Articles by: Sohail Afzal

Category: Sohail Afzal

What are the Tax Advantages From Incorporating Your Business in Toronto?

Incorporating your business is a smart decision to make once you generate enough revenue from your business, as you’d have to pay lower tax. The amount of tax you are going to pay depends on which province you live in; however, once you see that your business is generating more than the money required for…
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Which Countries Do Not Have Any Property Tax?

Investing in real estate is one of the most beneficial investments you can make. Many countries, or should we say almost all the countries except a few, charge their citizens an amount called “property tax.” However, there are always ways through which you can either reduce these taxes or completely evade them (legally). Real estate…
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The History of Corporate Income Tax and Definitions

All the residents of Canada who are running a corporation have to file a corporation income tax (T2) return every tax year. It doesn’t matter if there is tax payable or not. That’s the reason why you need to have a detailed understanding of the corporate income tax. Non-profit organizations, tax-exempt organizations, and inactive corporations…
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What are the GST/HST Rules for Digital Products and Services?

The GST/HST for Digital Products and Services would impact the non-resident vendors who sell Digital products and services to the consumers in Canada. The online platform operators would now be required to register, collect and remit the GST/HST tax. This tax has come into the highlight as the sales of the E-commerce industry have skyrocketed.…
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How Canada’s 2021 Budget Will Affect Taxpayers

Ever since the Honourable Chrystia Freeland tabled the Federal Budget for 2021 (Budget 2021) on April 19, 2021, there has been quite a movement in excise and taxation institutions. There are many glad tidings for the law-abiding citizens and taxpayers of Canada. This is the first budget in more than two years. The Budget 2021…
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When to Charge HST and GST in Canada if You’re a Contractor

Running your own contracting business is not easy when you don’t have enough knowledge regarding the taxes. As an owner of a business, you have to be responsible for all your expenses, tax payments, and other legalities. But don’t worry, we will tell you the nitty-gritty details of the HST (harmonized sales tax) and GST…
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What are the GST/HST Self-Assessment Rules?

Self-Assessment refers to the process of calculating and filing your GST/HST returns on your own. Although it may sound much easier than it is, you can always consider taking professional assistance in this regard. There are provincial rules. Then there are different territorial rules that apply when you are a non-registrant or a non-resident. Read…
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Who is an Investment Accountant, and What Do They Do?

Accounting is a broad spectrum of financial management services. All of the services that come under accounting vary with each business function. And when we combine these business functions and their financial management, a consolidated business process is created. Usually, a senior or supervisor accountant is a person in any organization responsible for overlooking all…
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4 Strategies for a Small Business in Canada to Reduce Income Tax

There are approximately one and a half million small businesses in Canada right now. The reason for such a significant number is the Canadian rules and regulations for small businesses. There are many official and legal ways to expand your small business in Canada. You can lower or reduce your small business income tax as…
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How Can I Pay My HST in Canada?

Harmonized Sales Tax (HST) is a consumption tax that is paid by the consumer and the business at their point of sale. The vendor is usually the responsible person for collecting HST from their customers and then remit it to the CRA. The rates for HST vary with provinces and territories in Canada. Some of…
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