GTA Accounting Insights

Category: Personal Tax Return

Charitable Donation Deductions in Canada

Your business can claim charitable deductions and gifts up to 75% of your net income. But there are certain exceptions to this rule. The CRA allows claims to be made up to 100% of a person’s net income for the year one dies and the one before that. For corporate income tax returns, the rules…
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Deceased Tax Payer- Filing Deceased tax returns

Death is cruel. When dealing with the death of a loved one, the last thing you need is to have so much legal and tax work to handle for the deceased. That’s why you need to work closely with a tax accountant to help you figure out how to handle the tax returns of the…
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Paying Salary or Dividends – Which one is Tax Effective?

Paying yourself a salary out of your business entitles you to many benefits. They are as follows: Contributions to the Canadian Pension Plan through employment income plays an integral part in your retirement consideration and it depends upon how much and how long you contributed to this plan. Entitles you to participate in RRSP (depending on…
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Missed Tax Filing Deadline 2019 Canada

The tax deadline approaches so fast and while you’re busy running your business or getting through with life, you may notice that you haven’t completed your income tax return. The deadline is usually very strict and sometimes, the CRA will extend it especially if it falls on a Sunday. The tax deadline for those employed…
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Reasons To Hire CPA For Tax Filing

If there’s one thing that most people dread, it has to be filing their taxes. When it’s that time of the year again, consider hiring a CPA to help you especially if you’re not sure what to do. A reputable accounting firm can really simplify the process of tax filing for you. Here are 5…
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Tax Credits & Benefits for Seniors in Canada

As you grow older, you get to enjoy a wide range of tax benefits. Partnering with a CPA can help you identify all the opportunities to enjoy tax benefits that are often not available to the younger taxpayers. The reason why the Canadian government provides seniors with tax credits is to ensure that they are…
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RRSP And Taxes

Contributing to a Registered Retirement Saving Plan can have some major tax benefits. The RRSP contribution is usually exempt from tax. You simply have to keep the money in the plan in order to avoid paying taxes. If you withdraw a portion or all your RRSP, you will be required to pay taxes for the…
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Tax Tips For Self Employed Individuals In 2019

If you are self-employed, filing your returns can be such a dreadful affair. It gets more complicated since you don’t have the T4 income slip that the employed have. We’re here to make life a little bit easier for you. We’ll share some tips to help you get your taxes right. Keep Track Of Income…
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