GTA Accounting Insights

Category: Tax Planning & Management

Correct Your Taxes After They’ve Been Filed

The CRA gives you a second chance to correct your taxes through a Voluntary Disclosure Program. As a policy matter, the CRA warns all those individuals who’ve unreported incomes from the previously filed tax returns, to disclose their earnings to the CRA right away. If you approach CRA for the correction before they come to…
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How RRSP’s Can be a Great Investment for Canadians

A Registered Retirement Savings Plan (RRSP) is one of the great tools for Canadians to save money for their retirement life. Investment in RRSP is considered as ‘tax-deferred’ which means that your money is only taxed when you withdraw it. For most Canadians, RRSP is not only an investment tool but you can also minimize…
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Instructions on How to pay Taxes to CRA

In Canada, every individual, business, and company must pay taxes to the Canadian Revenue Agency (CRA) on time. CRA has created an online payment platform, My Payment, which allows individuals to pay their taxes automatically. Visit any Canadian financial institution or use My Payment Service to pay your taxes. Some of the taxes you can…
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Do I charge GST or HST on the sale of good and services to another province?

In Canada, all online businesses are taxed just as brick-and-mortar businesses are. Over the past several years, internet sales have grown significantly as most businesses run online stores and can deliver their products right to their customers’ doorsteps. While some retailers sell their products, both in-store and online, others operate solely online. Regardless of the…
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How do I Make Income Tax Payments to the CRA for My Business?

Paying business income taxes to the Canadian Revenue Agency (CRA) has been simplified by the emergence of e-services. The agency accepts online payments of taxes on their platform, My Pavement Service, which is accessible anywhere round the clock. Businesses in the country can make a business income tax payment to the CRA by simply visiting…
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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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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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Leasing vs. Buying a Car

When the time comes to upgrade your ride, there are two options to consider, leasing vs. buying. Good reasons to buy a car Buying a car comes with numerous advantages. For a start, you’ll have something that you can even sell once you complete the monthly payments. If you can’t buy a new car, you…
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Lifetime Capital Gains Exemption

In 1986, the Lifetime Capital Gains Exemptions was introduced by the CRA. By understanding how it works and how to qualify for it, you can significantly lower your tax bill. We’ll take a look at how CGE works. Do you qualify for Capital Gains Exemption (CGE)? If you buy a capital asset for your business…
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