GTA Accounting Insights

Category: Tax Planning & Management

Tax Planning Strategies

Planning is essential to successfully minimize the income tax liability within the legal framework.  Not only do our clients save penalty charges from the failure of tax compliance but also from recommendations of tax saving strategies that maximize their after-tax income. Our team is constantly staying up to date on current tax laws and new…
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The Canada Revenue Agency (CRA) Guidelines for Tax Deduction on Meals & Entertainment Expenditure

Can You Take Off Meals & Entertainment Expenditure? Wouldn’t life become very easy if expenses incurred by businesses in terms of meals and entertainment were deductible 100 % from our own tax? Unfortunately, that is rarely the situation. This guide clarifies your potential questions on deducting food, beverage and entertainment expenses, and those unique situations where you can claim 100% deduction.…
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Why is it better to incorporate business???

Your business is doing well! Why not incorporate it? The question is asked so often. Are there any benefits of doing so? The question creates its mark in many small business owners who started their businesses as sole proprietors in which they and their businesses are essentially one and same. Switching to a corporation can…
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Reasons To Hire CPA For Tax Filing

If there’s one thing that most people dread, it has to be filing their taxes. When it’s that time of the year again, consider hiring a CPA to help you especially if you’re not sure what to do. A reputable accounting firm can really simplify the process of tax filing for you. Here are 5…
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Checklist For Tax Filing

It’s that time of the year again- time to file your tax returns. Had you prepared for the process? Early preparation can make the process of filing tax returns simple and quick. You need to know the documents you’ll need as well as all the information required by the CRA. Perhaps it’s time to come…
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Ways To Avoid A CRA Audit

Whenever you file your income taxes, be ready for the CRA to come knocking anytime. The CRA thoroughly scrutinizes tax returns especially those filed by
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Missed Tax Filing Deadline 2019 Canada

The tax deadline approaches so fast and while you’re busy running your business or getting through with life, you may notice that you haven’t completed your income tax return. The deadline is usually very strict and sometimes, the CRA will extend it especially if it falls on a Sunday. The tax deadline for those employed…
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Avoid HST Filing Errors

Small businesses that choose to file taxes on their own are prone to make errors. These bookkeeping errors may cause the business a lot of money in the long run. For instance, if the HST paid on expenses are not claimed, you risk losing the money when the period of claiming taxes elapses. Here are…
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Simplified Method For GST/HST

As a small business, managing your taxes is probably one of the most time-consuming affairs you have to deal with. Thankfully, there are ways that you can reduce the paperwork and make HST/GST filing simple and quick for your business. When GST was introduced back in 1991, the government made efforts to ensure it doesn’t…
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