GTA Accounting Insights

Category: Corporate Taxes

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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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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