Articles by: Sohail Afzal

Category: Sohail Afzal

Should You Hire In-House Accountants Or Outsource Your Corporate Taxes

We all know that Accounting plays a vital role in any business. You can not grow your business well if you don’t have a competent accountant to solve your corporate taxes. However, it might be difficult for a business owner to decide whether to hire an in-house full-time accountant or outsource the work. You have…
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How to Prepare and File Corporate Taxes in Toronto?

Being a businessman is great, especially when your business is generating a good amount of profit. But we all know that nobody can become successful overnight. You might have worked so hard for your business to make it successful and achieve financial freedom. However, running your business is just one part of it. The second,…
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How To Prepare If You Are Selling Your Business?

Selling your business could be a tough decision. You might have spent a lot of time and effort building it. There are various reasons why you could be selling it. You could be moving to something bigger and better, you could be in dire need of money, or you want to enter a different industry.…
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Is SaaS (Software as a Service) Taxable in Canada?

It has been predicted that many of the organizations would shift their apps to the SaaS model. Gartner estimated a spike of 23%, which means an increase of $72billion in the year 2018 Firstly, we have to look at the definition of a SaaS model. SaaS model is one in which software is hosted in…
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Hiring a Local Accounting Firm for your Business

You can keep track of your business financials if you have knowledge of accounting. What if you don’t have this knowledge or don’t have time to manage it for your business? You have to estimate the cost and revenues you earn every month. For example, if your retail business is cell phone repair, you will have to…
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What is Not Taxed in Canada?

If you live in Canada, you have to pay a lot of taxes. Every resident of Canada is required to file a Canadian income tax return annually. Now, the thing is that there are a lot of misconceptions about taxes. Some people say that half of your earning will go into taxes. But that is…
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Oecd’s Plan For Global Minimum Corporate Tax Rate Just Got Backed By 130 Countries

The Organization for Economic Cooperation and Development (OECD), an organization in Paris, has announced the global minimum corporate tax, which should be 15%. It claims that they would be able to yield around $150 billion annually in the additional global tax. Apart from that, it has also been said that those doing businesses in a…
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What is HST for Resale Homes?

Many homeowners are confused about the HST tax on a resale home. You have to get some of the background information first to understand the HST for Resale homes completely. The new harmonized sales tax has been made with two taxes: HST with Provincial Sales tax of 8% and the Federal GST tax of 5%.…
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All About the Toronto Vacant Home Tax

Toronto is going to implement a tax on Vacant houses in the city. This tax has been planned to increase the affordability of the houses in Toronto. It is observed that the prices of real estate are continuously increasing even in the COVID-19 pandemic. As the affordability crisis worsens in more Ontario regions, rising housing…
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When Should I Register for and Start Charging HST in Canada?

If you’ve completed the setup procedure of your own business or it is still ongoing, then you might be wondering about the taxes. Whether you’d have to register for the GST and HST at the moment or not? Well, that’s something that every businessman who has just started the business has to understand. They need…
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