Category: Canada Individual Personal Tax Services

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Personal Tax Preparation and Filing in Canada: An In-Depth Guide

Canadian Personal Tax Preparation and Filing - Your In-Depth Guide As a Canadian citizen or resident, it is your responsibility to file a personal tax return each year and pay any taxes that you owe to the Canada Revenue Agency (CRA). Failing to do so can result in penalties, interest, and other consequences. However, by understanding the tax system and taking advantage of the various credits, deductions, and planning strategies that are available, you can minimize your tax liability and maximize your financial performance. Gathering Necessary Documents and Information The first step in personal tax preparation is to gather all…

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Do I Require the Services of a Personal Tax Accountant in Edmonton?

Personal Tax Accountant in Edmonton When it comes to keeping financial records, individuals are not obligated to do so (whereas corporations are), yet failing to do so may be exceedingly expensive in terms of taxation and finances. You must be able to grasp how your money is being spent if you want to make informed decisions. Even if you are aware that your credit card and bank statements are erroneous, it is conceivable that you will not become aware of the situation until it is too late to make any corrections to them. When you fail to pay your bills…

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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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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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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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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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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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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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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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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…