The Most Important Self-Employed Tax Deductions
As a self-employed individual and small business owner, you are likely looking for the most important expenses to keep track of that can be deducted from your taxes. If you’re self-employed, read this blog to learn what the most important tax deductions are and how Gallo LLP can help you win in business! What Does […]
14 Ways to Get a Bigger Tax Refund
As our T4s and other tax documents come in, you’re likely wondering how you can get as large of a tax refund as possible. At Gallo LLP, we go over every single document to make sure you have claimed everything you can and receive a bigger tax refund. How are personal income tax refunds calculated? […]
What Happens If You File Taxes Late
Many Canadians wonder every year what would happen if they file their taxes late. Tax season can be a stressful time. Whether you’re worried about getting all your documents in place and filing on time, or you are worried about taxes you owe, the potential consequences of filing taxes late can be a weight on […]
How Early Can You File Your Taxes [2021]
Tax season can be a stressful time. If you’re looking to get your taxes over with and file as soon as possible, you’re not alone! You can file your taxes as early as you like, so long as you have all the necessary documents and information collected. Read our blog on how early you can […]
CSRS 4200 In Effect
There is a new Compilation Engagement reporting standard, also known as the Canadian Standard for Related Services (CSRS) 4200, effective for compiled financial information for periods ending on or after December 14, 2021. This standard updates Compilation Engagement requirements from acceptance of the engagement to reporting that will affect practitioners, clients, and third-party users of […]
Gallo LLP is one of Edmonton’s Best Accounting Firms
The popular website ‘Best in Edmonton’ has placed Gallo LLP on the list of best accountants in Edmonton. We can’t help but agree! The website uses a combination of business references, reviews, and overall public opinion to put together the list of the best in Edmonton. Gallo LLP is proud to be on this list […]
What Tax Deductions Can Self-Employed Physicians Claim?
As a self-employed physician, your tax structure and deductions are different from a salaried physician. If you’re making the transition from a salaried employee to that of an independent, self-employed physician, you’re going to need a clear understanding of what expenses to track, what items are deductible, and how you can prepare for tax season. […]
What is a Tenant Inducement? Tax and Accounting Implications
Tenant inducements are something that can seem like an easy choice. If you’re offered a tenant inducement or considering offering them to find more business, it can seem like an easy giveaway, but that’s not always the case. Tenant inducements can impact your annual taxation and have many implications regarding bookkeeping and your business’ accounting […]
What are Tuition Tax Credits?
If you’re a Canadian post-secondary student, you’ve likely wondered what a tuition tax credit is and how to use it. Or, maybe you’ve looked on your CRA account and wondered what those carried over amounts are for. Understanding tuition tax credits and how to use them properly can help save you or your loved ones […]
When Do You Need to Report Rental Income?
Collecting rental income on a property is a fantastic way to help with mortgage costs and pay off an investment property. Rental income, though not associated with a paycheck, still needs to be reported alongside your income taxes. Not reporting your rental income fully (or at all) can lead to penalties and interest payments. If […]