GTA Accounting Insights

Category: Corporate Tax Return

Tax Planning Tips for Doctors in Toronto

We all have to plan our taxes. It is essential to make a good financial strategy. When you know about all the taxes, you know exactly how much you have to pay and when. This way, you would avoid the penalties and remain compliant with all the rules and regulations. We have seen that the…
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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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A Guide to Corporate Tax in Canada

As a business owner, you may have to deal with several types of tasks on your own. There are times when you, as the owner, will also have to do tasks that you never thought you would end up doing. We have all been there. But never should come a time when a business owner,…
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Corporate taxation in Canada

Corporate taxation in Canada is on the verge of changing. Business leaders are pushing hard for corporate tax cuts for many reasons as per the Senate’s banking committee, who are urging the Trudeau government to take the necessary big steps on the issue of corporate taxation. The committee is pushing to introduce immediate corporate tax…
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Being Declared a Personal Services Corporation

Has your small corporation been declared a personal services corporation? A personal services corporation, also known as personal services business comes with several limitations. You need to understand what could happen to you if your incorporated business is declared a personal services corporation. Tax issues that could arise if declared a personal services business Your…
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Incorporate Sole-Proprietorship Business using Section 85 Rollover

If you have been operating a sole-proprietorship business and you think it’s time to incorporate, consider the section 85 rollover if you want to save on taxes. The Section 85 roll-over has several benefits which businesses can take advantage of to minimize their tax bill. What’s the Section 85 Rollover Anyways? In very simple terms,…
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Taxation of Stock Options for Employees in Canada

Being employed sometimes comes with numerous advantages. One of them is when the owners of the company allow employees to buy shares in the corporation, usually at a lower rate that is specified by the employer. This is what is commonly referred to as a stock option. There are different types of stock options that…
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What to Do If You Make a Mistake on Your Tax Return in Canada

Completing the income tax filing process is always an achievement for many taxpayers. But what happens if you just realize that you made a mistake when filing only after you hit the send button? Whether you failed to include some receipts or used the wrong dates for medical deductions when filing a T1 return, there…
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