Articles by: Sohail Afzal

Category: Sohail Afzal

What To Do When You Receive a CRA Audit Notice?

It is stressful for a taxpayer to think about being audited by the Canada Revenue Agency (CRA), especially when they are notified that an audit is taking place. We recommend staying calm when being audited and understanding these things about taxes in Canada: You have to understand that the tax system is based on self-assessment.…
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Terms You Should Know Before Entering a Relationship in Canada

As is common knowledge, divorce is often accompanied by splitting assets and the associated financial costs for one or both parties. Every time we go into a relationship, we hope that it will last, but then there are times when it doesn’t. According to the Canadian government, divorce rates are now at about 40%. The…
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Your Guide to GST/HST Credit in 2022

A major benefit of the GST/HST credit is that it is available to low-to-moderate-income Canadian families. The eligible individuals and their families receive a base benefit in this program. As income levels increase, the base benefit decreases. This article aims to describe the eligibility criteria for the GST/HST credit payment, how to apply, and other…
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This is What You Should Know About Line 10100 in Canada

As we approach tax season, you may be tempted to save yourself a few dollars by filing your own taxes. Even though tax returns may appear straightforward, they can be complex and stressful to the untrained eye. Luckily, GTA Accounting can assist you with the process. Let us begin by reviewing “What is Line 10100…
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What You Should Know About an Emergency Fund in Toronto

Life is full of surprises. Nobody saw the pandemic coming, and we were all taken by complete surprise when it hit us. You never know what could happen. There could be a natural disaster that could destroy your car or house. You or your partner could get so sick that you won’t be able to…
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Things to Know About Tax Refunds in Canada

Tax refunds are not positive, as is widely believed. You may feel pleased when you receive a lump sum in your bank account as if you won the lottery, but don’t let your dopamine rush fool you. The reason for your tax refund is that you overpaid the government. There was an overpayment of tax…
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5 Tips For Personal Savings in Toronto

A substantial part of the financial journey of every individual revolves around saving their personal finances. You might think that it is a lot of work to manage your personal finances, you will get a lot of benefits in the long run. You can take several steps to gain better control of your finances, from…
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What Are the Best Strategies to Handle A CRA Tax Audit?

The Canada Revenue Agency (CRA) is empowered to audit taxpayers to ensure their compliance with the Canadian tax laws to maintain public confidence in the fairness and integrity of Canadian taxation. You should read this article if the CRA has notified you that you are being audited. As a taxpayer under audit, you will learn…
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What You Should Know About Couple Tax Returns in Toronto

Canadian tax law does not permit spouses or common-law partners to file joint tax returns, unlike in other countries like the U.S. Every Canadian prepares their own tax return and indicates their marital status and the names of their spouse and common-law partners. Your tax return does not allow you to claim your marital status.…
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What is CRA Auto-Fill my Return (AFR)

It’s that time of the year again. People are worried. They have to file their corporate and personal taxes; otherwise, there could be penalties to pay. You can be hit with penalties and interest if you miss a tax slip or misplace an RRSP contribution receipt. This is a good time to learn about Auto-Fill…
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