GTA Accounting Insights

Category: Tax Planning & Management

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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What a Tax Accountant in Mississauga Actually Does?

As a taxpayer in Mississauga, you need to be a responsible person; otherwise, the CRA (Canada Revenue Agency) can penalize you. You must file your tax returns on time. To do that, you need to make tax strategies which is also a tedious, time-consuming, and complex task. You will need someone to help you with…
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Tax Planning Tips in Toronto for Families and Individuals

The main objective for you regarding tax planning should be to plan your finances in the most tax-optimized manner for yourself and your family. With proper tax planning in Toronto, you can make the most of different tax exemptions, deductions, and benefits to reduce your tax liability. With various income tax planning techniques, you can…
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5 Tax Planning Tips for Businesses in Toronto

Running a business, whether it is online or brick and mortar, needs multiple disciplines. In simple words, if you are a business owner in Toronto, you cannot propel your finances only through sales. Let’s take, for example, bookkeeping or annual budgeting. Although these activities don’t bring in any money to your account, you won’t be…
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Get Ready To Prepare And File Your 2020 Taxes With The CRA

It is important for all Canadians to file their income tax returns whether they have any outstanding balance or not. If you don’t have any balance to pay it to the CRA, still you need to submit your income tax return as there are certain benefits and tax credits which are entitled to you and…
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How Tax Planning in Toronto Will Save You Money

Whether you are in Toronto or anywhere else in Canada, you are always on the lookout to minimize your tax liability and increase your income. For this purpose, you need Tax planning in Toronto. But this is easier said than done. There are multiple factors that you need to consider if you want to minimize…
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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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