GTA Accounting Insights

Category: Tax Audit

How to Prepare and File Corporate Taxes in Toronto?

Being a businessman is great, especially when your business is generating a good amount of profit. But we all know that nobody can become successful overnight. You might have worked so hard for your business to make it successful and achieve financial freedom. However, running your business is just one part of it. The second,…
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Is SaaS (Software as a Service) Taxable in Canada?

It has been predicted that many of the organizations would shift their apps to the SaaS model. Gartner estimated a spike of 23%, which means an increase of $72billion in the year 2018 Firstly, we have to look at the definition of a SaaS model. SaaS model is one in which software is hosted in…
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CRA Tax audit procedure

Tax audits are about the last thing you happening to you, it is a frightening experience and it can also be very costly. CRA auditors will seek your books, records, receipts, and bank account statement. Questionnaires could be asked to be filled out, and any declared information that is wrong regardless if it was due…
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Tax Avoidance & Tax Planning – General Anti-Avoidance Rule

As a Canadian taxpayer, you need to be aware of the GAAR. Introduced in 1988, this rule allows the tax authorities to target and deal with people who are abusing or avoiding the Canadian taxation system. While many businesses focus on tax planning in order to save money, they may just find themselves being caught…
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What is VDP or Voluntary Disclosure Program

Basically, what Voluntary Disclosure Program offers is another chance to correct your taxes. It accords you an opportunity to rectify that previously filed inaccurate return or to file a return you ought to have filed. When a filed VDP appeal gets approval from the CRA, you are required to clear the unsettled tax in addition to…
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Do You Want To Stay Below CRA’s Audit ‘Radar’? – Avoid These 10 Blunders

When many of us or businesses get the notice from Canada Revenue Agency (CRA) that they’ve been selected for audit, the resulting feelings are characterized by fear and worry. Tax returns related to businesses are particularly examined and there is no way to evade a CRA audit. However, you can save yourself and your business from…
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Tax Planning Strategies

Planning is essential to successfully minimize the income tax liability within the legal framework.  Not only do our clients save penalty charges from the failure of tax compliance but also from recommendations of tax saving strategies that maximize their after-tax income. Our team is constantly staying up to date on current tax laws and new…
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