Articles by: Sohail Afzal

Category: Sohail Afzal

How is Capital gains tax calculated on Real Estate in Canada?

In Canada only 50% of the capital gains are taxable. Capital gain is the difference between net sale proceeds and the purchase price of a property. We can calculate net sale proceeds by deducting commission and other selling costs, while land transfer fee, legal fee, and other closing costs can be part of the original…
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Tax Planning Strategies

Planning is essential to successfully minimize the income tax liability within the legal framework.  Not only do our clients save penalty charges from the failure of tax compliance but also from recommendations of tax saving strategies that maximize their after-tax income. Our team is constantly staying up to date on current tax laws and new…
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The Canada Revenue Agency (CRA) Guidelines for Tax Deduction on Meals & Entertainment Expenditure

Can You Take Off Meals & Entertainment Expenditure? Wouldn’t life become very easy if expenses incurred by businesses in terms of meals and entertainment were deductible 100 % from our own tax? Unfortunately, that is rarely the situation. This guide clarifies your potential questions on deducting food, beverage and entertainment expenses, and those unique situations where you can claim 100% deduction.…
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Personal Taxes – A Guide to Personal Taxation in Canada

Personal Tax The Income Tax Act, Part I, subparagraph 2(1), states: “An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.” In Canada, personal income tax is levied on the worldwide income of individuals…
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6 reasons why Bookkeeping is important for your Small Business

Why Records Should be Kept The CRA requires each person who must file a tax return to keep accounting and other financial information documents organized. Just putting everything in a drawer or file without proper identification makes it useless too. Therefore, organizing these documents is key to meeting the CRA’s requirements. These documents will help you…
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Why is it better to incorporate business???

Your business is doing well! Why not incorporate it? The question is asked so often. Are there any benefits of doing so? The question creates its mark in many small business owners who started their businesses as sole proprietors in which they and their businesses are essentially one and same. Switching to a corporation can…
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New Tax Rules For Small Businesses In 2018

Do you own a small business in Canada? Is your business incorporated? If you want to fulfill your tax obligation and always ensure you’re compliant, take time to understand the new tax rules and how they will affect your business in 2018. In the paragraphs below, we will cover some tax changes that the government…
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Tax Credits & Benefits for Seniors in Canada

As you grow older, you get to enjoy a wide range of tax benefits. Partnering with a CPA can help you identify all the opportunities to enjoy tax benefits that are often not available to the younger taxpayers. The reason why the Canadian government provides seniors with tax credits is to ensure that they are…
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Reasons To Hire CPA For Tax Filing

If there’s one thing that most people dread, it has to be filing their taxes. When it’s that time of the year again, consider hiring a CPA to help you especially if you’re not sure what to do. A reputable accounting firm can really simplify the process of tax filing for you. Here are 5…
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