Tax & Accounting
If you are seeking a professional accounting and financial firm with a strong global network and knowledge in Canada, you need to look no further than Kreston GTA whether for your business or personal needs.
Their expertise in local and foreign tax will prove invaluable to you. Kreston GTA will advise you on local Canadian tax obligations and can work with the tax team in your home city to ensure your international tax position is effectively managed.
Kreston GTA assists expats in:
- Cross-border taxation
- Corporate and personal taxation
- Payroll processing and HR consulting
- Company formation and tax registration
- HST / GST / Sales Tax
- Cloud bookkeeping
- Accounting and consulting
- Audit and assurance
Tax & Accounting for Expats in Toronto
The Canadian tax system can be complex to navigate particularly for expats who move to Canada and have assets abroad.
Key Tax & Accounting tips you should know as an expat in Toronto
- The Canadian tax system is progressive, meaning the higher your income, the more taxes you may pay.
- It’s best to seek the services of a reputable tax advisor to help you determine your Canadian tax residency, taxability of your income, tax rates you will be applicable for and the availability of deductions and credits specific to your situation.
- Expats with assets and investments abroad need to be aware they may have additional tax declarations they need to make in regards to these assets and investments.
Tax & Accounting for expats establishing a business in Toronto
- There are many types of business structures in Canada. Each has its own pros and cons. It’s advisable to seek professional advice before commencing operations in Canada to decide which one suits you best.
- Your businesses may be required to register for goods and services tax (“GST”)/harmonized sales tax (“HST”). The big advantage of GST/HST is the Input Tax Credit.
- The Input Tax Credits are credits you can claim to recover the GST/HST you paid or owe for goods or services you acquired during your commercial activities. You also have to note that the net GST/HST are remitted along with a GST/HST return to the Canadian tax authorities.
- Your business in Toronto is required to remit employees’ tax withholdings, Social Security contributions and is responsible for employer health tax as well.
Expatland Global Network Pte Ltd is a separate entity to service providers mentioned on this website. Please read our full disclosure here.