GTA Accounting Insights

Category: Tax Planning & Management

A Guide to Corporate Tax in Canada

As a business owner, you may have to deal with several types of tasks on your own. There are times when you, as the owner, will also have to do tasks that you never thought you would end up doing. We have all been there. But never should come a time when a business owner,…
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Tips for Paying Income Tax as an Independent Contractor in Canada

Being self-employed means a lot of flexibility in daily work hours, the place for working, and how much money you make. Many entrepreneurs realize that they can make much more money as an independent contractor than working two or even three jobs. But with more leverages comes more responsibility. As an independent contractor in Canada,…
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What are the GST and PST Rates for Small Businesses in Canada?

Being able to create jobs instead of applying for a job is such a privilege to have. You will know this privilege if you own a business or want to own one soon. Entrepreneurs work hard to make it all the way to create jobs rather than acquire one. They have to work extra hours,…
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Is It A Salary Or A Dividend That I Should Be Paying Myself From My Canadian Corporation?

If you pay yourself a salary from your Canadian corporation, it will have the following features: If you pay yourself a salary, it will be subject to CPP and EI deductions. The more you pay yourself in terms of salary, the higher the amount of CPP and EI entitlements you can receive. You will receive…
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Are Bookkeeping Services Taxable in Canada?

Running a business in Canada and knowing about your taxes are the two things that go hand in hand. It’s all fun and games until the HST (Harmonized Sales Tax) jumps in. Since there are different provincial and federal tax rates in Canada, it isn’t easy to keep up with all the rates. Fortunately, some…
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How to Find a Good Real Estate Agent?

If you are looking for high capital appreciation, a high-income stream, and the best tax advantages, there is nothing better than a real estate investment. It can be “The moment” of your life that can bring financial security – for a long time. Not only will you be able to enjoy your financial liberation, but…
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How To Report Your Rental Income And Expenses On Your Personal Income Tax Return?

Canadians who earn rental income by renting out their property are required by the CRA to declare their rental income on their tax return. The CRA establishes the difference between ‘Rental Income’ and the ‘Business Income’ based on the number of services provided to tenants. When you provide space and basic services such as heating,…
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Tax Tips for Canadians Filing a US Tax Return

Whether you are a Canadian living in the US or an ex-pat American who lives in Canada, you have to file US Tax returns. As a responsible and law-abiding citizen, it is better to know all about it before it’s too late. There are several important things that you need to consider before you file…
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Top 10 Tax Issues Facing U.S. Citizens Living in Canada

The U.S. citizens living in Canada are obliged to pay not only Canadian taxes but also U.S. taxes. Suppose someone living in Canada was born in the U.S., became a naturalized U.S. citizen, and has at least one parent who is a U.S. citizen. In that case, they have to pay U.S. taxes. U.S. citizens…
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Do US Citizens Living in Canada Have to File a US Tax Return?

Living in a foreign country can be tricky at times, especially when it is that time of the year when you have to file your taxes. International taxation is a complicated area. But that doesn’t mean that there is no solution to this. Hundreds of Americans move to Canada every year for many reasons. It…
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