GTA Accounting Insights

Category: Personal Tax Return

5 Questions You Must Ask Your Personal Tax Accountant

With many personal accountants now offering web-based services, it’s never been easier to find one you trust and who has the expertise to serve your unique needs best. Have you ever wondered if you were paying too much tax? Or perhaps you want to find out what’s in the tax form you received from your…
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Top 4 Tips on Choosing the Right Personal Tax Accountant in 2022

It’s important to find an accountant you can relate to and trust. The vital thing is to ensure you choose the right accountant for your personal tax return. We’re sure you have heard of the term “personal tax accountant” before. It’s a term used by accountants to describe the accountant that prepares your personal tax…
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Do I Need a Personal Tax Accountant in Toronto?

The law does not require individuals to keep financial records (but businesses do), but failing to do so can be costly from a tax and financial perspective. Knowing how your money is spent is essential. You may not discover that your credit card and bank statements are wrong until it is too late to correct…
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Why Do We Have To Pay Personal and Other Taxes in Toronto?

Monthly, quarterly and annual taxes often feel burdensome, but to repay them properly is better than to have to pay back taxes, which will haunt us. As long as there is civilization, taxes will never disappear. The fact is that paying taxes is a burden we must all bear, but it is also essential to…
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What You Should Know About Filing Your Personal Taxes in 2022

Our second pandemic tax season has ended, and we are again unsure of what to expect during the filing process.  As many Canadians were forced to work from home last year due to COVID-19 lockdowns, taxpayers naturally wondered what employment-related expenses they might be able to deduct from their tax returns. Several questions were asked…
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How Long Should You Keep Your Tax Records in Toronto?

Taxes aren’t the most exciting topic – we know! It is still necessary to pay them if you work and live in Canada. After the end of your tax year in Canada, you must keep your Canadian tax records for some time. This includes people on working holidays in Canada who move home when their…
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2 Ways to Deduct Your Taxes if You Are A Restaurant Owner in Mississauga

It’s the time of the year for paying taxes again. We understand that it could be a lot of hassle to prepare and file the taxes yourself if you are a restaurant owner in Mississauga. However, let us tell you that you might save lots of money by knowing about the way by which you…
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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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