Did you know that over half of Canadians don’t file their taxes on time? According to a recent survey, the main reasons people cited for not filing their taxes on time were “procrastination” and “forgetting.” There are many other reasons people might not file their taxes on time in Canada. Maybe you were out of…

As a freelancer in Canada, staying up-to-date on the latest tax laws is important. In 2022, there are several new changes that you need to be aware of. The accounting and tax firm GTA Accounting has put together a guide to help freelancers understand how the new tax laws will affect them. In this article,…

In Canada, there are specific laws and regulations governing filing tax returns for couples. Married couples have several advantages when it comes to filing taxes, but there are also a few disadvantages to be aware of. In this article, we will explain everything you need to know about filing coupled tax returns in Canada in…

It’s that time of year again! The snow is starting to melt, the birds are beginning to sing, and tax season is just around the corner. In Canada, tax season runs from January 1st to April 30th. If you’re a Canadian citizen or resident, it’s important to file your taxes every year. Failing to do…

As we approach tax season, you may be tempted to save yourself a few dollars by filing your own taxes. Even though tax returns may appear straightforward, they can be complex and stressful to the untrained eye. Luckily, GTA Accounting can assist you with the process. Let us begin by reviewing “What is Line 10100…

Life is full of surprises. Nobody saw the pandemic coming, and we were all taken by complete surprise when it hit us. You never know what could happen. There could be a natural disaster that could destroy your car or house. You or your partner could get so sick that you won’t be able to…

Tax refunds are not positive, as is widely believed. You may feel pleased when you receive a lump sum in your bank account as if you won the lottery, but don’t let your dopamine rush fool you. The reason for your tax refund is that you overpaid the government. There was an overpayment of tax…

The Canada Revenue Agency (CRA) is empowered to audit taxpayers to ensure their compliance with the Canadian tax laws to maintain public confidence in the fairness and integrity of Canadian taxation. You should read this article if the CRA has notified you that you are being audited. As a taxpayer under audit, you will learn…

Canadian tax law does not permit spouses or common-law partners to file joint tax returns, unlike in other countries like the U.S. Every Canadian prepares their own tax return and indicates their marital status and the names of their spouse and common-law partners. Your tax return does not allow you to claim your marital status.…

It’s that time of the year again. People are worried. They have to file their corporate and personal taxes; otherwise, there could be penalties to pay. You can be hit with penalties and interest if you miss a tax slip or misplace an RRSP contribution receipt. This is a good time to learn about Auto-Fill…