GTA Accounting Insights

Category: Personal Taxes

Important Points To Know When Applying For Employment Insurance (EI)

You can apply for the ‘Employment Insurance’ when you are laid-off provided you are eligible for it. You can claim EI benefits from 14 to 50 weeks. EI payments are taxable income, meaning federal and provincial or territorial taxes, where applicable, are deducted when you receive them. The amount of EI benefits and the withholding…
Read Article

How To Pay Less Tax In Canada? – Tax Tips For 2020 Personal Income Tax Return

There are many things that you can do to reduce your tax liability. These tax tips help you avoid common mistakes that could cost you thousands of dollars. First up is claiming your ‘Home Office Expenses’. For those of you, who worked from home last year because of Covid’19, you are eligible to claim your…
Read Article

CERB Repayment Notices by the CRA

Many self-employed Canadians, who received CERB payments from the government in the first 2 quarters of 2020, the CRA notified in the 3rd quarter of 2020 that those who received such payments were ineligible because they had not earned self-employment income of $5,000 in 2019. This is where the question arises and the debate began…
Read Article

What You Need to Prepare For Your Income Tax Return in Canada

To prepare your income tax return, there are certain forms, schedules, and supporting documents that you need to submit to the CRA along with your tax return. You need to make sure that you keep all important tax documents with you in case of the CRA audit. It is not only the T1 General Income…
Read Article

New Personal Tax Changes You Need to Know for 2021

It is important for Canadians to start preparing 2020 taxes as tax season in Canada has just kicked off. The deadline to file your tax return and pay your taxes is April 30, 2021. If you collected any benefits of COVID-19 from the government in 2020, it is most likely that you will be in…
Read Article

How Can Married Couples Maximize Their Tax Returns in Canada

In Canada, marital status has a significant impact on personal tax filing. Married couples can maximize their tax returns by filing their taxes jointly. If you receive tax credits and benefits from the CRA that you are not entitled to, due to incorrect marital status, the CRA may ask you to repay them with penalties…
Read Article

What You Need to Know Before Filing Your 2021 Taxes with CRA

The tax season is just around the corner and the tax-filing deadline for most Canadians for the 2020 tax year-end is April 30, 2021. This deadline is for those who submit their personal income tax return based on the employment income. If you or your spouse/common-law partner has a self-employment income, you need to follow…
Read Article

New Tax Rules for Income Splitting for 2020

The tax on split income is like an escape room where people can’t find easy exit. The federal government has expanded Tax on Split Income (TOSI) rules on January 01, 2019. What is income splitting from the CRA’s point of view? It is defined as; “An income-splitting technique that shifts income received from an incorporated…
Read Article

How to prepare a T5 Slip

The primary purpose of T5 slip is to identify the different types of investment income that Canadian residents must report on their overall income tax and benefit returns. If you usually make investment income payments to a Canadian resident or if you get some investment income payments as an agent or nominee for an individual…
Read Article

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…
Read Article