Our CPA Is Here to Help
GTA Accounting provides accurate and update financial records for your company enabling you to make wise decisions based on real data.
Regardless of your situation (Personal or Business), our CPA can work with you to create a strategy for lowering your tax liabilities and maximize your returns
GTA Accounting provides financial advice and planning, helping you move your business forward in an effective and efficient manner.
Professional Tax Accountant Mississauga
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 accountant 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 returns. 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 returns. 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.
Documentation We Assist Clients With Are:
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.
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Business & Personal Tax Accountant
Hiring a pro for business tax return is important because missing even a single entry could mean fines and other sanctions from the Canada Revenue Agency. Missing out on legitimate Canadian income tax deductions is also detrimental to you. At GTA Professional Corporation, our tax accountant knows 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.
Our Accounting Advice
How do i make a GST & HST payment in 2019?
How to Pay the GST & HST Your Small Business Owes in Canada
How to Keep a CRA Mileage Log for Vehicle Expenses?
HST Guidelines For Contractors And Self Employed
Guide to Payroll Deductions for Employers (Canada)
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.
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.
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 CPA 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 Cleanup
- General Journal, General Ledger
- Profit & Loss, Trial Balance
- Payroll Reconciliation
- Not-for-Profit Bookkeeping
You Should Come To Us For Bookkeeping Services...
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.
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:
Tax Filing 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. 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: