GTA Accounting Insights

Category: Personal Taxes

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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Keep a mileage log to support your vehicle expenses in Tax Return

Do you often use your vehicle for business? If you use your personal car to earn some form of business income, you can claim the money you’ve used as a business expense in your income tax filing. You’ll need a mileage log in order to claim this expense. This log is simply a way of…
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How Can I Get Tax Free Benefits from My Corporation?

There are certain benefits that you may be able to enjoy without having to pay any taxes if you own a small corporation. In the paragraphs below, we will highlight three different kinds of benefits that you can get from your corporation to help ease the burden of paying taxes when you run a business.…
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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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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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Personal Taxes – A Guide to Personal Taxation in Canada

Personal Tax The Income Tax Act, Part I, subparagraph 2(1), states: “An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.” In Canada, personal income tax is levied on the worldwide income of individuals…
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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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