GTA Accounting Insights

Category: Taxes for Self-Employed

Why You Should Never Do Your Own Taxes

If you’re like most people, doing your own taxes is probably at the bottom of your list of things to do. It’s time-consuming, confusing, and can be a hassle. That’s why it’s a good idea to leave it to the professionals at a tax firm. At a tax firm, you can get help from experienced…
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Taxes for Self-Published Authors: What You Need to Know

As a self-published author, it’s important to be aware of the tax laws that apply to you. There are a number of deductions and credits that you may be able to take advantage of, so it’s important to understand what they are. In this blog post, we will discuss some of the key things that…
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Tax Implications for Students Living in Canada For Their Studies

Students who are studying in Canada may be wondering about their tax obligations. Are they considered residents for tax purposes? And what are the implications if they are considered residents? In this article, we will explore the tax implications for students living in Canada and studying here. We will also provide tips on finding out…
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Everything a Restaurant Owner Needs to Know About Taxes in Canada in 2022

As a restaurant owner in Canada, it’s important to stay up-to-date on the latest changes in taxes. In 2022, several new taxes will be levied, and changes to existing tax laws. If you’re not sure how these changes will affect your business, it’s best to consult with an accounting firm or tax expert. They can…
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Everything You Need to Know About Taxes as a Freelancer in Canada in 2022

As a freelancer in Canada, staying up-to-date on the latest tax laws is important. In 2022, there are several new changes that you need to be aware of. The accounting and tax firm GTA Accounting has put together a guide to help freelancers understand how the new tax laws will affect them. In this article,…
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Tax Deductions and Benefits for Self-Employed People in Canada in 2022

Self-employed people in Canada have a lot of tax benefits and deductions available to them. It is important to understand what they are to take advantage of these benefits. This article will provide an overview of Canada’s most common tax deductions and benefits for self-employed people. We will also provide information on how to apply…
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How to prepare a T5 Slip

The primary purpose of T5 slip is to identify the different types of investment income that Canadian residents must report on their overall income tax and benefit returns. If you usually make investment income payments to a Canadian resident or if you get some investment income payments as an agent or nominee for an individual…
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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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How do I Make Income Tax Payments to the CRA for My Business?

Paying business income taxes to the Canadian Revenue Agency (CRA) has been simplified by the emergence of e-services. The agency accepts online payments of taxes on their platform, My Pavement Service, which is accessible anywhere round the clock. Businesses in the country can make a business income tax payment to the CRA by simply visiting…
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Claiming Expenses on a Business Loss on Canadian Taxes

No one ever wants to make losses when they start a business. However, when filing your taxes, you may realize that your business expenses exceed your business income, which basically means that you will be recording losses on form T2125. But there are ways to write off such business losses. Are You Employed? If you…
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