GTA Accounting Insights

Category: Corporate Taxes

Merits & De-Merits of Incorporating a Business in Canada

Incorporating a business is not a legal obligation in Canada but it can bring legal protection to your business. As, personal taxes are high in Canada, it is recommended to incorporate a business so that you may potentially reduce your tax liability. The primary benefit of becoming a corporation in Canada is the separation of…
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How to Incorporate a Business in Canada

This article will give you a brief understanding of the importance of incorporating a business in Canada as well as give you a step-by-step process of how to incorporate. An incorporated business is a legal entity that is separate from its owners and shareholders. Canadian businesses can be incorporated at the federal or at the…
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Quick Method of Tax Accounting to calculate GST/HST for IT Consultants

The Quick Method: The quick method is a simple way for small businesses to calculate the tax to be remitted to the CRA for GST/HST purposes. With the quick method, you still collect the HST at the 13% on taxable supplies of goods and services but will only remit 8.8% to CRA. The rest of…
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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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What Business Owners Should Know About New Ontario Labour Laws

In 2017, we witnessed Ontario pass its largest labor bill in over ten years, known as the Bill 148. Bill 148 significantly amends Ontario’s Labor Relations Act (1995), Occupational Health and Safety Act, and Employment Standards Act (2000). Most of the laws in the bill came into effect January 1st, 2018, while others will be effected at different…
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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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Do Corporations Need A Minute Book. Why?

After investing your time and money to start a corporation, you need to take the necessary steps to keep it afloat. One critical step is to make sure you have all the supporting documents to prove that your corporation is legitimate. We’ll get into details on why every corporation needs a minute book. What’s a…
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