GTA Accounting Insights

Category: Tax Planning & Management

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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How is a U.S. LLC taxed in Canada?

How do U.S. LLCs work? In the United States, Limited Liability Companies (LLCs) are business entities created by state statutes. Canadians do not have this type of business structure. Limited Liability Companies cannot be formed in Canada; however, U.S. companies can still conduct business in Canada. As a general rule, LLCs with one member are…
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How Much Tax Do You Have to Pay If You Are A Small Business?

Owning a business, big or small, is no small feat. You constantly find yourself wearing different hats throughout the day. One minute you could be working on a new product, and the next, you could be working on your taxes. On another occasion, you could be dealing with a customer and helping resolve their issues.…
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What is Not Taxed in Canada?

If you live in Canada, you have to pay a lot of taxes. Every resident of Canada is required to file a Canadian income tax return annually. Now, the thing is that there are a lot of misconceptions about taxes. Some people say that half of your earning will go into taxes. But that is…
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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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