GTA Accounting Insights

Category: Personal Taxes

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

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…
Read Article

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…
Read Article

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…
Read Article