The 2026 Tax Paradox: Why A Lower Tax Rate Might Need A Top-up

Everyone loves a tax cut. It’s the kind of news that makes for a great headline, and for the nearly 22 million Canadians affected by the federal middle-class tax cut, the savings are a welcome reprieve. But at Gallo LLP, we know that for the proactive taxpayer, a lower rate is a signal to look […]

Partnership Tax Return Filing: A Guide to the T5013 Return

In Canada, a partnership is one of the most flexible ways to structure a business. It allows two or more people, or even corporations, to join forces and share in the risks and rewards of an enterprise. But when tax season rolls around, many partners are surprised to find that the partnership itself is essentially […]

The February Countdown: Navigating T4 and T5 Filing Deadlines in Canada

For many Canadian business owners, the start of a new year is a time for vision and growth. But as January turns to February, the focus shifts to a critical compliance window. While your main corporate tax return (the T2) might not be due until June, February marks the arrival of the “Information Slip Sprint”, […]

Retirement Tax Planning: Strategic Income Planning for Every Canadian

For decades, your financial focus has likely been on one thing: accumulation. You’ve worked hard to stack “blocks” of wealth, paycheque by paycheque, to build a secure future. But as you enter your early 60s, the rules of the game change entirely. You are transitioning into the decumulation phase, where success is no longer measured […]

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? […]