GTA Accounting Insights

Category: Corporate Tax Return

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…
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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…
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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…
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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…
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How to Handle Your Taxes if You’re Part of the Gig Economy in Oakville

Freelancers, independent contractors, or gig workers are like business owners. Because you won’t get a T4 slip reporting income for the year, you’ll have to calculate how much income you made and include it on your federal tax return. You need not worry, though! We’ll make it as easy as possible. Whatever you do to…
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How Does Cryptocurrency Taxation Work in Canada?

The tax laws and reporting requirements for cryptocurrency are essential to understand. CRA and IRS, in 2018, introduced a joint effort to identify cryptocurrency users who evaded their tax obligations. They have developed strategies together, as well as other tax authorities. Tax auditors or prosecutors can use this information to identify cryptocurrency users for tax…
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4 Important Things to Know About Canada/U.S. Cross Border Taxation

Canada and the United States face unique and complex tax issues due to cross-border activities, such as financings, benefits, and losses. Tax legislation and regulations for cross-border taxation must be complied with to ensure dealings are structured so that you can maximize your tax efficiencies and minimize tax liabilities. A non-compliance has the potential to…
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3 Reasons You Should Start Filing Your Taxes Online

Every season, millions of users have to pay their tax and to do that, they need to decide whether to file the tax online or in person. Choosing any one of these options helps them carry out all the necessary processes with ease. It is the nature of the tax and the process that determines…
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How to Reduce Double Taxation by Using U.S./Canada Cross Border Income Tax Treaty?

The U.S./Canada border income tax treaty solves the primary problem of paying taxes for citizens living in a foreign country. This tax treaty helps reduce double taxation as the citizens are no longer required to pay taxes in a foreign country. Let’s understand it with the help of an example. Suppose you’re a Canadian citizen…
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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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