GTA Accounting Insights

Category: Corporate Taxes

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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All You Need to Know About GST / HST in Canada

Introduction: The Harmonized Sales Tax is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combined into a single value-added sales tax i.e. HST. For Ontario – HST is 13%; if your business collects GST/HST on sales, it…
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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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