Category: Accounting

Posted on December 24, 2021

How to Start a Bookkeeping Business in Canada

What is Bookkeeping? Bookkeeping is the process of recording and summarizing financial transactions by a person or company and includes tracking accounts, calculating taxes, and preparing financial statements. The first step to bookkeeping is recording each transaction. This involves listing all the activity that occurred within a certain time frame. After which, summaries and reports are created using this data to show what has happened in a timely fashion. Bookkeeping software can help small companies by offering cost-effective solutions for their business operations. It can be used to track all the necessary financial information for your company so you can…
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Posted on December 23, 2021

Corporate Accounting in Calgary and Canada

What is corporate accounting in Calgary Alberta and Canada? Corporate Accounting in Calgary are accounting firms or accountants  that goes through the process of preparing financial reports, analyzing data and managing information. The function of a corporate accountant is to ensure that the financial statements are prepared in accordance with the regulations of the Canadian Securities Exchange and other applicable laws. The corporate accountant ensures that all financial transactions, as well as the preparation and presentation of financial reports are carried out correctly and legally. What is a corporate accountant? Corporate Accounting in Calgary – Definition The term “corporate accountant”…
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Posted on December 22, 2021

Accounting and tax preparation services for Canadians and Americans living in Canada and the U.S.

The concept of double taxation in Canada Double taxation is an unfair tax policy for Canadians. It taxes companies twice, once through its shareholders and then again as a Canadian corporation. Double taxation in Canada is something that most people don't even think about. But it's important to know because... Double Taxation Can Be A Real Pain! Let's say you are a Canadian resident and you have an investment income of $10,000 from your stock portfolio. Let's say you also have a house in the United States worth $150,000. In this case, you will pay U.S. tax on the $10,000…
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Posted on December 20, 2021

The Complete Guide to the Best Corporate Tax Preparation Services in Canada

What is a Corporate Tax Preparation Service? Corporations are required to file annual tax returns in Canada. Small and Medium Size businesses in Canada use corporate Tax Accountants Providing a corporate tax preparation service can help their corporation to reduce their filing costs and comply with the Canadian tax laws. Their are many different systems in Canada that has is implemented to automatic corporate tax return submission these has simplify the process of filing taxes in Canada. A corporation is any company or entity registered under the Canada Business Corporations Act with one or more directors, shareholders and/or partners. What…
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Posted on December 20, 2021

The Best Personal Tax Services & Accountants in Canada

What is a Personal Tax Service and What is an Accountant? A personal tax service is a type of tax preparation service where people can find information about their taxes, as well as get help with filing and/or completing their taxes. Tax accountants, on the other hand, are experts who prepare people's federal and provincial personal tax returns. How to Choose the Best Personal Tax Services & Accountants in Canada Though the difference between personal tax service and accountant services can be confusing, they both serve the same purpose. However, personal tax service is more affordable and appropriate for individuals…
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Posted on December 19, 2021

The Impact of Alberta’s Personal Income Tax on the Economy

What is personal income tax and how did it come about? The personal income tax came about as a way to fund the government. It was first introduced during the period of capitalism, with the aim of raising revenue. The idea was that people would work for themselves, but the government would collect taxes from those earnings and then distribute those funds back to them in some form. How a new personal income tax in Alberta Will Affect All Albertans Under the new personal income tax, Albertans will be paying more for our everyday purchases. These taxes are going to…
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Posted on December 16, 2021

The Complete Guide to Tax Accountant in St Albert and How They are Disrupting the Accounting Industry

What is a Tax Accountant in St Albert and What they do in Canada? A St Albert tax accountant is an individual or a firm who provides tax preparation services in St Albert. Tax accountants provide support to individuals or firms that need help filing and preparing tax returns. A St Albert tax accountant is someone who helps people file their taxes, analyze the financial statements of their business, and help with other financial decisions. These professionals are also often trusted advisors in companies to help employees understand how their personal finances fit into their company's overall finances. Accountants are…
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Posted on December 16, 2021

The Guide to Becoming a Chartered Accountant and How It Can Change Your Life

Have you always wanted to be a Chartered Professional Accountant? What is the process of becoming one and how do I begin? Becoming a Chartered Professional Accountant is a long and challenging process. It requires you to have a strong understanding of accounting principles and have relevant experience. Steps to becoming a Chartered Professional Accountant: - Get your undergraduate qualifications in Accounting - Apply for Chartered Accountant exam - Take the CPA exam How Becoming an ACCA Can Change your Life & Increase Your Income With one of the most prestigious qualifications in the world, ACCA, comes a potential for…
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Posted on December 16, 2021

Canada’s Tax Return Process and the Problems With Canada’s Income Tax System

What is a Corporation's Income Tax Return in Canada? In Canada, corporations are subject to income tax. The main objective is to redistribute the profits earned by the companies back to the people. Corporation Tax Return: At the end of each taxation year, a corporation is required to complete and file an income tax return with Revenue Quebec in order to assess their tax liability. This includes all types of income from any source except for unearned income such as dividends. There are also reserve deductions that may be claimed including depreciation on property and losses from a sale of…
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Posted on December 16, 2021

How to Filing a Corporation Income Tax Return in Canada

What is a Corporation Income Tax Return and How do You File One in Canada? A corporation income tax return is a report that a company files with the Canada Revenue Agency (CRA) to calculate how much income tax they have to pay. In the United States, it is known as a Form 1120. A corporation tax return includes information on how much income has been earned, what expenses have been incurred and what assets have been used to generate the earnings. The corporation will also use this form to figure out any taxes owed. Additionally, this form will be…
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