GTA Accounting Insights

Category: HST Filings

Common Mistakes On Your Tax Return In Canada 2022

Avoiding common mistakes when filing your income tax return is important. Filing a wrong or incorrect amount can lead to audits and penalties, which may drastically change the outcome of whatever refund you were expecting, not just this year but for future returns as well! That’s why we’ve compiled some common errors that people make…
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Your Ultimate Guide to Taxes for eCommerce in Canada

Whether you’re just starting out or have been in business for a while, it’s important to understand the tax requirements for your eCommerce business. Taxes can be complex, but we’re here to help make it as easy as possible to understand what you need to do to stay compliant. In this guide, we’ll cover: An…
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Social Media Influencers and Taxes in Canada: What You Need to Know

As social media influencers become increasingly popular, the Canada Revenue Agency is starting to notice. Recently, there have been many cases where the CRA has demanded that social media influencers pay taxes on their income from online activities. This blog post will discuss what you need to know about taxes and social media in Canada.…
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Do I charge GST or HST on the sale of good and services to another province?

In Canada, all online businesses are taxed just as brick-and-mortar businesses are. Over the past several years, internet sales have grown significantly as most businesses run online stores and can deliver their products right to their customers’ doorsteps. While some retailers sell their products, both in-store and online, others operate solely online. Regardless of the…
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A Cautionary Tale Regarding The GST/HST New Housing Rebate

A house that is newly constructed or substantially renovated is subject to GST/HST. However, prospective buyers are able to recover part of the GST or HST under the new housing rebate if they intend to use the property as their primary place of residence. If you are planning to buy a new build, take time…
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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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Should You Register Your Business For GST/HST?

It depends on the following three main factors: Nature of supplies Status of supplier Nature and level of purchase you made Nature of Supplies If your business is just making GST/HST exempt supplies of goods/services, then you don’t need to register for GST/HST. GST/HST exempt supplies include educational services, medical or dental services, and food…
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Avoid HST Filing Errors

Small businesses that choose to file taxes on their own are prone to make errors. These bookkeeping errors may cause the business a lot of money in the long run. For instance, if the HST paid on expenses are not claimed, you risk losing the money when the period of claiming taxes elapses. Here are…
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Simplified Method For GST/HST

As a small business, managing your taxes is probably one of the most time-consuming affairs you have to deal with. Thankfully, there are ways that you can reduce the paperwork and make HST/GST filing simple and quick for your business. When GST was introduced back in 1991, the government made efforts to ensure it doesn’t…
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