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Personal Tax Accountant Toronto & Mississauga - GTA Accounting


GTA Accounting Professional Corporation is your one-stop firm for all your financial accounting and taxation needs. We have a range of tax experts & professionals who can handle a wide range of areas including bookkeeping services, tax preparation, and estate planning as well as HST and payroll services in Toronto and Mississauga. We work for all types of small businesses and corporate start-ups: If you have a small business or you just started a company, we will ensure that all your finances & personal taxes are working for you. We’ll help you grow your business in a good engaging manner and save time and money in the process. For more information on personal & corporate tax, please reach us at +1 (416) 900 3826 and visit us at – PowerPoint PPT presentation

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Title: Personal Tax Accountant Toronto & Mississauga - GTA Accounting

  • A tax saving outlook for Canadian small
  • As a small business in Canada, there are many tax
    deductions that can be aimed at your small
    business spending, helping you minimize your tax
    burden and maximizer your business income.
  • Take advantage of tax deductions
  • Tax deductions help you reduce your tax bill, and
    to take advantage of them fully, you must know
    that they are. Here are a few tax deductions
    small business owners in Canada can claim
  • Vehicle expenses Lease payment, insurance, toll
    charges, maintenance (oil), and gas.
  • Capital property vehicles, computers, furniture,
    equipment, and computers
  • Operating expenses rent, insurance, heating,
    office supplies, and electricity.
  • Media advertising costs Canadian magazines,
    newspapers, in addition to Canadian market radio
    and T.V.
  • Business management expenses annual licence
    fees, business taxes, membership dues for
    professional organizations, online marketing
    fees, mail and delivery costs, and
  • professional consulting services.

  • Get Tax Credits
  • The Canadian government has made available a host
    of tax credits aimed at specific sectors of the
    economy. Your small business could claim
    Investment Tax Credits (ITCs), here are a few
  • Scientific Research and Experimental Development
    (15 of all qualifying expenditures)
  • Mineral Exploration Tax Credit (15 of qualifying
  • Apprenticeship Job Creation Tax Credit (up to
    2,000 per year and equal to 10 of the salary
    paid to an eligible apprentice for the first two
  • Investment Tax Credit for Child Care Spaces (25
    of the cost of creating spaces with a maximum
    credit of 10,000 per space created)
  • Atlantic Investment Tax Credit (10 of the value
    of purchase price of new buildings,
  • machinery, and equipment used in farming,
    fishing, logging, manufacturing, and
  • Meet Deadlines
  • Avoid stress, trouble, fines, and the CRA, file
    your taxes on time. For small businesses, your
    taxes are not due until June 15, and any amount
    owed must be paid by April 30th.
  • Maintain Complete and Accurate Records

CRA Tax audit procedure Tax audits are about
the last thing you happening to you, it is a
frightening experience and it can also be very
costly. CRA auditors will seek your books,
records, receipts, and bank account statement.
Questionnaires could be asked to be filled out,
and any declared information that is wrong
regardless if it was due to error or other
reasons, it will be used against the taxpayer.
Should that happen, one of our top CPAs at GTA
Accounting will be involved and help you through
the process should an auditor contact you. When
you get audited, first youll receive a notice
from CRA regarding their intention to audit. The
notice typically outlines the preliminary
information that is required from you with a
possibility for future requests asking for more
information. Typically speaking the beginning of
an audit is the best time to obtain legal
representation auditors are generally not very
reasonable and may not listen to your
explanations and reasonings for the filing the
returns the way you did. Our top CPAs here at
GTA Accounting will speak on your behalf and
begin the legal work necessary to remove any
issues relating to your tax return, especially if
you do not accept the outcome of an audit. In
this case, you have 90 days to appeal by filing a
notice of Objection, and as always one of our
top CPAs at GTA Accounting will be readily
available for any sort of assistance in filing
your income tax objection. In
Canada, there are over 350,000 tax audit and
review actions concocted annually by the Canada
Revenue Agency. Around 15,000 of these tax audits
focus on cash only businesses, also known as
the underground economy, and around 35,000 audits
are tax shelter audits. There are several
reasons for why the CRA might want to audit
you 1 Random selection 2 Third party tips 3
Comparison of information on returns to
information received from third-party sources 4
Past history of non-compliance
  • The Canadian Income Tax is based on
    self-assessment, the taxpayer is solely
    responsible for filing their own personal tax,
    and the CRA performs audits in order to maintain
    the integrity and functionality of the
    self-assessment tax system. Here are a few
    examples of issues that may arise in an audit
    that would cause a taxpayer to be reassessed by
    the end of an audit
  • Overstated expenses
  • Overstated deductions
  • Overstated credits
  • Underreported or unreported earnings
  • Unreported offshore income
  • Unreported offshore assets
  • Credits, such as charitable donations not
    supported by receipts
  • As such, it is imperative that you keep completed
    records detailing every expense or deductions
    claimed on your tax return. If the CRA has
    approached you with an impending income tax
    audit, do not hesitate to contact our tax
    accounting professionals in Toronto
    Mississauga. Call us at 1 (416) 900 3826 and
    visit us at https//

  • Tax implications for Canadians selling U.S.
  • There are a few things Canadians selling their
    U.S property should be aware of 1 The 15
    holding tax -
  • As a Canadian or a non-resident of the U.S., you
    are subject to U.S. tax laws when selling your
  • U.S. property. Regardless of the cost of your
    property, a 15 tax must be paid on the sale
    price payable under FIRPTA rules (Foreign
    Investment in Real Property Tax Act of 1980).
  • Note The withholding tax paid by Canadians on
    the sale of property in the U.S. can be reduced
    by applying for a withholding certificate before
    transferring the property. You should apply under
    two conditions if you expect your U.S. tax
    liability to be less than 15 of the sale price
    and you must indicate what amount of tax that
    should be withheld by the propertys buyer
    instead of the full 15.
  • If a certificate is filed before a transfer of
    property, withholding tax may be decreased
  • 2 File a non-resident U.S. tax return A U.S.
    income tax return form 1040 must be filed with
    IRS reporting a selling price exceeding the
    original cost.
  • 3 Long-Term Capital Gain Long-term capital
    gains receive favourable tax on properties owned
    for more than one year prior to the sale. The
    long-term capital gain is calculated based on
    your tax bracket. For example, you purchased
    property in 2010 for 50,000 and sold it 6 years
    later for 150,000, youll be taxed a long-term
    capital gains tax of 15.
  • 4 Canadian Income Tax on the Sale of U.S.
  • As a resident of Canada, you are liable to pay
    tax on your worldwide income including capital
    gains of U.S. real estate sold calculated in
    Canadian dollars.
  • To avoid double taxation, a foreign tax credit
    can be claimed on the Canadian tax return on the
    capital gain realized on the sale of a U.S.

Incorporating your Business in Canada and Tax
Advantages Incorporating your business may lead
to lower taxes depending on your situation and in
which province you operate. Once your business
generates more money than what is necessary for
living expenses, in this case, incorporating can
be a tax saver. However, incorporating your
business can be a bit costly and with it comes
plenty of additional paperwork. It is often not a
good idea incorporating when you start your
business, but once the business becomes
profitable, the benefits of incorporating can be
reaped. Furthermore, you have the option of
incorporating provincially or federally, your
choice depends completely on the intention of
your business and whether it'll operate in more
than one province. How Tax Savings Work In
general, corporate tax rates are lower than those
of personal ones. For these profits to be
reaped, the business must generate a substantial
profit. If one relies on the profit the company
earns to cover their personal living expenses,
this means your company must pay enough to live
and therefore you must pay personal income tax on
that amount, hence eliminating the advantages.
To put it simply, if you are earning more than
you need to live on, incorporeality can be
advantageous. Income Splitting and
Dividends Splitting your income with family
member employees can lead to significant tax
advantages beyond those available under reduced
tax rates for corporations. Hiring a spouse or a
child means that their income can be deducted as
an expense while the family member pays tax on
their own personal chime rates. In the event
where you cant hire faintly member for work, you
can make them shareholders and pay them
dividends, which are taxed at a reduced rate. The
corporate is accountable to pay taxes on this
money but generally, pending on the personal
income of your amity members and the province of
residence, there might be an overall tax
saving. When its time to sell your
business As a corporation, you can sell the
shares of your corporation to another person or
firm. This means that if your corporation is
holding real estate and you sell the shares of
your corporation to the potential buyer, then
the buyer can save on land transfer taxes. This
will make the deal sweeter for the buyer and he
is more likely to do business with you. For
professional Tax Accounting Professionals contact
us at 1 (416) 900 3826 and visit us at
  • Election of Quick Method of Accounting to
    calculate GST/HST for IT Consultants
  • The Quick Method
  • The quick method is a simple way for small
    businesses to calculate the tax to be remitted
    to the CRA for GST/HST purposes. With the quick
    method, you still collect the HST at the 13 on
    taxable supplies of goods and services but will
    only remit 8.8 to CRA. The rest of the HST will
    be income for you.
  • Remittance Rate
  • The ammonite to be remitted to the CRA is
    calculated by multiplying a single applicable
    rate with the number of taxable supplies
    (including GST/HST). The remittance rate depends
    on either one of the following
  • If the taxpayer is in the service, retail or
    manufacturing business
  • In which province the business has a permanent
  • In which province the supplies are services
    provided or supplies made
  • The Quick Method can be used by small businesses
    with taxable sales of 400,000 or less. However,
    this method is limited, as such, accountants,
    lawyers, and charities are prohibited from using
    this method of accounting. Therefore, in order to
    elect the Quick Method, you must complete and
    send from GST74 - Election and Revocation of an
    Election to Use the Quick Method of Accounting,
    to the Canada Revenue Agency. This form can be
    accessed and downloaded from the CRA website.
  • For your accounting needs, our CPAs here at GTA
    accounting will make themselves available for
    you when it comes to sorting help or assistance
    in regards this method of accounting, so please
    do not hesitate to contact us.
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