GYTD Chartered Professional Accountant Corporation

Death Taxes Canada: How RRSPs, RRIFs & Final Returns Are Taxed Introduction When someone dies in Canada, many people talk about death taxes Canada might charge. It sounds scary — but Canada does not have a direct estate tax. Instead, key tax rules apply to a person’s assets at death—especially Registered Retirement Savings Plans (RRSPs), Registered Retire...

How to Prepare a T5 Slip in Canada: A Complete CRA Filing Guideline Introduction to the T5 Slip For Canadians, tax season brings a flurry of forms and deadlines. Among these essential documents is the T5 slip, formally known as the Statement of Investment Income. Preparing a T5 slip correctly ensures both compliance with Canada Revenue Agency (CRA) regulations and t...

How to Plan Your Estate in Canada: Simple Steps for Families What Is Estate Planning — And Why It Matters Estate planning in Canada means deciding how your money, property, and other assets will be handled when you pass away. It includes making a will, choosing beneficiaries, and reducing tax burdens — especially on RRSPs, RRIFs, and capital gains at deat...

Canadian End of Year Payroll Checklist: Your Ultimate Guide Introduction If you manage payroll for a Canadian business, the end of the year can seem like a daunting period. From finalizing statutory deductions to reporting taxable benefits, ensuring accuracy is crucial for compliance and employee satisfaction. This guide will walk you through a detailed Cana...

Tax Strategies for New Work Permit Holders in Canada Smart Financial Moves You Can Make Right After Arrival Welcome to Canada! If you’ve just arrived on a work permit, you’re probably focused on settling in, starting your job, and adjusting to your new life. But did you know you can also start building your financial future right away? At  

How to prepare T4 slip What is a T4 Slip? A T4 slip is a document that employers must issue to employees at the end of each tax year. It summarizes: ✔ Total salary and wages paid ✔ CPP (Canada Pension Plan) contributions ✔ EI (Employment Insurance) premiums ✔ Federal and

How to Pay Taxes for Your E-Commerce Business in Canada—What You Need to Know E-commerce is booming in Canada, with online retail sales more than doubling over the past few years. But with rapid growth comes a big question for online business owners: How do you handle taxes for your e-commerce business? Many entrepreneurs get caught off guard by the complexities of sales

Essential Business Records You Must Keep for Tax Compliance and Financial Success Keeping accurate records isn’t just about staying organized—it’s a legal requirement for businesses in Canada. Whether you operate as a sole proprietorship, partnership, corporation, or trust, proper bookkeeping ensures compliance with the Canada Revenue Agency (CRA) and helps you manage your ...

Estate Planning: How It Impacts Your Savings, Investments, and Taxes When we think about financial planning, most of us focus on budgeting, saving, and investing. But there’s a critical piece that often gets overlooked—Estate Planning. Without it, your hard-earned savings and investments could face unnecessary delays, costs, and even disputes after you’re gone....

How Real Estate Agents Can Lower Their Tax Burden and Protect Their Families Through Incorporation If you're a real estate agent earning over $100,000 annually and you're not yet incorporated, you could be missing out on powerful tax-saving strategies. One of the most effective tools available to incorporated professionals is Corporation-Owned Life Insurance—a strategy that not only helps you r...