Category: Alberta Income Tax Preparation
Posted on November 21, 2022
Streamline Your Month End Process During the month end of a company, accountants in Edmonton perform various tasks in order to prepare a detailed accounting report. They perform accounting analysis, identify controlling activities, and set rules for the month end close. In addition, they evaluate the workload of the staff after the month end. Set month-end close rules Whether you are an accountant working in a small firm or a large corporation, there are some things you can do to streamline your month-end close process. Streamlining the process can help you to reduce the risk of intercompany transactions and improve…
Posted on September 12, 2022
The Government of Alberta is shifting the corporate tax landscape. The province is cutting its corporate tax rate from 10% to 8%, which will be effective July 1, 2020. Premier Jason Kenney is calling the change "the largest infrastructure build" in the province's history. Since last year, the government has been working to lower Alberta's corporate tax rate. It originally planned to cut the rate to 8% by the year 2022. SR&ED tax credit In Alberta, businesses can claim a nonrefundable tax credit for eligible SR&ED expenses. To qualify, a company must have a permanent establishment in the province, carry…
Posted on September 12, 2022
The Alberta Personal Tax is a tax on your income, depending on your income and the tax bracket you fall into. Rates can range from 10 percent to 15 percent of your income. To find the latest rates, visit the Alberta Treasury Board and Finance. You can also view the income tax brackets for Alberta. These rates are applied to all Alberta residents and are calculated by the total amount of income earned in the year. Non-refundable tax credits reduce taxes to zero Non-refundable tax credits are tax benefits that people can claim to help them reduce their taxes. These…
Posted on January 10, 2022
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…
Posted on January 8, 2022
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,…
Posted on January 1, 2022
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…
Posted on December 24, 2021
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…
Posted on December 23, 2021
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”…
Posted on December 22, 2021
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…
Posted on December 20, 2021
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…