GTA Accounting Insights

Category: Personal Tax Return

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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How to Prepare and File Corporate Taxes in Toronto?

Being a businessman is great, especially when your business is generating a good amount of profit. But we all know that nobody can become successful overnight. You might have worked so hard for your business to make it successful and achieve financial freedom. However, running your business is just one part of it. The second,…
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Is It A Salary Or A Dividend That I Should Be Paying Myself From My Canadian Corporation?

If you pay yourself a salary from your Canadian corporation, it will have the following features: If you pay yourself a salary, it will be subject to CPP and EI deductions. The more you pay yourself in terms of salary, the higher the amount of CPP and EI entitlements you can receive. You will receive…
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Do US Citizens Living in Canada Have to File a US Tax Return?

Living in a foreign country can be tricky at times, especially when it is that time of the year when you have to file your taxes. International taxation is a complicated area. But that doesn’t mean that there is no solution to this. Hundreds of Americans move to Canada every year for many reasons. It…
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How to Report Canadian Income on a US Tax Return

If you were born in Canada, you don’t have to worry about reporting anything to any other country outside. But if you live in Canada but were not born here, you may have to look somethings up. Canada is the second most favourite place to live for Americans after Mexico. There are around 1 Million…
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Working in Canada as an American

As American who works in Canada, there are a few necessary points the one must be aware of when it comes to tax obligations. The first point is being a resident or a non-resident of Canada. There are three factors that could possibly dictate such an outcome, the first being – where is your permanent…
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Departure Tax and its implications

Many Canadians wishing to retire soon but are not looking forward to the miserable weather that takes up more than half of each year and the high cost of living, are faced with a certain dilemma, and that is the departure tax. According to the Broadbent Institute, a very small minority (around 15 to 20%)…
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Canadian Withholding from Amounts Paid to Non-residents

According to Section 105 of the Income Tax Regulations (Regulation 105), every person paying at any time in a taxation year, fees commissions or other amounts paid or allocated to a non-resident for services that are provided in Canada, shall deduct a withholding fee of 15% of such payment. This withholding fee shall be deducted…
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Deceased Tax Payer- Filing Deceased Tax Returns

The Canada Revenue Agency requires a final tax return filed when someone passes away. This is usually the duty of the legal representative, who is either a court-appointed administrator or the person named in the will as the executer. The legal representative undertakes final returns for a person’s entire estate which is everything owned, including debts…
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Leasing vs. Buying a Car

When the time comes to upgrade your ride, there are two options to consider, leasing vs. buying. Good reasons to buy a car Buying a car comes with numerous advantages. For a start, you’ll have something that you can even sell once you complete the monthly payments. If you can’t buy a new car, you…
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