GTA Accounting Insights

Category: Tax Planning & Management

Taxes for Self-Published Authors: What You Need to Know

As a self-published author, it’s important to be aware of the tax laws that apply to you. There are a number of deductions and credits that you may be able to take advantage of, so it’s important to understand what they are. In this blog post, we will discuss some of the key things that…
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What To Do If You Didn’t File Your Taxes On Time In Canada

Did you know that over half of Canadians don’t file their taxes on time? According to a recent survey, the main reasons people cited for not filing their taxes on time were “procrastination” and “forgetting.” There are many other reasons people might not file their taxes on time in Canada. Maybe you were out of…
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CRA Reviews and Audits: What to Expect

If you are a business owner, one of the things you have to worry about is the Canada Revenue Agency (CRA). The CRA can review your tax returns at any time, and if they find something wrong, they can audit your business. In this article, we will discuss what happens when the CRA reviews and…
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Everything You Need to Know About Taxes as a Freelancer in Canada in 2022

As a freelancer in Canada, staying up-to-date on the latest tax laws is important. In 2022, there are several new changes that you need to be aware of. The accounting and tax firm GTA Accounting has put together a guide to help freelancers understand how the new tax laws will affect them. In this article,…
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Tax Benefits for a Small Business: How to Maximize Your Savings

Tax season is here, which means small business owners need to consider how they can maximize their tax savings. There are a number of tax benefits available to small businesses, but the process of applying for them can be confusing. That’s where an accounting firm comes in. Tax experts at an accounting firm can help…
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Everything You Need to Know About the Canada Disability Tax

If you are a Canadian citizen with a disability, you may be eligible for the Canada Disability Tax Benefit. It is a tax credit that helps people with disabilities and their families cover some of the costs associated with disability. In this blog post, we will discuss who can benefit from the CDTB, what is…
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Newcomers to Canada: The Tax Laws and Regulations You Need to Know

When you move to a new country, there are always many new things to learn. The tax laws and regulations can be especially confusing, especially if you’re not familiar with the system. That’s why it’s important to consult with an accounting firm or tax expert who can help you get up to speed. In this…
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What do Corporations Need to Know About Charitable Donations and Taxation in Mississauga

There are both similarities and differences between the tax treatment of charitable donations made by corporations and those made by individuals. It is generally true that a taxpayer may not claim more than 75% of their income for any given year, and unused donations may be carried forward for up to five years. Donations made…
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How to Avoid Tax Problems When Using a Business Car for Personal Use

The Canada Revenue Agency constantly assesses whether a vehicle is being used for personal or business purposes.  In the long run, it does not matter whether the company itself owns the car or if it is owned by the individual who owns the business.  The important factor is how much the vehicle is used for…
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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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