Small Business Deduction
All business owners aim to minimize their taxes payable in order to maximize the cash available to pay themselves, their employees and to...
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info@gytdcpa.com
- Jun 28, 2022
- 11 min
Record Retention and Disclosure Requirements
The Income Tax Act (the Act) requires a corporation carrying on a business to maintain adequate records and books of account. Such...
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info@gytdcpa.com
- Jun 28, 2022
- 3 min
Paying Your Corporate Income Tax by Instalments
Most corporations are required to make instalment payments throughout the year as tax is usually not deducted at source on corporate...
10 views0 comments
info@gytdcpa.com
- Jun 22, 2022
- 4 min
Interest and Penalties—Corporations
One of the most frequent questions accountants hear is “how do I pay less tax?”. Part of the answer to this question is to ensure all...
11 views0 comments
info@gytdcpa.com
- Jun 22, 2022
- 2 min
Financing Expenses
Financing expenses are often considered non-deductible capital expenditures per the general rules regarding deductions for income earned...
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info@gytdcpa.com
- Jun 22, 2022
- 5 min
Deficient Corporate Instalment Payments
Instalment payments for Parts I, VI, VI.1, and XIII.1 taxes are due on the last day of every complete month of the corporation’s taxation...
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info@gytdcpa.com
- Jun 22, 2022
- 3 min
Deductibility of Losses
Losses incurred during a tax year can generally be carried forward or back to another tax year and utilized to reduce taxable income in...
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info@gytdcpa.com
- Jun 15, 2022
- 1 min
Changing Your Taxation Year End
A corporation’s taxation year end is determined in the year of incorporation. The taxation year end can be any date within 53 weeks of...
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info@gytdcpa.com
- Jun 14, 2022
- 7 min
Year-End Planning for Businesses
As we approach the end of the year, it is time to consider options which may be available to you to reduce your year-end tax bill as well...
3 views0 comments
info@gytdcpa.com
- Jun 14, 2022
- 3 min
Capital dividends
The ability to pay capital dividends is a great benefit of private corporations. Capital dividends are tax-free distributions paid to...
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info@gytdcpa.com
- Jun 14, 2022
- 2 min
Reasonable Compensation
As a business owner, you may have the opportunity to split income with your family. It is very common for business owners to employ their...
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info@gytdcpa.com
- Jun 14, 2022
- 2 min
Business or Hobby
Many Canadians have a passion that they enjoy outside of their work life. This may include baking, woodworking, art, or collectibles....
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info@gytdcpa.com
- Jun 14, 2022
- 3 min
Unvouchered Expenses
You might have received notice that your business has been selected for an audit and you are concerned that your books and records may be...
14 views0 comments
info@gytdcpa.com
- Jun 10, 2022
- 4 min
Taxation of Stock Options
Employee stock options are commonly provided by employers to compensate employees without a cash outlay, and to incentivize employees to...
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info@gytdcpa.com
- Jun 10, 2022
- 2 min
Frequent Flyer Miles
When you travel on business for your company, you may earn frequent flyer miles or other promotional benefits, such as through rental car...
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info@gytdcpa.com
- Jun 10, 2022
- 8 min
Year-End Planning for Individuals
As we approach the end of the year, it is time to consider options which may be available to you to reduce your year-end tax bill as well...
2 views0 comments
info@gytdcpa.com
- Jun 10, 2022
- 5 min
Medical Expense Tax Credit
Taxpayers may be entitled to a non-refundable tax credit on the medical expenses paid during the year. Medical expenses paid in respect...
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info@gytdcpa.com
- Jun 10, 2022
- 2 min
Notifying CRA of Address Change
Moving can be both an exciting and stressful process. There are many steps that must be taken to ensure you have covered all the bases....
6 views0 comments
info@gytdcpa.com
- Jun 10, 2022
- 2 min
Payment Arrangements
In the event that you cannot pay your taxes on time, Canada Revenue Agency may agree to a payment arrangement. A payment arrangement...
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info@gytdcpa.com
- Jun 10, 2022
- 2 min
Tax Season Checklist
Another personal tax season is quickly approaching, and it is time to gather the documents to prepare your personal income tax return....
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