Articles by: Sohail Afzal

Category: Sohail Afzal

Is It Possible to Pay Fewer Taxes on Rental Properties in Toronto?

Becoming a landlord in Toronto is not as easy as it looks. Anyone can buy property, but if you want to rent it out, there are some responsibilities you need to consider. You’d have to be ready all the time to solve all the tenants’ problems. For instance, if the pipe is leaking on your…
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All About Tax Deductions For Small Businesses in Canada

It’s the time of the year where you have to get all your paperwork ready to file your tax returns. Some people get stressed about it. But as long as you declare everything truthfully, you’re good to go. When you have a small business in Canada, you might be eligible for a range of tax…
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Should You Hire A Freelancer Or An Accounting Firm in Toronto For Corporate Taxes?

Getting your business finances done from an expert Accountant is going to be one of the smartest decisions you’ll make. You already have a lot of stress to manage your strategic business goals, and you don’t want yourself to spend a lot of time doing the corporate taxes. So, what should you do? Should you…
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How Much Tax Do You Have to Pay If You Are A Small Business?

Owning a business, big or small, is no small feat. You constantly find yourself wearing different hats throughout the day. One minute you could be working on a new product, and the next, you could be working on your taxes. On another occasion, you could be dealing with a customer and helping resolve their issues.…
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When Are Corporate Tax Installments Due in Canada?

If you have a business, one of the most important things you worry about is corporate taxes. If you don’t pay on time, you could get into a world of trouble. But how do you pay your corporate taxes, and more importantly, when do you pay them? What is the requirement? You are supposed to…
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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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