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Tax Accounting Firm in Mississauga

A good CPA is one who provides a variety of services since this means you do not have to hire different businesses for the job. At GTA Professional Corporation, we have experienced CPAs who will meet all your financial needs.

Tax Accounting Services

In Canada, all individuals, small businesses, and corporations are required to file income tax returns each year. There are several reasons why you should leave this to a financial firm. GTA Professional Corporation, we know what taxes to file, when to file, and how to file. Consult our tax accountants in Mississauga for all your tax preparation requirements.

Individuals have to file tax returns detailing all their sources of income in T1 personal income tax forms. We will help you to fill your employment income for the year and guide you on other applicable incomes.

We help you file small business taxes, which depend on how the business is structured. Sole proprietorships and partnerships report their business income tax on their T1 personal income tax forms. You and your small business are taken to be one and the same thing. The T1 income tax return package comes with Statement of Business or Professional Activities (Form T2125) which you will use to report the business income.

Incorporated businesses report their income on the T2 corporate tax return. Unlike a small sole proprietorship or partnership, an incorporated business is taken as a separate entity and it, therefore, has to file its own tax return. Other documentation we assist clients with are:

Business & Personal Tax Accountants

Hiring a pro for business tax return is important because missing even a single entry could mean fines and other sanctions from the tax man. Missing out on legitimate Canadian income tax deductions is also detrimental to you. At GTA Professional Corporation, our tax accountants know from training and experience the deductions that businesses should claim. Examples are:

  • Home Maintenance & Home Ownership Income Tax Deductions for home-based business owners
  • SR&ED for those involved in R&D
  • Gifts to Employees

The Canada Revenue Agency has rules for vehicle business expenses, employing your spouse or child, travel-related expenses, advertising expenses and other business expenses that fall into the Agency’s ‘other’ category. We understand these rules and will ensure you do not pay a cent more than you should.

Read what our clients have to say about our service
  • Excellent. All information forwarded to me in a very timely manner. Very reasonably priced. Will use their services again. Would recommend this firm to anyone who needs assistance with an accounting firm for tax filing.

    Mike Laus Avatar Mike Laus
    10/12/2018

    Great customer service and efficient tax return filling. I highly recommend GTAaccounting for any tax services

    Noor Abu Ramadan Avatar Noor Abu Ramadan
    9/21/2018
  • GTAaccounting has been a life saver. Quick response time and fast turn around for my business and person tax needs

    Michael Viera Avatar Michael Viera
    9/20/2018

    I had a great experience here. Very professional. I intend to use Gta accounting again since they handled my taxes very delicately and accurately. Thanks!

    daniel arama Avatar daniel arama
    6/09/2018
  • Great customer service. Highly recommended GTA accounting for taxes and other accounting needs. Thanks to Sohail 🙂

    Vikram Singh Avatar Vikram Singh
    5/27/2018

    As a small business owner, it is hard to find people to trust that will do the job well. Sohail always completes my accounting efficiently! It truly is a great feeling to have one less thing to worry about because I trust him and he does a great job. Thank you Sohail, I look forward to working with you for many years to come.

    Merlot Beauty Inc Avatar Merlot Beauty Inc
    5/12/2018
  • Very professional and quick to respond, Sohail goes the extra mile to answer all questions and make you feel like your business is in good hands.

    Anthony Furia Avatar Anthony Furia
    5/05/2018

    We trust GTA Accounting for our Corporate taxes. They have highly qualified and well trained team of professionals. Sohail is highly experienced, dedicated and visionary professional. He's acting as external CFO for our Hotel business and always provided us very helpful information needed to make informed decisions. He's not only best CPA Accountant in Toronto but also best business advisor. I get impressed from his talent and learn something new every time I speak to him. You can't find better advise than him if interested in expanding any startup business. He does tax planning on quarterly basis to minimize taxes which no other accountant offered us to date. Our business is prospering and is in safe hands for sure.

    Baymont Inn & Suites Avatar Baymont Inn & Suites
    4/27/2018
  • Great accounting service. Very professional people bring you a very delightful experience.

    Roy Xu Avatar Roy Xu
    4/23/2018

    I had a great experience with Mr. Sohail and GTA Accounting in setting up my new small incorporated business. I'm satisfied with the level of support and professionalism in preparing the first draft of a thorough tax plan. I definitely recommend Sohail and GTA Accounting for others. Thank you Sohail.

    Usama Abdelsalam Avatar Usama Abdelsalam
    4/15/2018
  • Great customer and professional attitude. Highly recommended GAT Accounting for personal business taxes accounting needs. Thanks to Sohail.

    beep beep Avatar beep beep
    4/10/2018

    I trust Sohail and his team at GTA Accounting with both my personal & corporate taxes and bookkeeping. He impressed me continuous with his accuracy, patience, and diligence. I would recommend Sohail and GTA because of the quality of service I have received. I will be trusting him with my personal and corporate finances for many years to come.

    Thomas Wright Avatar Thomas Wright
    4/08/2018
  • GTA accounting is the most professional company I have dealt with so far in Canada eversince I started filing my taxes in 2010. You should expect right advice but guess what no extra cost though. They know what they are doing and are in the right business.

    Bilal M Avatar Bilal M
    4/03/2018

    File your personal tax with them. Friendly and helpful. Was recommended by my cousin and will use them from now on.

    Yura Shmid Avatar Yura Shmid
    3/29/2018
  • GTA was referred to me through a good friend. Since then, its been 2 years. They were always professional and I witness their success year after year.

    Walter M. Gutierrez Avatar Walter M. Gutierrez
    3/22/2018

    GTA accounting is extremely professional. learned many new things with business tax benefits with them. Gave me a free consultation and a discount on my next tax refund.

    Hugo Plaza Avatar Hugo Plaza
    3/20/2018
  • Had a meeting with one of the accountants regarding my personal tax. He was extremely helpful and professional. Will have my family file their tax here. Great service!

    Arvind Kandola Avatar Arvind Kandola
    3/19/2018

    They serviced my personal tax needs Extremely reasonable rates and done within a timely manner

    Karan Bashyam Avatar Karan Bashyam
    3/12/2018
  • Just filed my business tax with GTA accounting.it was my first time and the process was very simple and transparent. Everyone was professional. Thanks GTA accounting!

    JR H Avatar JR H
    3/09/2018

    Great place that helps you file your business tax return. Very informative and professional.

    Kevin Joseph Avatar Kevin Joseph
    2/18/2018

Our Accounting Advice

Bookkeeping Services

We offer comprehensive bookkeeping services, allowing our clients to concentrate on the day-to-day running of their businesses. You save money when you hire us for bookkeeping because this ensures you do not have to hire an in-house team for the job. Our experience in bookkeeping means you are less likely to get things wrong. Our bookkeeping services in Mississauga include:

Invoicing and accounts receivable
We assist clients to invoice their clients and record the payment. We will send you AR Aging Ledgers regularly so you know which customers have not paid.
Bank Reconciliation
We will assist you to compare what is in Quickbooks to what is your bank statements. We do this weekly, monthly, or quarterly, depending on your specific needs.
Expense and accounts payables
If you prefer paying bills yourself through cheques, credit cards, or wires, we will assist you to record the expenses. However, this is not feasible with a growing business. You could offload the task to us – all you will need to do is print, sign, and send off.
Reporting
The aim of bookkeeping is to give you clarity so you know where you stand. It is only this way that you can properly plan for the future. We will give you simple reports such as income statements, cash flow statements, and balance sheets. We are CPAs and as such, we can go a step further and create Dashboards that will give you important financial insight such as profitability, employee efficiency, and marketing effectiveness.
Budgeting/Forecasting
We will assist you to create a forward-looking budget and assist with cash flow forecasting. We will be there for you whenever you are making major decisions such as if you should expand and if you should hire an extra person.

Our other bookkeeping services include

Bookkeeping Clean-up

Payroll Reconciliation

General Journal, General Ledger

Not-for-Profit Bookkeeping

Profit & Loss, Trial Balance

You should come to us for bookkeeping services

If you are a small to medium-size company or an NGO and you do not have resources to hire an in-house accountant

If you are an individual and you need help with personal financial record-keeping

If you want to start a new company and want to make sure that the correct procedures are followed from the beginning

If you are overwhelmed by your current bookkeeping practices

When preparing for quarterly and annual tax filings

If you want your staff to get a better understanding of QuickBooks

Incorporations

To register as a corporation in Canada, you need to:

  • Incorporate the business (get articles of incorporation) through provincial/territorial incorporation or federal incorporation
  • Get a Corporation income tax account and a federal business number from the Canada Revenue Agency
  • Register as an extra-territorial or extra-provincial corporation in all other Canadian jurisdictions where you will be doing business
  • Apply for any licenses and permits that your business will need to operate

Although the registration of these accounts is sometimes streamlined (you can sometimes get your business number, provincial registration, and tax accounts as part of the incorporation process), this is not true for all cases.

Tax Accountants Specializing in Corporations

At GTA Firm, we will assist you to incorporate your small business incorporation through either provincial/territorial and federal incorporation. So, what will we do for you?

We will assist you to fill the business or the not-for-profit form as well as forms for operating an extra-provincial corporation in Ontario if you are not a Mississauga native.

We will then assist you to file Articles of Incorporation (Form 1 under the Business Corporations Act) as well as supporting documents with the Ministry of Government and Consumer Services.

The law requires that a corporation files an Initial Return/Notice of Change (Form 1 under the Corporations Information Act) within 60 days of the date of incorporation. We will assist you to make this filing.

If we file online, we will get all first directors to complete a Consent to Act as First Director (Form 2 under the Business Corporations Act). If filing via mail or in person, we will get the form from you and ensure the forms are locked away at your offices in case the Ministry of Government and Consumer Services ever decides to peruse them.

If you want to dissolve the business due to any reason, our CPAs understand the processes of dissolving business corporations either voluntarily or involuntarily.

Many provinces, including Ontario, have adopted a Harmonized Sales Tax (HST). HST harmonizes the provincial sales tax with federal government’s Goods and Services Tax (GST). In Ontario, an HST of 13% was introduced in 2010.

We will guide you to ensure you pay the right amount of sales tax. We will keep track of your HST and assist you with tax filing. Our other services are:

We will assist you to determine which goods and services are Taxable, Zero-Rated or Exempt.

We will help you fill the GST/HST Return form, keeping in mind that the Canada Revenue Agency requires businesses to collect HST from their customers and to remit the same. Note the law requires that you must remit on the reporting period even when you’ve not collected tax during the period (with zero remittance).

We will ensure we remit GST/HST Returns within the reporting period (which is quarterly for most businesses and monthly for businesses with a revenue of over $6 million in annual taxable supplies.

We will help you determine the GST/HST expenses that qualify as ITCs (Input Tax Credits) since not all business-related expenses are eligible.

Tax Audit Services

As a business owner, you can use internal audit and evaluation reports to improve the effectiveness and efficiency of your activities, to strengthen accountability, and to demonstrate resource stewardship. Our CPAs are experts in audit services. We work for up-and-coming businesses that do not have internal auditors yet and even bigger businesses that require an independent accountant Mississauga take on things. We employ a disciplined and systematic approach to evaluate and improve:

Fraud risk management process (including detection, deterrence, prevention, and investigation)

Effectiveness/efficiency of internal controls

Effectiveness/efficiency of operations (including safeguarding your assets)

Reliability of management and financial reporting

Reliability and security of applications and information systems

Compliance with law, regulations, and contracts

Contact us to talk to our CPAs for any of these services