Mississauga, Oakville and Brampton, initially drafted as suburbs of Toronto, have now grown into most densely populated suburbs in the whole of Anglo-America. This growth has been accredited to the closeness to the capital city of Toronto which is also one of the biggest business hubs in the world. This rapid increase in industrial and commercial availability of the city has led to a lot of updates to the tax laws for GTA. This can be particularly confusing for new earners and in most cases they tend to pay more personal tax than they should pay.
What is personal tax?
Personal Tax or personal income tax (PIT) can be defined as the tax which is directly levied on the money or income that an individual earns. In contrast to corporate tax, personal tax needs to be filed individually by a person and not by a corporation on its profits. Moreover, a “person” entitled to pay tax is defined by a person, a partnership and with an undivided income. The tax is in principle levied on the assessable income of a person. Here are the most general components of assessable income.
With the conditions and regulation put in place by the authorities, there could arise a lot of complications when it comes to realizing the amount of tax you have to pay. Too much is a loss to you, while too less is a crime!
We are here to uncomplicated the situation for you!
Yogi Tax Accountants have been in the business of making the tax paying lives easier for our customers easier for the better part of two decades. Our customer database is diverse and is full of people from every part of the world and every profession. We not only worry about your taxes but make sure your personal finances stay in order. Personal tax filing in GTA has never been easier.
Contact us for a full quote and breakdown for our services and experience for yourself what the thousands of our customers are so satisfied about. You tax paying lives will never be the same!