GTA Accounting Insights

Category: Tax Accountant Mississauga

What are the Penalties You Could Incur For Late Tax Filing in Mississauga?

Canada Revenue Agency(CRA) requires that individual taxpayers file their income tax returns on or before April 30 of every year, if that date falls on a holiday or weekend. As a means of ensuring compliance, the agency imposes fines and penalties. What is the Penalty for Filing Your Income Taxes Late? If you don’t owe…
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What is a Notice of Assessment (NOA) in Mississauga?

The paperwork you prepared, the calculations you did, and the tax returns you filed were all done on time. Taxes are something that many Canadians believe they can ignore for another year after filing their tax returns. In reality, that’s not always true. The Canada Revenue Agency (CRA) or Revenu Québec can assess a tax…
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Signs You Need to Consult with a Tax Accountant in Mississauga

Tax accounting is a tedious task and is not just everyone’s cup of tea. You may be a really smart businessman, but it is not necessary that you have the best tax planning skills. Many business owners who start their business struggle with their taxes. The reason may be little or no background in tax…
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Transferring a business to a family member effectively

Now that the baby boomers are nearing retirement age, some may wish to transfer their business to a family member within Canada, and here are some tips on how it is done. First, mistakes in this procedure could happen, the biggest one is selling their business to the desired family member with a specific dollar…
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A tax saving outlook for Canadian small businesses

As a small business in Canada, there are a large number of tax deductions that can be aimed at your small business spending, helping you minimize your tax burden and maximizer your business income. Take advantage of tax deductions: Tax deductions help you reduce your tax bill, and to take advantage of them fully, you…
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Quick Method of Tax Accounting to calculate GST/HST for IT Consultants

The Quick Method: The quick method is a simple way for small businesses to calculate the tax to be remitted to the CRA for GST/HST purposes. With the quick method, you still collect the HST at the 13% on taxable supplies of goods and services but will only remit 8.8% to CRA. The rest of…
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