GTA Accounting Insights

Category: Corporate Taxes

How Corporations are Taxed on Dividends Received

When a corporation makes a profit, it distributes this to its shareholders and owners in the form of dividends. In most cases, the dividends will be distributed at specific times of the year. Some corporations will choose to do this annually whereas others quarterly. The dividend is a reward paid to shareholders for believing in…
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How to Pay the GST/HST Your Small Business Owes

The CRA expects you to remit the GST/HST you collect on sales. You must first deduct the ITCs you receive on your GST/HST. We’ll take a look at different ways to pay GST/HST if the results of your filing is a balance owing. 4 Ways to Pay GST/HST If You Have a Balance Owing Electronic…
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Claiming Expenses on a Business Loss on Canadian Taxes

No one ever wants to make losses when they start a business. However, when filing your taxes, you may realize that your business expenses exceed your business income, which basically means that you will be recording losses on form T2125. But there are ways to write off such business losses. Are You Employed? If you…
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Deduct Your Business Promotion Expenses

Did you know that you can claim any promotion expenses as legitimate tax deductions? Canadian business owners can save a lot of money on taxes by understanding the rules that pertain to each activity they spend their money on. For instance, as a partnership or sole proprietorship, you can claim any expenses on business promotion…
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5 Rules for Choosing a Business Name

When starting a business, one of the most critical steps is choosing the right name. When you have a strong business name, it’s easier for you to draw attention to the brand without too much effort. It’s always a great idea to ask for people like your family and friends/colleagues to give opinions on some…
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Allowable Meal & Entertainment Expenses

As a small business, one of your main goals is to minimize expenses and taxes. You can do this by taking advantage of available tax credits and deductions. One of the areas that you certainly need to consider in order to lower your tax bill is the meal and entertainment expenses. Not all expenses related…
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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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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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