GTA Accounting Insights

Category: Corporate Taxes

All About the U.S./Canada Cross Border Tax Treaty

The United States is one of the few countries that taxes its citizens on the money they make in the United States and anywhere else. In this article, you will expand your knowledge regarding all about the U.S./Canada cross-border tax treaty. The united states has a cross-border tax treaty with several countries that directly affect…
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How Can Self-Employed People File Their Taxes in Toronto?

You have been working as an employee for a very long time. Now, you have started a side-hustle to bring more financial freedom and flexibility to your life. It could be anything ranging from freelance work or your own physical or online business. Being self-employed is great as you are more independent. Your side-hustle could…
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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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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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Oecd’s Plan For Global Minimum Corporate Tax Rate Just Got Backed By 130 Countries

The Organization for Economic Cooperation and Development (OECD), an organization in Paris, has announced the global minimum corporate tax, which should be 15%. It claims that they would be able to yield around $150 billion annually in the additional global tax. Apart from that, it has also been said that those doing businesses in a…
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The History of Corporate Income Tax and Definitions

All the residents of Canada who are running a corporation have to file a corporation income tax (T2) return every tax year. It doesn’t matter if there is tax payable or not. That’s the reason why you need to have a detailed understanding of the corporate income tax. Non-profit organizations, tax-exempt organizations, and inactive corporations…
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4 Strategies for a Small Business in Canada to Reduce Income Tax

There are approximately one and a half million small businesses in Canada right now. The reason for such a significant number is the Canadian rules and regulations for small businesses. There are many official and legal ways to expand your small business in Canada. You can lower or reduce your small business income tax as…
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5 Tips to Deal with CRA Tax Obligations

When you work somewhere, you don’t have to worry about your tax obligations to the CRA, as your employer will primarily remit all the payroll related tax liabilities to the CRA. All you need to do is to file your personal income tax return every year and fill out all the data of T4 Slips…
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Did You Miss Your Tax Filing Deadline for 2020? Here’s what you should do next!

Missing out important tax filing deadlines for 2020 will certainly lead you to face some consequences in terms of paying high-interest charges & the CRA penalties. There are certain benefits, rebates, and tax credits that you can claim in your tax filings including child benefits, trillium benefits, workers’ benefits, property & sales tax credits, GST/HST…
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Imperatives of Corporate Tax Planning for Small Businesses in Canada

‘Corporate Tax Planning’ is an attempt to reduce tax liabilities using different tax reduction strategies. To get the most out of your tax strategies, you need to start the tax planning process well before the end of the fiscal year. Writing-off assets, bonus declaration, and the investment in RRSP account are some of the important…
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