GTA Accounting Insights

Category: Personal Tax Return

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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What are the Benefits of owning Life Insurance through a Medicine Professional Corporation vs Personally owning it?

With a life insurance, the person covered can own it or they can have their company as the owner of the policy. Consequently, personal ownership means an individual is the owner of his/her policy while corporate ownership defines a life insurance policy owned by a company. For personal ownership, the individual owning the life policy…
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Are you a Canadian with Unreported Income?

All adult citizens in Canada have a duty to pay their taxes in full as everyone benefits from taxes collected by the government. By paying taxes, you help strengthen the country and your communities as a whole since these monies pay for our world-renowned services and programs such as education, healthcare, beautiful parks, Old Age…
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Is It Better to Receive Management Fees or Salary from Your Corporation?

If you have an incorporated business, one of the decisions you’ll have to make is whether to pay yourself management fees or a salary. There are a few things to consider prior to making this decision. We’ll look at the pros and cons of each of the options we’ve mentioned in the paragraphs below; Should…
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