a recent survey, 41% of Canadians reported enjoying filing their taxes, but many are dissatisfied with the process or frustrated by the confusion and frustration it may bring. Our experts have compiled a list of the top 5 Oakville tax myths to help clear up the…
Read Article