Tax Planning

How to Pay CRA Online

How to Pay CRA Online

Gone are the days of having to send your cheques to Canada Revenue Agency (CRA) by snail mail or having to go to the bank and pay in person. Paying CRA is now as easy as paying the cable bill. You can pay CRA using your online banking or the “My Payment” option on CRA’s Website.

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Claiming Working from Home Expenses

Claiming Working from Home Expenses

By Wendy Wong, CPA, CA, Senior Manager, Tax & Advisory Services For your 2021 personal tax filing, the Canada Revenue Agency has two options that will allow employees to report expenses they incurred while working from home during the pandemic. All eligible members of a household who worked from home can each claim working from […]

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2021-2022 Tax Facts for Ontario Residents

2021-2022 Tax Facts for Ontario Residents

We’ve updated our Tax Facts for Ontario Residents document to include the new 2022 rates, as well as the 2021 rates.

GGFL’s “go-to” Tax Facts sheet is a quick reference guide on Ontario tax rates, including corporate income, RRSP limits, prescribed interest rates, automobile amounts, personal tax brackets for salary and dividends, TFSA, CPP and EI limits, pension splitting with spouses, Workplace Safety & Insurance Board (WSIB), and clawback of Old Age Security.

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Nine Ways To Make Your Tax Preparation More Efficient

Nine Ways To Make Your Tax Preparation More Efficient

Gathering all the tax return information to send to your accountant and/or CRA can be unnecessarily time consuming and involve way too much paper. GGFL Associate Partner Jean McDonell offers these tips to make the annual chore a little less . . . well, taxing. Ask your dental professional, pharmacist or other relevant health professional […]

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Electric Vehicle Rebates for Consumers & Businesses Explained

Electric Vehicle Rebates for Consumers & Businesses Explained

Carol Jackson, CPA, CA Senior Manager, Tax & Advisory Services With the high price of gasoline, COP26 and recent heat and flooding disasters in BC fresh in everyone’s mind, many consumers may be considering purchasing an electric vehicle. Through the federal government’s Incentives for Purchasing Zero-Emission Vehicles (iZEV) program, consumers may be eligible for a […]

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The Time to Get a Business Valuation is Now for Immediate Tax Savings

The Time to Get a Business Valuation is Now for Immediate Tax Savings

Kody Wilson, CPA, CA, CBV Partner & Chartered Business Valuator, Tax & Advisory Services By now, most business owners are likely aware of the positive developments from Finance Canada (Bill C-208) over the summer that have effectively allowed business owners to sell their businesses to adult children and claim the lifetime capital gains exemption, currently […]

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Employees and the Cost of Owning a Small Business

Employees and the Cost of Owning a Small Business

When the Department of Finance announced earlier this year that it was planning to end “income sprinkling,” GGFL was at the vanguard of local protest. It’s not news to anyone that the protests have grown and the issue has since become a major thorn in the federal government’s side. Along with the nation’s accountancy community and, collectively, our millions of clients, we anxiously await what we expect and hope will be significant changes to the proposed legislation.

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Highlights from the Ontario Fall Economic Statement

Highlights from the Ontario Fall Economic Statement

The provincial government released their Fall Economic Statement on Thursday. Billed as a pre-election mini-budget to Build Ontario, the statement proposes a number of investments in infrastructure, health care and skilled trades, but very few income tax initiatives. No income tax cuts were made. The government is projecting a deficit of $21.5B for 2021-22, a […]

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