GTA Accounting Insights

Category: Personal Taxes

What is the Difference Between Corporate Tax and Personal Tax in Toronto?

Most people get confused as to what is corporate tax and what is personal tax. This is especially true for business owners and entrepreneurs who might not have a clear demarcation line between the two. For them, it is hard to separate them. If they are using a company vehicle for personal use, does that…
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What You Should Know About Filing Your Personal Taxes in 2022

Our second pandemic tax season has ended, and we are again unsure of what to expect during the filing process.  As many Canadians were forced to work from home last year due to COVID-19 lockdowns, taxpayers naturally wondered what employment-related expenses they might be able to deduct from their tax returns. Several questions were asked…
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How to File Your Personal Taxes in 2022

Filing your personal taxes is never an easy task. There are various forms to fill, receipts to keep track of, and more. Almost all Canadians hate taxes, which is normal, but that doesn’t decrease the importance of submitting your personal taxes on time. Whether you like it or not, you have got to do it.…
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How Long Should You Keep Your Tax Records in Toronto?

Taxes aren’t the most exciting topic – we know! It is still necessary to pay them if you work and live in Canada. After the end of your tax year in Canada, you must keep your Canadian tax records for some time. This includes people on working holidays in Canada who move home when their…
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How Does CRA Select Taxpayers to Audit?

How does CRA select taxpayers to audit? There may be no apparent reason for the Canada Revenue Agency (CRA) to audit a business or individual. A CRA audit can generally only be conducted four years after someone files their tax return. However, some cases, like those involving suspected fraud or misrepresentation, can go even farther…
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What is the Difference Between Factual and Deemed Residence and How Does It Affect Cross Border Taxes?

Residency is a crucial matter for the Canadian tax system. Residents of Canada must declare all their income and pay taxes on it. At the same time, the non-residents are only taxed on their Canadian-sourced income. Therefore, residency status is essential to determine your tax liability in Canada. This is why we will discuss the…
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How to Reduce Double Taxation by Using U.S./Canada Cross Border Income Tax Treaty?

The U.S./Canada border income tax treaty solves the primary problem of paying taxes for citizens living in a foreign country. This tax treaty helps reduce double taxation as the citizens are no longer required to pay taxes in a foreign country. Let’s understand it with the help of an example. Suppose you’re a Canadian citizen…
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2 Ways to Deduct Your Taxes if You Are A Restaurant Owner in Mississauga

It’s the time of the year for paying taxes again. We understand that it could be a lot of hassle to prepare and file the taxes yourself if you are a restaurant owner in Mississauga. However, let us tell you that you might save lots of money by knowing about the way by which you…
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What are Stock Options, And How Are They Taxed in Canada?

Stock options give investors the option, but not the obligation, to buy and sell a stock at the price and date of their choosing. You might be wondering why you should choose to buy an option instead of a share? And, how are options taxed if you plan on buying them? Well, let us break…
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Tax Planning Tips for Doctors in Toronto

We all have to plan our taxes. It is essential to make a good financial strategy. When you know about all the taxes, you know exactly how much you have to pay and when. This way, you would avoid the penalties and remain compliant with all the rules and regulations. We have seen that the…
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