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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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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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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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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