Category: Alberta Tax Accountants

Tax Accountant Edmonton Alberta. Personal Income Tax Return Accountant Edmonton. Sherwood Park, Edmonton Accounting, Personal & Corporate Tax Specialists. Tax Preparation – Top Tax Accounting Services in Edmonton, Sherwood Park, St. Albert. Alberta. Bookkeeping services. Bookkeeping companies. Bookkeeping company. Business bookkeeping services. Bookkeeper Sherwood Park. Personal Income Tax Return Accountant Edmonton. Small Business Tax & Accounting Specialists in Edmonton. Corporate Tax Services Edmonton. Alberta corporate tax.

Posted on August 18, 2023

Understanding Canadian Tax Implications for Cryptocurrency Transactions

Canadian Tax Implications for Cryptocurrency Transactions In recent years, the rise of cryptocurrencies has sparked significant interest and investment across the globe. As Canadians increasingly engage in buying, selling, and trading digital currencies like Bitcoin, Ethereum, and others, it's imperative to comprehend the intricate tax landscape surrounding cryptocurrency transactions in Canada. This article is designed to shed light on the nuances of cryptocurrency taxation, offering comprehensive guidance on reporting requirements, potential tax liabilities, and compliance obligations to ensure your crypto activities remain transparent and in line with Canadian regulations. 1. Classification of Cryptocurrencies In Canada, the Canada Revenue Agency (CRA)…
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Posted on August 18, 2023

Optimizing Tax Strategies for Small Canadian Businesses

Introduction: In the dynamic landscape of Canadian business, understanding and implementing effective tax strategies is essential for small businesses to thrive. This comprehensive guide provides up-to-date insights and actionable tips on optimizing tax strategies for small Canadian businesses. From allowable business expenses to claiming tax credits and structuring your business for optimal tax efficiency, this guide covers key areas to help you navigate the tax landscape with confidence. 1. Leveraging Allowable Business Expenses Allowable business expenses are crucial for minimizing taxable income and maximizing your business's bottom line. Understanding what expenses qualify and how to document them is essential: Current…
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Posted on September 10, 2022

Alberta Corporate Tax Changes in 2022

There are a number of changes that are expected to take place regarding Alberta Corporate Tax in 2022. Some of these changes include the limits on business income and investment income and changes to the limit for dividends and investment income. In this article, we'll take a look at the key changes that you should be aware of. 2022 corporate income tax rates Corporate income tax rates in Alberta will continue to be among the lowest in the world, putting the province at the top of the list for attractive jurisdictions for international investors. Alberta's current corporate income tax rate…
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Posted on March 9, 2022

Tax Accounting Services

Tax Management and Accounting Services It is a difficult effort to preserve the efficiency of the tax function while also responding to public requests for increased transparency, accuracy, and accountability, as well as better risk management. Canada's tax and accounting operations have outlived their usefulness as a result of their continued functioning in the same manner as they have done for many decades. Tax accounting has risen to the top of many finance directors' priority lists as a result of increased regulatory scrutiny and the implementation of essential disclosure requirements. This has brought to light a number of fundamental issues…
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Posted on February 18, 2022

Livestock Tax Deferral Provision

The Livestock Tax Deferral Provision It is possible for a farmer who sells a portion of their breeding herd because of severe drought or floods in a designated drought or flooding region to postpone a portion of the income of the sale to the following year if the farmer files an application for the Livestock Tax Deferral Provision. The way the provision works is as follows: When applying for the deferred income provision, the breeding herd must have been reduced by at least 15% in order to be eligible. Income from net sales might be postponed for up to 30%…
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Posted on January 20, 2022

What’s new in the Canadian Personal Income Tax System for 2021?

Bomcas Canada Accounting and Tax Preparation Services  Your COVID-19 benefits as well as your taxes Depending on your situation, it's likely that you received COVID-19 benefit payments from the federal, provincial, or territorial governments, respectively. Upon receipt of a T4A slip, you will be provided with detailed instructions on how to report the amounts in dispute on your tax return. In addition to payments for the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregivers Benefit, compensation for COVID-19 benefits includes payments for the Canada Recovery Caregivers Benefit (CRCB). It is likely that you…
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Posted on January 10, 2022

Tax Accountant in Edmonton

Introduction: What is a Tax Accountant and What Do They Do? A Tax Accountant is a person who has the skills and experience to handle tax-related matters. They usually have a graduate degree in taxation, accounting, or other related fields. Tax accountants are responsible for understanding the tax implications of an individual's financial transactions and obligations. This includes income taxes, payroll taxes, state taxes, as well as federal and international taxes. There are many types of tax accountants that specialize in specific areas of taxation such as corporate tax accountant or estate planner. However, all are responsible for ensuring that…
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Posted on January 8, 2022

Checklist for preparing for tax filing

Getting organized will save you both time and aggravation in the long run. In addition to saving money, using a tax service will also save you money because you will spend less of the time that your advisor is charging you for, resulting in cheaper fees. Furthermore, when you're well-organized, your tax advisor will be able to devote more time to planning, ensuring that you earn all of the tax benefits that you are entitled to receive. Prepare for tax preparation by using the checklist provided below. Number of social security cards and other personal information T-Slips (Tax Receipts) (T4s,…
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Posted on January 1, 2022

Guide for cryptocurrency users and tax professionals in Canada

What is cryptocurrency? Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Bitcoin was the first decentralized digital currency, released in 2009. It was released by a pseudonymous developer (or group of developers) under the name of Satoshi Nakamoto. Cryptocurrencies are classified into two main categories: decentralized cryptocurrencies and centralized cryptocurrencies. Decentralized cryptocurrencies do not require any central authority to operate; all transactions take place on a public distributed ledger using peer-to-peer technology. Centralized cryptocurrencies are…
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Posted on December 24, 2021

Why Canadian tax professionals need to keep up with technology

The Canadian tax system is evolving into a more complex, paperless, electronic system The Canadian tax system is evolving into a more complex, paperless, electronic system, and the government has decided that it needs a digital identity for taxpayers. The federal government is making good on its promise to make Canada a paperless nation by rolling out an online identity system called eID. The eID will be issued to Canadians in two phases. First, the government will start issuing eIDs to citizens with permanent resident status in 2015. This is why Canadian tax professionals need to keep up with technology…
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