Blog by GSP Chartered Professional Accountant Professional Corporation

The tax season is coming up, it’s here! If you own a small business this tax season, you need to be prepared with the most efficient way to deal with your personal taxes. This is why using GSP Chartered Professional Accountant Professional Corporation can help you to avoid additional expenses. Here is the checklist for your business for this tax season:

If you own a business, you know that you must take certain steps to ensure optimal tax planning. Most often, the first step is gathering as much information as possible on how to prepare your taxes and reduce or eliminate any taxes due. However, there are many more considerations that need to be taken into account before deciding on the best course of action.

Technology has evolved rapidly over the past few decades, and there is no question about how it has drastically changed our day-to-day activities. In the world of tax, it has been a significant factor in the development of more efficient and convenient tax filing for all taxpayers.

Tax preparation and accounting tasks are the worst nightmares of small businesses with no dedicated teams of professional accountants. Legal requirements and tax management can be a pretty challenging task without appropriate knowledge and usually, businesses end up paying way more money than due. GSP Chartered Professional Accountant Professional Corporation is always ready to serve the local businesses and companies in Toronto and Hamilton region with the best taxation, financial, and accounting resources.

Thanks for stopping by our blog. If you’re looking for more information about GSP Chartered Professional Accountant Professional Corporation, you’ve come to the right place.

GSP Chartered Professional Accountant Professional Corporation wishes you and your family a happy and safe holiday season and all the best for the New Year 2022!

Are you planning to buy a home? Then you will need to consider a number of factors other than making a list of “must-haves” for your future house. When buying your first home, there are a host of financial and lifestyle considerations you should figure out. For this reason, you must be aware of the essentials and little details during the home buying process so that you make the best long-term investment of your life.

Choosing a competent accountant can save you a substantial amount of money every year on taxes. They help you comply with Canada Revenue Agency (CRA) guidelines and save you a lot of hassle when dealing with CRA audits. However, the accounting expertise provided will vary depending on the services you need. Similarly, based on the services desired, accounting fees can approximately range from $200 to $25000. While extensive accounting assistance can be expensive, the benefits it brings to a business are numerous and cannot be measured in cash alone.

Accounting can be a challenging process because we have to handle various sub-tasks, depending on our clients. Most people connect with us at the last hour to make sure we file their taxes before the deadline. When it comes to filing your taxes, people are allowed to handle them themselves, and would rather make changes and plans to do the same, so they do not have to pay an accountant. However, as they get closer to the taxation date, they would begin realizing that there are processes that they cannot handle and get in touch with us. 

As an entrepreneur, the decisions or actions you take in the early stages of your business will be pivotal to your success. While starting out, you’ll rely on yourself to complete a wide variety of business tasks. But ensure that the areas that require specialized skills and knowledge are handled by individuals who have the required expertise and focus. One area of business that needs dedication and talent is bookkeeping.

Starting a new business venture is exciting as you get to finally manage your own schedule and create an enterprise that you have always dreamed about building. However, managing cash flow and maintaining good books is essential to ensure your business survives the first twelve months and goes on to prosper. Consequently, it’s critical to take sound advice from an expert to ensure that you don’t end up facing unnecessary mistakes which could impact your financial future significantly. To help you avoid some basic errors that could prove to be costly, GSP Chartered Professional Accountant Professional Corporation has put together a list of the most common mistakes new businesses make with accounting.

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on:  June 16, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/tfsa-holders-on-the-hook-for-overcontribution-tax-even-if-account-is-worthless/

Original Article Source Credits:   Chron , https://work.chron.com/

Article Written By:  Chron Contributor

Original Article Posted on:  June 08, 2021

Link to Original Article:  https://work.chron.com/role-tax-accountants-14140.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on:  June 14, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/budget-proposal-will-mean-big-change-for-cra-audits-lawyer-says/

Original Article Source Credits:   CPA CANADA , https://www.cpacanada.ca/

Article Written By:  MICHELLE SINGERMAN

Original Article Posted on:  6.16.2021

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-06-16-why-hire-cpa

I’m Gurpreet Pannu, the proud owner of GSP Chartered Professional Accountant Professional Corporation. I look forward to sharing my story. I hope that you will enjoy getting to know me better. 

Original Article Source Credits:   Yahoo Movies , https://ca.movies.yahoo.com/

Article Written By:  Kay Ng

Original Article Posted on:  May 1, 2021

Link to Original Article:  https://ca.movies.yahoo.com/canada-revenue-agency-best-tax-151457930.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on:  April 28, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-has-processed-18-6-million-returns-so-far-in-2021/

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