GTA Accounting Insights

Category: Corporate Tax Return

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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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.…
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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…
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Deduct Your Business Promotion Expenses

Did you know that you can claim any promotion expenses as legitimate tax deductions? Canadian business owners can save a lot of money on taxes by understanding the rules that pertain to each activity they spend their money on. For instance, as a partnership or sole proprietorship, you can claim any expenses on business promotion…
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Canada’s Business Expense and Tax Deduction Rules

As a small business, it is important to understand the deductible business expenses that can help you lower your tax bill. Each business expense that can count as a tax deduction has rules that have to be followed strictly. Working with a qualified tax accountant certainly helps when you want to maximize deductible business expenses…
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