Tax Planning

Claiming Working from Home Expenses

Claiming Working from Home Expenses

By Wendy Wong, CPA, CA, Senior Manager, Tax & Advisory Services For your 2022 personal tax filing, the Canada Revenue Agency has two options that will allow employees to report expenses they incurred while working from home. All eligible members of a household who worked from home can each claim working from home deductions using […]

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2022-2023 Tax Facts for Ontario Residents

2022-2023 Tax Facts for Ontario Residents

We’ve updated our Tax Facts for Ontario Residents document to include the new 2023 rates, as well as the 2022 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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End-of-Year Tax Planning Tips

End-of-Year Tax Planning Tips

By Natalie Evans, CPA, CGA, LPA Partner, Head of Assurance, Advisory Services The end of the year is rapidly approaching, which commonly brings about a time when business owners reflect on taxes. There are a few considerations that owners can contemplate to help maximize tax efficiency. Below are some immediate things you can contemplate and […]

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1% Tax on Vacant and Underused Housing Approved for 2022

1% Tax on Vacant and Underused Housing Approved for 2022

By: Kody Wilson, CPA, CA, CBV Partner, Tax & Advisory Services Earlier this summer, the government’s Underused Housing Tax Act (UHTA) received Royal Assent. The Act is retroactive to January 1, 2022 and will impact 2022 tax filings for many registered owners of properties that are considered to be vacant or underused. What Types of […]

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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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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, the COP26 UN Climate Change Conference, and the recent natural disasters in BC fresh in everyone’s mind, many consumers may be considering purchasing an electric vehicle (EV). Buyers may be eligible for an incentive rebate off the Manufacturer’s Suggested […]

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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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