GTA Accounting Insights

Category: Tax Planning & Management

Leasing vs. Buying a Car

As a sole proprietorship, you may find the need to acquire a car which will help simplify certain business operations. The tax rules for leasing or buying a car for business can be somewhat complex which is why we always advise you to hire a tax expert who will help elaborate your options. Buying a…
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Tax credits for investments by small Canadian businesses

As a business, you can reduce the amount of taxes that you pay by taking advantage of investment tax credits. An investment tax credit can apply to corporations, sole proprietorships and partnerships. This credit works by allowing business owners to apply a specific percentage to the cost of buying a property or specific business expenditure.…
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Tax Strategies for Physicians in Canada

Doctors are among the busiest professionals you’ll ever find. Many of them lack the time and interest to start learning about the latest tax laws. In the middle of it all, they neglect a really important aspect of their professional life which is tax planning. Doctors can spend a lot of money on income taxes.…
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What to Do If You Make a Mistake on Your Tax Return in Canada

Completing the income tax filing process is always an achievement for many taxpayers. But what happens if you just realize that you made a mistake when filing only after you hit the send button? Whether you failed to include some receipts or used the wrong dates for medical deductions when filing a T1 return, there…
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Change the Fiscal Year End of a Canadian Business

If you’re running a small business in Canada, one of the things you’ll often be required to do is to make sure your taxes are in order. Hiring a tax accountant to handle all the paperwork and ensure your taxes are properly filed will save you time and money. Furthermore, tax accountants can advise your…
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CRA Gift Tax Rules for Employers

Did you know that giving your employees gifts instead of cash bonuses can help you to minimize your tax bill? The gift can be used as a tax deduction on your Canadian income tax. Additionally, the gift benefits the employees because they don’t have to declare it as part of their taxable income. Tax Rules…
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Do You Want To Stay Below CRA’s Audit ‘Radar’? – Avoid These 10 Blunders

When many of us or businesses get the notice from Canada Revenue Agency (CRA) that they’ve been selected for audit, the resulting feelings are characterized by fear and worry. Tax returns related to businesses are particularly examined and there is no way to evade a CRA audit. However, you can save yourself and your business from…
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Should You Register Your Business For GST/HST?

It depends on the following three main factors: Nature of supplies Status of supplier Nature and level of purchase you made Nature of Supplies If your business is just making GST/HST exempt supplies of goods/services, then you don’t need to register for GST/HST. GST/HST exempt supplies include educational services, medical or dental services, and food…
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