Ask A CPA: Do You Pay Capital Gains Taxes On An Inheritance In Canada?
Receiving an inheritance, whether a family cottage, a portfolio of investments, or simply cash, is a profound experience. While it’s a time for reflection and grieving, it often comes with a jarring financial question: Do I have to pay tax on this money? It’s a question that brings many Canadians to our office. They are […]
The 7 Benefits of A Chartered Professional Accountant
Running a small business comes with no shortage of responsibilities. But when it comes to your finances, working with a corporate tax accountant is one of your most valuable decisions. Many business owners think of accounting as just filing taxes once a year. In reality, a skilled Chartered Professional Accountant (CPA) does much more than […]
5 Simple Ways to Help Reduce Your Corporate Taxes
As the year slowly winds to a close, many business owners will begin–if they have not already–the process of closing out their current fiscal year and preparing for 2025. In Canada, the most common fiscal year-end deadline is December 31, 2024, with corporate T2 tax forms due no later than six months after the deadline, […]
How to Calculate Business Use of Home Expenses Canada
More and more businesses are choosing to operate out of personal residences rather than pay for corporate spaces. If you are a business owner, this means that you can deduct a percentage of your home expenses that are used for business purposes. How to calculate business use of home expenses is actually simpler than it […]
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 […]
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 […]