Category: Alberta Income Tax Preparation
Posted on December 20, 2021
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…
Posted on December 19, 2021
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…
Posted on December 16, 2021
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…
Posted on December 14, 2021
Introduction: What is an Accounting Software? Accounting software is used by business owners to keep track of their cash flow and profits. They can be used for a variety of purposes from managing accounts receivable to assisting in payroll processing. Businesses with small staffs can use accounting software for simple accounting tasks without having to hire specialized staff, while businesses with large workforces can have more comprehensive accounting management systems. Some popular accounting software includes QuickBooks, Xero, Sage 50 Accounts, MYOB and Profile. What are the Different Types of Accounting Software and Which One Should You Use? There are different…
Posted on December 14, 2021
What is an RRSP and How do the Canadian Tax Laws Impact this Investment Vehicle? An RRSP is a tax-deferred savings plan created by the federal government. They are available to Canadians and allow you to defer taxes on your earnings until they are withdrawn. There are two types of RRSPs - the Canada-Wide Savings Plan (CWSPS) and the Individual Tax-Free Savings Plan (ITF). The CWSPS allows individuals to contribute up to $26,000 per year, with some restrictions in place. It provides tax relief by allowing contributions to be made without owing any additional taxes on those contributions or gains.…
Posted on December 14, 2021
Taxes are something everyone needs to think about, and it is wise to be informed before making decisions. There are many differences between Canadian and US tax laws. This article will provide an overview of these differences, so you can make informed decisions about your taxes. Canadian Tax Rates For 2018 Compared To US Tax Rates Canadian income tax rates, 2018: The federal tax rate is applied to taxable income in the brackets of $0 - $47,630 at marginal rates of 15% or 20.5%. There are also provincial taxes that vary by province. The income tax brackets are as follows:…
Posted on December 13, 2021
Non-residents must maintain a Canadian address and may be eligible for certain deductions on their Canadian income tax return. If you have an office inside your home, you can deduct the expenses related to it as a Canadian resident. The cost of rent, heat, light, power and property taxes are all deductible business expenses if they relate to the use of the space inside your home. Claim Your Home Office and Utilities as a Tax Deduction! Canada Revenue Agency (CRA) allows Canadians to claim home office expenses as an ongoing tax loss. The deduction is a percentage of your property…
Posted on December 13, 2021
An individual can make a will to keep their family, friends, or charities in mind. It is important that the person passes away before making a will. If an individual has not made a will before passing away, then they are considered to have died intestate. If the person has not made a wills there are more steps that need to be taken. The person must have an estate representative who is legally given permission by the court of probate to handle the affairs of the deceased including issuing any notices required by law. What Do You Need When Filing…
Posted on December 13, 2021
This is why you need to hire an Edmonton small business accountant: Accounting firms in Edmonton offer tax planning and tax preparation services. They can also help in reducing your taxes and they can help you make more money by providing advice on how to manage your money better. The accountants in Edmonton are qualified and experienced professionals who know the ins and outs of taxation. You can rely on them for clear explanations, advice, and solutions to complex accounting problems. The accountants in Edmonton will ensure that all your financial information is up-to-date through analysis, examinations, research, communication with…
Posted on December 13, 2021
It’s not an uncommon event for people to find themselves in need of the services of a personal accountant. They are often needed by freelancers, self-employed individuals, or other professionals that have an irregular schedule. Accountants are often hired to help individuals navigate their taxes or manage their finances. They provide advice on how much to save and when to invest in order to increase the possibility of retirement savings. The services provided by one-person accountancy firms may include bookkeeping, tax preparation, consulting, and coaching. What is a Personal Accountant and Why do I Need One? A personal accountant is…