GTA Accounting Insights

Category: Corporate Tax Return

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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Why is it better to incorporate business???

Your business is doing well! Why not incorporate it? The question is asked so often. Are there any benefits of doing so? The question creates its mark in many small business owners who started their businesses as sole proprietors in which they and their businesses are essentially one and same. Switching to a corporation can…
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Checklist For Tax Filing

It’s that time of the year again- time to file your tax returns. Had you prepared for the process? Early preparation can make the process of filing tax returns simple and quick. You need to know the documents you’ll need as well as all the information required by the CRA. Perhaps it’s time to come…
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Ways To Avoid A CRA Audit

Whenever you file your income taxes, be ready for the CRA to come knocking anytime. The CRA thoroughly scrutinizes tax returns especially those filed by
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Mistakes Small Businesses Make While Filing Taxes

As a small business owner, part of the joys of running your own venture comes with the burden of fulfilling your tax obligations. Making sure your taxes are accurately filed is an important step for every business owner. The CRA requires you to submit an annual tax return. It’s always advisable to handle this as…
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How To Prepare Your Company For Tax Return

The CRA offers a list of approved tax preparation programs that you can use to help in filing returns for your business. All in all, filing taxes can be a complicated process that must be accurately done by a CPA. Throughout the year, you can take steps to prepare your company for tax returns. Let’s…
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Ways To Maximize Your Corporate Tax Returns

When running a business, you need to come up with structures and systems that will help you lower your tax bill. For instance, you need to have receipts for all your business expenses so collect them and put them in a secure place as soon as they are received. Train yourself to always ask for…
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Changes To Small Business Tax In 2018

Many small businesses are skeptical about the small business tax changes that are about to be implemented by the federal government. Though the government claims that the tax changes are geared towards making the system fair for all players and not just to increase the amount of revenue they earn, small businesses are likely to…
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New Tax Rules For Small Businesses In 2018

Do you own a small business in Canada? Is your business incorporated? If you want to fulfill your tax obligation and always ensure you’re compliant, take time to understand the new tax rules and how they will affect your business in 2018. In the paragraphs below, we will cover some tax changes that the government…
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